Coventry are still yet to officially confirm the resignation of Ray Ranson as chairman of the npower Championship club.
Reports of Ranson's decision to quit the City board broke on Thursday, with the 50-year-old understood to be handing over his senior responsibilities although it is believed he will stay on until the end of the season in a consultancy role. But, on the same day an anticipated announcement is still to materialise, it has been revealed troubled Coventry are under a Football League transfer embargo as an increasingly worrying financial predicament engulfs the Ricoh Arena.
The embargo goes a long way to explaining why the injury-ravaged Sky Blues are the only side in the second tier not have a single loan player in their squad - with the only action of Thursday's deadline day being the much-needed prevention of Marlon King departing amid supposed interest from Cardiff. "There is a transfer embargo in place at the moment but Coventry City is not alone in that situation in football," a club spokesman said.
"SISU have been committed to the funding of the club for nearly three-and-a-half years and there is no suggestion that this will not continue in the future."
The news of the past 24 hours and the apparent extent of Coventry's financial struggles have stunned the majority of Coventry supporters, who have become increasingly frustrated with SISU's ownership.
SISU are believed to remain commitment to the midlands club but Sky Blues fans, who fear the possibility of administration, are planning a protest at next Saturday's home clash against Watford.
Former Manchester City, Birmingham and Newcastle full-back Ranson has overseen a turbulent recent few months as disillusioned close friend Gary Hoffman stood down as vice-chairman and Joe Elliot was moved across to life president, coupled with new additions to the boardroom.
Aside from the obvious financial predicament, life at the Midlands club has not been made any easier by the recent sacking of manager Aidy Boothroyd and City's slide from fifth down to 20th in the Championship on the back of one win in 18 matches - leaving them in real danger of relegation.
Ranson was at the front of SISU's takeover of Coventry in December 2007, saving the club from entering administration with just 30 minutes remaining. But, having already believed to have been convinced to stay twice previously, Ranson's time in charge of City appears to have come to an end.
On Monday, Coventry appointed John Clarke OBE as vice-chairman of the club.
Source: PA
