Sky Blues avoid penalty
14 Dec 2007 - 15:58:05
Coventry City have avoided the prospect of moving into administration and incurring a ten-point penalty by accepting a takeover bid from Ray Ranson's SISU Capita group.
Craigavon and Sir Derek Higgs, who own more than 70 per cent of the Sky Blues' shares, have agreed to the offer, although the bid is subject to the acceptance of 90 per cent of all shareholders.
The offer will be forwarded to the remaining shareholders later on Friday.
"The successful conclusion of this transaction ensures the club's future is secure," said a statement from the club.
Retiring chairman Joe Elliott added: "This is a very exciting day in the long, proud history of Coventry City Football Club and I am positive that will be reflected in the attendance for Saturday's game against Southampton.
"I am sure that Ray Ranson and SISU Capital will help drive Coventry City forward into a brand new era for the club.
"I'd like to pay special thanks to Iain Dowie, his management team, the players and all of the staff at Coventry City who have loyally supported the club through such a difficult time."
