Joint Administrator for Coventry City Ltd confirms sale to Otium Entertainment Group...
The Joint Administrator for Coventry City FC Limited, Paul Appleton, has issued the following statement on the sale to Otium Entertainment Group Limited.
"I can confirm that the asset sale by Coventry City FC Limited to Otium Entertainment Group Limited has been completed.
Otium has purchased the right and title to certain assets possessed in Limited including the shares in the Football League and the Football Association. I stress that I have only been able to sell such right and title to these as Limited possesses because CCFC Holdings Ltd asserts beneficial ownership over them.
This has been no ordinary football administration and I have tried to undertake a sale process which allows the Club to compete in all of next season's competitions.
Obviously, one of the key points now is to determine where the Club plays its football next season, but that is a matter for the purchasers and the Football League.
In this regard, the offer made by ACL to allow the Club to play at the Ricoh was dependent on Limited remaining in administration and was based on the mistaken belief that Limited had the ability to field a team.
However, as I've stated on many occasions, it is Holdings which employs the players and, consequently, Limited was never in a position to take up the offer.
The Football League have been kept closely informed of developments and I am continuing to work closely with them so that the process of transferring the share can begin.
This will involve sending out proposals for a voluntary arrangement to creditors which will be considered at a meeting of creditors to be convened within the next three weeks.
Over the last six to seven weeks, I have attempted to carry out the sale process in an open and transparent manner. I am grateful to have received acknowledgements both publicly and privately from a number of bidders to that fact."