Coventry agree to Ranson takeover
Championship side Coventry City have accepted the takeover terms of Ray Ranson's group Sisu Capital, preventing them from entering administration.
The Sky Blues had been given until 1600 GMT on Friday to complete a deal and prove their solvency, otherwise they could have faced a 10-point deduction.
"The successful conclusion of this transaction ensures the club's future is secure," said a Coventry statement.
Major shareholders Craigavon and Sir Derek Higgs have agreed to the offer.
They own 71.4% of the club's shares and the takeover is subject to the acceptance of 90% of all shareholders.
I am delighted that the threat of administration - and all of the uncertainty surrounding it - has been lifted
New Coventry City chairman Ray Ranson
The offer will be forwarded to the remaining 28.6% of shareholders later on Friday.
Retiring chairman Joe Elliott admitted he was delighted to welcome hedge fund Sisu Capital and Ranson to the club.
"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," said Elliott.
"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."
Dowie - who had suggested he might leave Coventry should they go into administration - revealed his relief that the club's future was now more secure.
"This takeover can only benefit Coventry City Football Club and I look forward to sitting down with Ray and discussing the way forward," said Dowie.
"These are exciting times for everyone connected with the Sky Blues and I am delighted that the threat of administration - and all of the uncertainty surrounding it - has been lifted."
Sisu - who were linked with Southampton last month - have told supporters that Coventry's debts will be restructured to ensure ongoing financial and operational commitments are met.
Resources up to the value of £20m have also been promised, with Ranson named as Coventry's new chairman.
The existing Sky Blues board will resign from their positions ahead of new appointments being made. "Both Sisu and Ray Ranson would like to take this opportunity to thank the existing board for the services they have provided to the club and their valued support during this acquisition process," read a statement. Sisu have also signed a co-operation agreement with stadium owners ACL for the continued use of the Ricoh Arena.
now let the good times roll
Championship side Coventry City have accepted the takeover terms of Ray Ranson's group Sisu Capital, preventing them from entering administration.
The Sky Blues had been given until 1600 GMT on Friday to complete a deal and prove their solvency, otherwise they could have faced a 10-point deduction.
"The successful conclusion of this transaction ensures the club's future is secure," said a Coventry statement.
Major shareholders Craigavon and Sir Derek Higgs have agreed to the offer.
They own 71.4% of the club's shares and the takeover is subject to the acceptance of 90% of all shareholders.
I am delighted that the threat of administration - and all of the uncertainty surrounding it - has been lifted
New Coventry City chairman Ray Ranson
The offer will be forwarded to the remaining 28.6% of shareholders later on Friday.
Retiring chairman Joe Elliott admitted he was delighted to welcome hedge fund Sisu Capital and Ranson to the club.
"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," said Elliott.
"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."
Dowie - who had suggested he might leave Coventry should they go into administration - revealed his relief that the club's future was now more secure.
"This takeover can only benefit Coventry City Football Club and I look forward to sitting down with Ray and discussing the way forward," said Dowie.
"These are exciting times for everyone connected with the Sky Blues and I am delighted that the threat of administration - and all of the uncertainty surrounding it - has been lifted."
Sisu - who were linked with Southampton last month - have told supporters that Coventry's debts will be restructured to ensure ongoing financial and operational commitments are met.
Resources up to the value of £20m have also been promised, with Ranson named as Coventry's new chairman.
The existing Sky Blues board will resign from their positions ahead of new appointments being made. "Both Sisu and Ray Ranson would like to take this opportunity to thank the existing board for the services they have provided to the club and their valued support during this acquisition process," read a statement. Sisu have also signed a co-operation agreement with stadium owners ACL for the continued use of the Ricoh Arena.
now let the good times roll
