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League One

Sky Blues administrators accept bid

14 June 2013

Coventry's administrators have accepted a bid to buy the troubled npower League One club.

An offer from Otium Entertainment Group Limited has trumped bids from three other interested parties.

Adminstrator Paul Appleton said in a statement: "Following a stringent sale process, I can confirm a bid has now been accepted from Otium Entertainment Group Limited."

Appleton added: "This offer allows me to achieve the purpose of the administration and, following discussions with the Football League, I am hopeful a completion of the sale can be achieved as swiftly as possible.''

Otium is affiliated to Coventry City Holdings Limited - the part of the club that is not currently in administration.

Appleton added: "I realise and appreciate the end result of the sale process will not necessarily be welcomed by a large number of Coventry City fans.

"However, the bid from Otium Entertainment Group Limited was substantially more than any of the other three bids received and was the bid which gave the greatest return to the unsecured, non-connected creditors of CCFC Limited by a considerable margin.''

Coventry, who have been in administration since March, added in a statement: "We are pleased with the decision which helps to assure the future of the club.

"Our absolute focus now is to exit CCFC Limited from the administration process so we can get back to running a football club and make the decisions we need to in time for next season.''

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