Ranson rescues Sky Blues

Sky Blues avoid administration thanks to takeover

Last updated: 14th December 2007   Subscribe to RSS Feed

Ranson rescues Sky Blues

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Coventry have accepted the takeover terms of Ray Ranson-fronted SISU Capital, subject to the agreement of 90 per cent of shareholders.

The club's major shareholders, Craigavon and Sir Derek Higgs, representing 74.4 per cent of the shares, have already agreed to the terms of SISU's offer.

The same offer will be forwarded to the remaining 28.6 of shareholders, with the club advising them to sign the acceptance form forthwith.

Retiring chairman Joe Elliott has spoken of his delight that the threat of administration, and a ten-point deduction, has been avoided.

Important day

"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 the game against Southampton," he told the club's official website.

"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 thank the Board and Associate Directors for their magnificent support and ask that remaining shareholders return their signed forms or attend the special office at the Ricoh Arena, as per the instructions within the shareholder's document, by Monday evening.

"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."