Coventry are set to avoid administration after Ray Ranson's SISU Capital consortium completed their protracted takeover at the Ricoh Arena yesterday.
The Championship club had been given until 4pm to complete the deal and prove their solvency, or face a 10-point deduction.
Ranson has proved to be City's saviour in the face of a reported 38m debt. The takeover is subject to the acceptance of 90 per cent of all shareholders, but major holders Craigavon and Sir Derek Higgs, who own 71.4 per cent, have already agreed.
Retiring chairman Joe Elliott said: "This is a very exciting day in the long, proud history of Coventry City Football Club. I am sure that Ray Ranson and SISU Capital will help drive Coventry City forward into a brand new era for the club.
"I ask that remaining shareholders return their signed forms or attend the special office at the Ricoh Arena, as per instructions within the shareholder's document, by Monday evening."
He added: "I'd like to pay special thanks to Iain Dowie, his management team, the players and all the staff who have supported the club in a difficult time."Reuse content