Admin Threat Lifted For Three Months

"Sky Blue Sports and Leisure ("Sky Blue"), the company led by Ray Ranson and backed by London based SISU Capital Private Equity Funds announced today it is satisfied that its takeover of Coventry City Football Club is nearing completion.

Commenting on the current shareholding position which is believed to be around the 85% mark, incoming Coventry City Chairman, Ray Ranson said: "We have been delighted with the amount of acceptances we have received in such a short space of time, especially as our offer documentation was posted out so close to the Christmas holidays. Although our offer cannot be made unconditional until we have reached the 90% threshold, we feel we are close enough to make our position public".

Sky Blue S&L therefore has provided an extension to the offer period until the 90% threshold is reached but no later than April 11 2008."

Mr Ranson, who was hung out to dry by SISU on Thursday night at a meeting with shareholders also said: "I have been impressed with the players, management and all the staff. Their total commitment to the cause is commendable. We are now fully focussed on delivering stability to Coventry City and creating a strong football business for the future. The win at Blackburn last weekend was a great boost for the fans, we must also look to repay their tremendous support and loyalty during the past very, very difficult months."