The Conference North side who were beaten 9-0 at home by Boston United last Saturday had put seven days notice in for the former Coventry City, Walsall and Brentford player (pictured below).
However, McSheffrey opted to waive this meaning that Pead can play for Redditch on Saturday if selected.
McSheffrey said to the Coventry Sphinx official website: "We always knew that Craig would be snapped up by a team from a higher level. Craig has been great around the club and shown his class in the games he has played."
Picture copyright of Covsupport News Service. Credit CNS/KM
Picture copyright of Covsupport News Service. Credit CNS/KM