Arena Coventry Limited have issued a press release explaining why they voted against the CVA proposals made by Administrator Paul Appleton.
The statement reads as follows: "The board of ACL was informed that its amendments to the CVA were not accepted. They were therefore asked to vote on the proposals put forward by the administrator Paul Appleton.
"ACL, jointly owned by the Alan Edward Higgs Charity and Coventry City Council, voted not to approve the administrator's proposals.
"This decision was based on ACL's twin aims: first, to keep Coventry City Football Club playing in Coventry; and second, to ensure that Coventry City Football Club is financially viable for the next few years and beyond.
"This last point is especially important given that CCFC has been the subject of a 'catastrophic insolvency' in the hands of its previous owners.
"The CVA proposals put forward by Mr Appleton simply do not address these obvious concerns.
"And these concerns are not only the concerns of ACL - they are the concerns of all Sky Blues' supporters, and should be the central concerns of both The Football League and The Football Association.
"Mr Appleton has the ability to put forward new proposals, and we would welcome these as soon as possible."