Joe Elliott will step down as Chairman with immediate effect.
Shareholders are now to be contacted.
The club have released an official statement:
The Board of Coventry City Football Club is pleased to announce that the terms of the offer made for the Club by SISU Capital, which is led by Ray Ranson, have been accepted.
Whilst this is subject to the acceptance of 90% of all shareholders, the major shareholders, Craigavon and Sir Derek Higgs, representing 71.4% of shares in CCFC, have already agreed to this offer, which will be forwarded to the remaining 28.6% of shareholders today. Craigavon is the family trust of Geoffrey Robinson.
The Board advises those remaining shareholders to react promptly to this offer and to sign the acceptance form contained in the correspondence to ensure swift completion of this deal.
The successful conclusion of this transaction ensures that the Club's future is secure and the threat of administration avoided.
Retiring Chairman Joe Elliott said he was delighted to welcome SISU Capital and Ray Ranson to Coventry City and added his special thanks to the outgoing Board of the Club, especially Geoffrey Robinson.
"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.
"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."
Pictures can be seen here http://www.ccfc.premiumtv.co.uk/page/Gallery/0,,10269~1191333,00.html