According to the Coventry Telegraph's Les Reid, the Golden Share which is effectively the licence to be a member of the Football League/Premier League is owned by CCFC Ltd.
This, according to Mr Reid has been confirmed by both the Football League and Football Association and would mean that the whole of the club is in administration not just the non operating CCFC Ltd part.
Arena Coventry Limited's Lawyer James Powell told Mr Reid: "We had a letter from Football League confirming share is with CCFC Ltd.
"The FA also confirmed the FA share is with CCFC Ltd. That company is in administration, with administrator appointed by Joy Sepalla.
"They (Arvo/SISU) as debenture holder with a qualifying floating charge are able to appoint an administrator.
"We held off our application for a few days to get to the bottom of key issues including Football League shares. We're grateful to the Football League.
"There were inconsistencies in statements from the club. It's clear to us the whole club is in administration.
"CCFC Ltd is not a non-operating subsidiary as club claims.Club exists where FL & FA shares rest, with CCFC Ltd
"The administrator came back with a report which,from ACL's view, has a number of inaccuracies & inconsistencies. "it's outdated. My understanding is players' registrations should be where where the company with the share rests. We'll keep keen eye on administrator appointed by Arvo, which is SISU & Joy Sepalla. Our focus shifts onto this administrator doing good job. Administration gives best opportunity to a prospective purchaser to buy club and that could bring financial stability & future success for Coventry City."