Coventry City Acting Chairman Geoffrey Robinson has said that Coventry City will not be put into administration.
The club's major shareholder told the CET: "We have had to have discussions with the bank about re-financing the losses we incurred because of that, and the bank is still looking at the situation.
"We are asking the bank to give us a three year run to get back to the Premiership but we can't do that unless the club is financially secure."
Robinson then went on to give Micky Adams a vote of confidence saying: "We are all behind Micky Adams. "A few of us got together to discuss the finances on Saturday. We need to make sure we get them right and hopefully things will follow on the pitch as well. They go hand in hand."