The statement reads as follows:
"We understand there have been some concerns recently about not replacing players who have left the club. Coventry City has ambition and we are moving steadily forward in our goal to be financially stable and then push on to achieve our ultimate goal of the Premier League.
"Financial stability has to be our number one priority without which we cannot hope to compete as a football club. We have all seen the near demise of the Club 18 months ago and the failure of others. It is well known that the club is operating at a substantial loss and as we do not own the stadium, we do not benefit from the fantastic events which have taken place at the Ricoh recently. It remains a long term aim to exercise our right under the option agreement to buy a half share in the arena.
"SISU is committed to its very significant investment in the club and has not taken any money out of the business. It remains deeply committed to investing in the long-term success of this club and is not, as has been rumoured, pocketing profits to cover its losses. Any profits from player sales remain with the club.
"Some of the proceeds from the sale of Dann and Fox will help cover operating losses during the course of the season as we certainly will not allow the club to end up the latest in a line of those who have recently gone into administration.
"However, we are also committed to investing in our recruitment strategy in young players - both additions to the club as well as those in our academy -and the board gives the manager its full support in developing the team. Dann and Fox themselves are both good examples of how previously unknown talent has been fostered and developed to yield value both on the field and to sustain the long term financial stability of the club.
"The manager is determined to swing the balance in Coventry's favour and make improvements on last season. Sammy Clingan is a much-needed and positive addition to the club and we are hoping to announce the acquisition of more players before the transfer window closes.
"I apologise for the lack of communication whilst player trading is taking place, but I believe it is important not to give away too much information while negotiations are on-going.
"Chris Coleman and Steve Harrison are doing a fantastic job in preparing the team, and I look forward to seeing CCFC supporters out in full force for our first home game against Ipswich a week on Sunday. Your support across the season will help us to achieve yours and our dreams. "Do keep the Sky Blue faith!"
"Some of the proceeds from the sale of Dann and Fox will help cover operating losses during the course of the season as we certainly will not allow the club to end up the latest in a line of those who have recently gone into administration.
"However, we are also committed to investing in our recruitment strategy in young players - both additions to the club as well as those in our academy -and the board gives the manager its full support in developing the team. Dann and Fox themselves are both good examples of how previously unknown talent has been fostered and developed to yield value both on the field and to sustain the long term financial stability of the club.
"The manager is determined to swing the balance in Coventry's favour and make improvements on last season. Sammy Clingan is a much-needed and positive addition to the club and we are hoping to announce the acquisition of more players before the transfer window closes.
"I apologise for the lack of communication whilst player trading is taking place, but I believe it is important not to give away too much information while negotiations are on-going.
"Chris Coleman and Steve Harrison are doing a fantastic job in preparing the team, and I look forward to seeing CCFC supporters out in full force for our first home game against Ipswich a week on Sunday. Your support across the season will help us to achieve yours and our dreams. "Do keep the Sky Blue faith!"