Money from SISU which was received at 10.30am on Monday morning means that Coventry City have avoided administration.
New City Chairman Ken Dulieu said at the press conference that things had been tight but the money worth eight millions pounds had been received and there would be no redundancies and the club, which is losing £0.5m a month.
Mr Dulieu, who confirmed that City's Ryton training ground had been remortgaged, said at the press conference that City were looking for more money both nationally and internationally and needed a further £4-5m for the rest of the season.
He added that Sisu have lost around £25 million pounds since taking over, and are losing half a million pound a month. 'This isn't a fairy godmother up here. We need to get new investment in.
"SISU were taking an absolute kicking in the press last week and I was before them asking for money. It was a real coup for this team that we managed to secure the investment on Monday."
Worryingly though, Mr Dulieu also said: "Will we have enough enough money to get to the end of the season? The answer is I'm not sure."
To listen again to the press conference on BBC Coventry & Warwickshire, please click on http://www.bbc.co.uk/coventry/programmes/schedules/2011/3/29 and click on the Bob Brolly show link for today.