He said: "When I arrived at the football club, we were in pretty dire financial straits and the number one priority was to achieve stability and I'm happy to say we've gone a long way towards achieving that.
"At the moment 50% of the Arena stadium is owned by Coventry City Council and 50% by the Higgs Charity. "But the football club do have agreements in place which will eventually allow us to purchase that 50% from the charity and up to a maximum of 25% from the city council which would ultimately give us a 75% stake in the stadium."