Coventry City Sold to Otium but Doubts Remain Over Future at Ricoh Arena

League One team Coventry City Football Club have been sold to Sisu company Otium, edging the Sky Blues closer to exiting administration.

Otium saw off competition from three other bidders to take control of the club.

Despite the positive news however, doubts over Coventry’s future at the Ricoh Arena still remained after a statement was released by joint administrator Paul Appleton.

The statement read: “I can confirm that the asset sale by Coventry City FC Limited to Otium Entertainment Group Limited has been completed.

“Otium has purchased the right and title to certain assets possessed in Limited including the shares in the Football League and the Football Association.

“I stress that I have only been able to sell such right and title to these as Limited possesses because CCFC Holdings Ltd asserts beneficial ownership over them.

“This has been no ordinary football administration and I have tried to undertake a sale process which allows the club to compete in all of next season’s competitions.”

In regards to the team’s future at the Ricoh, the statement continued: “Obviously, one of the key points now is to determine where the club plays its football next season, but that is a matter for the purchasers and the Football League.

“In this regard, the offer made by ACL to allow the club to play at the Ricoh was dependent on Limited remaining in administration and was based on the mistaken belief that Limited had the ability to field a team.

“However, as I’ve stated on many occasions, it is Holdings which employs the players and, consequently, Limited was never in a position to take up the offer.

“The Football League have been kept closely informed of developments and I am continuing to work closely with them so that the process of transferring the share can begin.”

The next part of the deal is for the Football League to decide whether or not to effectively sanction the deal by awarding the ‘golden share’ right to play in the League to Otium.