Otium Complete Coventry City Buy-Out
August 5, 2013
Coventry City have been purchased by Otium Entertainment Group Limited but the news has angered Sky Blues fans.
Joint administrator Paul Appleton confirmed that Otium was the successful bidder for Coventry City Football Club Limited, the part of the club put into administration by owners Sisu in March.
Otium is related to Coventry City Football Club (Holdings), which operates under Sisu and the decision for their purchase has therefore been met with anger by the majority of the League One club’s fans.
Appleton said in a statement: “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.”
The Football League still needs to approve the deal and until they do so the club will remain in administration.
Fans protested during the team’s 3-2 opening day defeat at Crawley and caused a three-minute stoppage during the first half of the game.