JFolan
03-12-2007, 06:08 PM
Coventry City's board has announced its intention to take the cash-strapped club into administration.
But the Sky Blues, who have debts of up to £38m, remain hopeful that a takeover by entrepreneur Ray Ranson and Sisu Capital will be completed before then.
"This legal notice gives Coventry a 10-day window to complete the takeover talks," said the board's statement.
I
f the talks fail and Coventry do go into administration, they will be deducted 10 points.
They lie 14th in the table and their perilous financial state led to a transfer embargo being imposed.
Manager Iain Dowie has warned that he would consider his position if the
club went into administration.
But Monday's statement said: "This is merely a legal process protecting the bank and its creditors.
"It should speed up the takeover of the club and therefore take Coventry into a solvent financial situation.
"Following recent speculation, the club can confirm can that staff and player wages have now been paid and we look forward to a successful conclusion of the takeover in the near future."
Dowie admitted the situation is frustrating but he remains positive.
"The sword of Damocles has been hanging for a little while now," he told BBC Radio 5 Live.
"When I came to the club, I thought it would be a very positive situation where we'd have quite a sizeable amount of money to spend. It hasn't quite turned out like that.
"We'd like to be able to take this club forward and we're a little bit frustrated that some of our targets are now playing very well elsewhere.
"But we can throw our toys out of the pram or work as hard as we can, and I'll choose the latter."
But the Sky Blues, who have debts of up to £38m, remain hopeful that a takeover by entrepreneur Ray Ranson and Sisu Capital will be completed before then.
"This legal notice gives Coventry a 10-day window to complete the takeover talks," said the board's statement.
I
f the talks fail and Coventry do go into administration, they will be deducted 10 points.
They lie 14th in the table and their perilous financial state led to a transfer embargo being imposed.
Manager Iain Dowie has warned that he would consider his position if the
club went into administration.
But Monday's statement said: "This is merely a legal process protecting the bank and its creditors.
"It should speed up the takeover of the club and therefore take Coventry into a solvent financial situation.
"Following recent speculation, the club can confirm can that staff and player wages have now been paid and we look forward to a successful conclusion of the takeover in the near future."
Dowie admitted the situation is frustrating but he remains positive.
"The sword of Damocles has been hanging for a little while now," he told BBC Radio 5 Live.
"When I came to the club, I thought it would be a very positive situation where we'd have quite a sizeable amount of money to spend. It hasn't quite turned out like that.
"We'd like to be able to take this club forward and we're a little bit frustrated that some of our targets are now playing very well elsewhere.
"But we can throw our toys out of the pram or work as hard as we can, and I'll choose the latter."