COVENTRY MESSAGE BOARD

Coventry City administrator Paul Appleton has accepted an offer from the Otium Entertainment Group to become the League One club's new owners.

The London-based company is registered to three ex-Sky Blues directors Ken Dulieu, Onye Igwe and Leonard Brody.

Appleton revealed that he had simply sold the club to the highest bidder.

Otium are the parent company of Coventry City Holdings Ltd - the part of the club that is not currently in administration.

"I realise and appreciate the end result of the sale process will not necessarily be welcomed by a large number of Coventry fans," said Appleton.

"However, the bid from Otium Entertainment Group Limited was substantially more than any of the other three bids received."

All three former Sky Blues directors involved, including ex-chairman Dulieu, who was also previously a director at Southampton, have a connection with the club's current owners Sisu, who took over the club in 2007.

"It was the bid which gave the greatest return to the unsecured, non-connected creditors of CCFC Limited by a considerable margin," added Appleton.

"This offer allows me to achieve the purpose of the administration and, following discussions with the Football League, I am hopeful a completion of the sale can be achieved as swiftly as possible."

Coventry City issued a statement on Friday evening, saying: "We are pleased with the decision which helps to assure the future of the club.

"Our absolute focus now is to exit CCFC Limited from the administration process so we can get back to running a football club and make the decisions we need to in time for next season.

"The club will not be making any further comment at this stage."

"I sincerely hope for the best at Coventry City", says losing American bidder Preston Haskell


Preston Haskell IV (centre) with Gary Hoffman and Joe Elliott

US property tycoon Preston Haskell IV appears to have given up his interest in buying Coventry City and the Ricoh Arena.

In a statement released to the Telegraph shortly after 9pm tonight, he appeared to be walking away from any remote hope of securing a takeover at the club.

It came three hours after Coventry City Football Club Limited's administrator, Paul Appleton, announced his preferred buyer is Otium Entertainments - a company related to hedge fund Sisu, which has continued to operate the club under Coventry City Football Club (Holdings) Limited.

Fans have tonight been speculating over whether Florida-based Mr Haskell, who bid had been backed by former club directors Joe Elliott and Gary Hoffman, might still make a last gasp offer to Sisu to buy the club, even though Holdings boss Tim Fisher has repeatedly insisted the club is not for sale.

Many fans on social media tonight were also still hoping the Football League might intevene next week to prevent the sale backed by Mr Appleton.

But tonight's statement from Preston Haskell IV reads: "Over the past few months while working hard to acquire CCFC, I have developed a strong affinity with the fan base of the club.

"Of course I am disappointed by this afternoon's decision but I am incredibly proud to have had the experience and unforeseen encouragement of a lot of dedicated supporters. I'm so appreciative of that.

"I personally met with Mr. Paul Appleton and think he and his colleagues, bound by the laws and rules of an official legal process have been very professional throughout this difficult undertaking. His job wasn't easy but it was done according to the law, and appropriately managed.

"I would also like to publically thank the 'good and great of Coventry' Mr. Joe Elliott and the steadfast Mr. Gary Hoffman for their unwavering support and hard work. These two gentlemen truly bleed Sky Blue.

"Finally, I sincerely hope for the best at CCFC."