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There seems to be no end to the woes endured by Coventry City. It now faces liquidation after Arena Coventry Limited (ACL) rejected the Company Voluntary Arrangement.
The silver lining is that the club’s Football League share has now been transferred to Otium Entertainment Group.
A Football League statement read as follow: “The league has transferred the club’s share to the administrator’s preferred bidder Otium Entertainment Group.
“This comes after an application under the ‘exceptional circumstances’ provision of the League’s Insolvency Policy and on the acceptance of a 10-point deduction for this season.”
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“The application comes under the ‘exceptional circumstances’ provision of The Football League’s Insolvency Policy and the acceptance of the 10-point deduction allows Coventry City to start the League One season despite the failure of its CVA.”
“This enables Coventry City to continue its membership of The Football League and participate in the 2013-14 season.”
