Appleton, of David Rubin and Partners, released a statement at 5pm today.
It states he has accepted a bid from Otium Entertainment Group Limited.
The company is related to hedge fund Sisu-owned Coventry City Football Club (Holdings) Ltd, which has been continuing to operate the club and intends to take it away of Coventry for three years until it builds a new stadium in the “Coventry area” - taking it away from the Ricoh Arena, although to quite where remains a mystery.
Mr Appleton’s statement:
“Following a stringent sale process, I can confirm a bid has now been accepted from Otium Entertainment Group Limited.
“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.
“I realise and appreciate the end result of the sale process will not necessarily be welcomed by a large number of Coventry City fans.
“However, the bid from Otium Entertainment Group Limited was substantially more than any of the other three bids received and was the bid which gave the greatest return to the unsecured, non-connected creditors of CCFC Limited by a considerable margin.”
If the Football League don't intervene, the sale of CCFC Ltd could be concluded as early as next week, and the club could come out of administration.
Unsecured creditors include stadium owners Arena Coventry Limited, which is believed to be owed at least £600,000 in unpaid rent.
An administrator's report contended Coventry City Football Club Limited owed £70million, mainly to Sisu-related entities.
“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.
“I realise and appreciate the end result of the sale process will not necessarily be welcomed by a large number of Coventry City fans.
“However, the bid from Otium Entertainment Group Limited was substantially more than any of the other three bids received and was the bid which gave the greatest return to the unsecured, non-connected creditors of CCFC Limited by a considerable margin.”
If the Football League don't intervene, the sale of CCFC Ltd could be concluded as early as next week, and the club could come out of administration.
Unsecured creditors include stadium owners Arena Coventry Limited, which is believed to be owed at least £600,000 in unpaid rent.
An administrator's report contended Coventry City Football Club Limited owed £70million, mainly to Sisu-related entities.
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