Coventry City have gone into administration and could be fined with a 10 point deduction no premiership for us

Coventry City's board has announced its intention to take the cash-strapped club into administration.
But the Sky Blues, who have debts of £37m, 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.

If the talks fail and Coventry do go into administration, they will be deducted 10 points.

But chairman Joe Elliot moved to calm fans' concerns about Monday's annnouncement.

"We've done this because the clock has been ticking for a long time," he told BBC Radio 5 Live.

"We're in very serious negotiations with Ray Ranson and Sisu Capital and we're convinced we can bring it together quickly.

"There is now a 10-day deadline on it because we've filed notice of intent but that doesn't mean we're in administration, it means if things don't go right, we will be.

http://news.bbc.co.uk/sport1/hi/football/teams/c/coventry_city/7125225.stm

£37m that all?, Seriously that's nothing compared to other clubs but haha! because you beat us in the Cup

Championship side Coventry City have accepted the takeover terms of Ray Ranson's group SISU Capital, preventing them from entering administration.
The Sky Blues had been given until 1600 GMT on Friday to complete a deal and prove their solvency, otherwise they could have faced a 10-point deduction.

"The successful conclusion of this transaction ensures the club's future is secure," said a Coventry statement.

More to follow.