Ranson completes Coventry takeover

Coventry City have avoided administration and a 10-point deduction penalty after the investment company Sisu Capital, headed by Ray Ranson, completed a takeover for the club just minutes before Friday's deadline.

The deal is still subject to the acceptance of 90 percent of all shareholders, however major holders Craigavon and Sir Derek Higgs, who own 71.4 percent, have already agreed to the offer.

Sisu Capital will poor GBP 20 million into the cash straped club, and Ranson plans to restructure the club's estimated GBP 38 million debt.

Sisu has also signed a co-operation agreement with the stadium owners ACL for the continued use of the Ricoh Arena.

"Both SISU and Ray Ranson would like to take this opportunity to thank the existing board for the services they have provided to the club and their valued support during this acquisition process," read a statement.

Retiring chairman Joe Elliott was delighted with the deal done by SISU Capital and Ranson to save the club.

"This is a very exciting day in the long, proud history of Coventry City Football Club and I am positive that will be reflected in the attendance for the game against Southampton," Elliott told TeamTalk.

"I am sure that Ray Ranson and SISU Capital will help drive Coventry City forward into a brand new era for the club.

"I'd like to thank the board and associate directors for their magnificent support and ask that remaining shareholders return their signed forms or attend the special office at the Ricoh Arena, as per the instructions within the shareholder's document, by Monday evening.

Source: euFootball.BIZ © Copyright 2006 - All rights reserved.