Paul Appleton, the administrator for the part of Coventry City Football Club which is in administration has said the bid put forward by Otium Entertainment Group Limited was ‘substantially more’ than the three other offers received.
The company is connected to Sisu, who took over the Sky Blues in 2007.
Former Coventry City directors Ken Dulieu, Onye Igwe and Leonard Brody founded Otium Entertainment Group Limited.
Yesterday, Appleton revealed that by the noon BST deadline, he had received four final and best offers for the company, with two bidder’s identities being confirmed; Otium Entertainment Group Limited and Preston Haskell IV, the American property businessman. The other two bidders were not revealed.
Many City fans had been hoping for Preston Haskell IV’s bid to be named as the preferential bidder, however Appleton has instead named Otium Entertainment Group.
“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.”
– PAUL APPLETON, ADMINISTRATOR FOR COVENTRY CITY FC LTD
OFFICIAL COVENTRY CITY FOOTBALL CLUB STATEMENT:
“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.”