Elliott defends administration move

COVENTRY chairman Joe Elliott believes the board’s announcement of their intention to enter administration is in the best interests of the club – and insists it will help to bring a successful conclusion to a proposed takeover.

After days of speculation, the Sky Blues’ board revealed in a statement yesterday that they had “filed in court notices of intent to go into administration”.

At the end of last week a consortium headed by former Manchester City player Ray Ranson was on the brink of agreeing to buy the cash-strapped Coca-Cola Championship club, which has estimated debts of £38 million.

But the Co-op bank, which is owed £18 million by Coventry, blocked a bid by Sisu Capital, the investment company behind Ranson. The club have given legal notice for a 10-day window for talks with Ranson and Sisu Capital to be concluded, otherwise they will enter administration.

Elliott said: “We are doing all we can to act in the best interest of the club and to get this deal done. We are just trying to bring it to a close.

“This does not mean we are in administration. What we are trying to do is push this along.

“We are doing everything to protect the bank and the credit holders for the best possible reason. We see it as a necessary road we have to take.

Asked whether he thought a takeover was imminent, Elliott replied: “Yes, within the 10-day window.”