Coventry have seen today's court action brought by stadium owners ACL withdrawn, but the Football League and FA have confirmed that their 'golden share' is with the company now in Administration.
ACL withdrew their action after getting confirmation from the football authorities that the Coventry City FC Ltd company placed in Administration last week is actually the company registered with the authorities - and not a non-trading entity as claimed by club owners SISU.
The confirmation means the club is likely to receive the standard penalties for going in Administration, including the withdrawal of the 'golden share' and a ten point penalty.
ACL say they will now concentrate on ensuring Administrator Paul Appleton, appointed by SISU last week, does his job properly. SISU are expected to hold the trump cards in any deal to exit Administration as the biggest creditor.
One bidder for the club has already surfaced. US millionaire Preston Haskell IV wants to buy 50% of ACL - from the charity owners - and take over the club. The Swedish based property consultant previously made enquiries at Leeds.
Update: The Administrator has told the court that Coventry have total debt of around £60million.
Update: The Administrator has told the court that Coventry have total debt of around £60million.