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Coventry City stays in SISU's clutches, but may not stay in Coventry...

Administrator Paul Appleton has announced he intends to sell Coventry City Football Club Limited  to a Sisu-related company, in the face of opposition for the club's diminishing army of supporters.

Appleton, of David Rubin and Partners, released a statement at 5pm today.

It states he has accepted a bid from Otium Entertainment Group Limited.

The company is related to hedge fund Sisu-owned Coventry City Football Club (Holdings) Ltd, which has been continuing to operate the club and intends to take it away of Coventry for three years until it builds a new stadium in the “Coventry area” - taking it away from the Ricoh Arena, although to quite where remains a mystery.

Mr Appleton’s statement:

“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.”

If the Football League don't intervene, the sale of CCFC Ltd could be concluded as early as next week, and the club could come out of administration.

Unsecured creditors include  stadium owners Arena Coventry Limited, which is believed to be owed at least £600,000 in unpaid rent.

An administrator's report contended Coventry City Football Club Limited owed £70million, mainly to Sisu-related entities.

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Who is Greg Dyke?

Greg Dyke has been appointed as new Chairman of The FA.

Our potted history of Mister Dyke (we read his autobiography a while back) is below:

Beached

Dyke emerged into the public eye at London Weekend Television as a producer working with the likes of Danny Baker and Janet Street Porter but became famous as the saviour of TV-am, where he replaced serious current affairs content with Roland Rat, Chris Tarrant interviewing donkeys on seaside beaches and serious journalists like John Stapleton reading out the newspaper Bingo numbers.

Plod

He then moved onto TVS – the station that launched Bobby Davro – On the Box onto the world in the name of entertainment.

He was soon back at LWT as one of the head-honchos, where one of his decisions was to scrap popular entertainment shows like Jimmy Tarbuck's Live at Her Majesty's and plunge us all into two decades of bloody Heartbeat on Sunday nights. More controversially, he AXED World of Sport, ITV's answer to Grandstand, upsetting all the violent grannies who loved at bit of Wrestling before the football results. Bad news for grapple fans.

Axed

While at LWT, Dyke was effectively running ITV Sport and the embryo of the Premier League can be traced back to his dealings with First Division Chairmen and Chief Execs. Sadly for Greg, this this would blow up in his face when Sky Sports swooped for the telly rights.

When Granada swallowed up LWT as ITV homogenised, Dyke would make millions from his shares.

Dyke would go on to be a popular Director General of the BBC, at which point his Labour supporting past would be brought to the fore. Ironically, his collision course with Labour's Tony Blair and Alistair Campbell over the Kelly affair and the Hutton Inquiry would signal the end of tenure at the corporation.

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