Chairman on admin plan
Coventry City chairman Joe Elliott has been explaining the reasoning behind the club's statement earlier in the day.
He told Sky Sports News: '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.
'We have been very honest and said that the clock has been ticking for some time. We need to bring this to a head.
'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.
'Coventry City is not the easiest deal because there are so many parts, but it is our intention, everybody's intention, to end up with a solvent financial situation.'