Doug King has agreed to buy a majority stake in the club.
The Sky Blues say that the deal will clear their debts.
The club made a last-ditch attempt to buy the CBS Arena.
The stadium is expected to go into administration on Thursday.
Joy Seppala said that this was a great moment for the city. I am aware that Doug is a big fan of the Sky Blues.
He shares our desire to deliver the most successful football club possible, to climb the football pyramid, and invest both on and off the field.
The sale of the CBS Arena provides short-term uncertainty and we intend to set out a robust bid for the stadium which, if successful, will provide a platform for long-term success."
King is the chief executive of Yelo Enterprises, which has invested more than £70 million in the region.
He is the majority owner of a firm that has overseas investments of more than 400 million dollars.
There's more to come.
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