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 enter administration on Thursday.
The rugby union club entered administration on October 18th after taking over as landlords of the Sky Blues.
The Frasers Group is thought to be the preferred bidder for theACL.
One of the first acts as majority owners was to submit a bid for the CBS Arena.
We want to set out our vision for the area as soon as possible so that we can start regenerating the area.
The company is expected to be taken over by administrators at 10:30 pm on Thursday.
There is a reported £17m deal, which includes a £1.2m exclusivity payment up front.
The stadium remained open to1-65561-65561-65561-65561-65561-65561-65561-65561-65561-6556 was1-65561-65561-65561-65561-65561-65561-65561-65561-65561-65561-65561-65561-65561-65561-65561-65561-65561-65561-65561-65561-65561-65561-65561-65561-65561-65561-65561-65561-65561-65561-65561-65561-65561-65561-65561-65561-65561-65561-65561-65561-65561-6556
The CBS Arena advisors said in a statement that the only thing that saved the stadium was the advance payment made by the owner.
After conducting an accelerated sales process, the board entered into an exclusive agreement with a preferred bidder on November 1st, which included the payment of a non-refundable deposit to provide the necessary funding for the arena to continue to trade."
Businesses have run out of cash and this was necessary. The required level of funding was not available from other interested parties in the required time frame.
The arena would have been forced to close immediately on 2 November if this hadn't happened.
The staff would have been made redundant and no return would have been given to any class of creditor.
The past 15 years have not always been smooth for the hedge fund that took over the club.
A long-running row over ground rent forced the Sky Blues to seek temporary groundshare homes outside the city, first at Northampton in 2013).
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 £70m in the region.
He is the majority owner of a firm that has overseen investments of more than $400 million.
King said that there have been challenges in recent years. Joy and her team have done a great job of bringing the club back to its rightful place in the city.
Fans want long-term security and the guarantee of playing football in our city. It's critical to our ambitions.
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