Football League chairman Greg Clarke said there have been times he thought League OneCoventry City would cease to exist. Coventry City FC Ltd, a non-operating subsidiary of the club, went into administration in March following a row with Arena Coventry Limited over rent.
CCFC Ltd now faces liquidation, but the club will continue to operate.
"We sailed so close to the edge with Coventry City there were times I thought there'd be no Coventry City," he told BBC Coventry & Warwickshire.
The Football League allowed the club to fulfil their first fixture this season after transferring the share which allows them to play in the Football League to the Otium Entertainment Group, who have strong ties with previous owners Sisu.