Coventry chairman Ray Ranson has announced that the £20million takeover of the club has now been completed and will mark a successful new era.

Sky Blues Sports and Leisure Ltd, consisting of Ranson and his SISU backers successfully acquired 90% of the shares that they needed in order to assume control of the company.

In a statement published on the club website, Ranson said: "I would personally like to thank all fans and shareholders for their support and understanding throughout this challenging period."

He added: "With the successful completion of the share purchase, Coventry City Football Club (Holdings) Limited now has financial stability and a platform to achieve its commercial and sporting aspirations."

The former Manchester City defender has formed a new board of directors including Barclays vice-chairman Gary Hoffman, Joe Elliot and finance director Mal Brannigan.