Coventry are set to avoid administration after Ray Ranson's SISU Capital consortium completed their protracted takeover at the Ricoh Arena.

The Championship club had been given a deadline of 4pm on Friday to complete the deal and prove their solvency, or face a 10-point deduction.

However, Ranson has proved to be City's saviour in the face of a reported £38million debt and will finally take the reins.

The takeover is subject to the acceptance of 90% of all shareholders, but major holders Craigavon and Sir Derek Higgs - who own 71.4% - have already agreed to the offer.

Retiring chairman Joe Elliott admitted he was delighted to welcome SISU Capital and Ranson to the club.

"This is a very exciting day in the long, proud history of Coventry City Football Club and I am positive that will be reflected in the attendance for the game against Southampton," he said.

"I am sure that Ray Ranson and SISU Capital will help drive Coventry City forward into a brand new era for the club.

"I'd like to thank the board and associate directors for their magnificent support and ask that remaining shareholders return their signed forms or attend the special office at the Ricoh Arena, as per the instructions within the shareholder's document, by Monday evening.

"I'd like to pay special thanks to Iain Dowie, his management team, the players and all of the staff at Coventry City who have loyally supported the club through such a difficult time."