Women’s Championship club Coventry United have avoided liquidation after an agreement in principle to sell the club’s shares was reached at the 11th hour.
The businessman Lewis Taylor, founder and managing director of the energy company Energy Angels, is preparing to take over Coventry, which announced on December 23 its voluntary liquidation.
This process, supervised by the accounting firm BK Plus, was due to end on January 4. But BK Plus said on Wednesday those instructions ended at 4:52 p.m. that day.
Thirty players and staff were due to have their employment contracts terminated at Coventry, which is halfway through its first season as a fully professional club.
Richard Tonks, Insolvency Practitioner at BK Plus, said: “The liquidation notice has caused understandable disappointment to everyone associated with the club, especially the players and staff. The notice of the proceedings also sparked a lot of external interest and concern, and resulted in offers to try to save the club from parties in the UK and abroad.
Tonks added, “We were delighted to be a part of the process which resulted in the agreement of the terms and conditions to sell the shares of the company… Obviously, a sale has yet to be finalized and we remain available to support any parties involved with one in order to close a sale as soon as possible.
The women’s championship season was interrupted in winter but is expected to resume this weekend.
Taylor, whose company sponsors Wolves Women at Third Tier, told Sky Sports News he held virtual New Years Day meetings with manager Jay Bradford and the players.
“We have had a very positive response from the team,” he said. “We are going to consolidate the situation very quickly and make the players pay for a start.”