Ranson takes over at Coventry

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SISU completed the deal - which is subject to the acceptance of 90% of all shareholders - with less than an hour to spare before Friday's 4pm deadline which would have signalled administration and a 10-point deduction for manager Iain Dowie's men.

Major shareholders Craigavon and Sir Derek Higgs - who own 71.4% - have already agreed to the offer and the remainder have been urged to return their acceptance forms or attend the special office at the Ricoh Arena by Monday evening.

The news was hailed by Sky Blues boss Dowie who has had to suffer months of speculation in the run-up to the announcement.

Dowie, who had to endure administration while in charge of League One side Oldham, admitted he can now look forward to Saturday's visit by Southampton.

"This is the start of a brand new period for the Sky Blues and it would be great if all of our supporters could acknowledge that by packing the stadium for the match against Southampton," he told the club's official website.

"I am a football manager and I am here to concentrate on the football side of the club, but it is a great relief to me that this takeover has been completed and I have no doubt that it will lift everyone connected with Coventry City.

"It can only benefit Coventry and I look forward to sitting down with Ray and discussing the way forward," he added.

"These are exciting times for everyone connected with the Sky Blues and I delighted that the threat of administration - and all of the uncertainty surrounding it - has been lifted."