At the end of 2007, with the Sky Blues facing a seemingly insurmountable level of debt, it looked as though Coventry City faced the very real prospect of going into administration – and possibly out of existence.

But buyers did emerge, with Mayfair-based hedge fund Sisu becoming the eventual owners on December 14, 2007.

Former Manchester City defender-turned-businessman Ray Ranson was put forward as the football brains behind the bid.

How close the club actually were to administration has never been clear, but Joe Elliott famously said they were ‘20 minutes away’ when the deal to sell to Sisu Capital was finally struck.

Speaking in the book, Coventry City, A Club Without A Home, he said: “I wouldn’t say we were ever on the edge before 2007, when it was critical. Mike McGinnity (former chairman) had done a good job trying to save the club money,

“Geoffrey Robinson (major shareholder) had invested an awful lot of money and quite rightly wanted to be less committed to the monetary feeding of the club.

“The Co-Op Bank were getting more concerned by the day.

“The club was very close to going into administration. It really was a case of the clock was ticking on the day the Sisu deal was agreed.

“The bank had been very patient and it was either the deal was done then or we would have gone into administration.”

A statement from the club, issued at the time of the takeover , read: "The successful conclusion of this transaction ensures our future is secure and the threat of administration is avoided."

Speaking to the Telegraph soon after his appointment as chairman, Ray Ranson said: “I am delighted. It has been nerve-racking at times. Many times it nearly fell over but thankfully all parties were very positive.

“But we got there in the end and hopefully it will be all worthwhile, because we are in it for the long term.’

Asked why Sisu had chosen Coventry City, he said: “It ticked all the boxes for us – a one-team town with a finished stadium, a loyal fan base and we think there is a real chance of developing things here.

“There is an option to acquire a 50 per cent share holding by way of acquiring the football club and we fully intend to take up that option and move forward and develop the relationship.

“I don’t know when that will happen but let’s get the priorities sorted out, trying to get the team up the league and, dare I say it, promotion, and we will worry about that later.

“I wouldn’t say the long-term plan is to own the whole of the stadium but, certainly, we see ACL as a valuable asset to both Coventry City Football Club and the people of Coventry, and we will be part of the development of that.’

He added: “I want to see us promoted as soon as possible. This is a Premiership club – that is why I am here.

"I’m in it for the long haul.

“There is a hell of a lot of work to be done here and Sisu want to make a success of it.

“I am in the football industry and have been all my life, and a natural progression of that is to try my arm at ownership and trying to assist Sisu in developing a successful football club.

“There has been a lot of talk about them being a hedge fund.

“Yes, they have a hedge fund but they have various funds and this is coming out of the private equity fund and, by its very nature, they are long-term investors.”