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Sisu companies have agreed to write off £32million of debt as part of Coventry City administrator Paul Appleton’s sale to Otium for £1.5million, we can exclusively reveal.

Arena Coventry Limited, as an non-connected unsecured creditor, would get 25.95p in the pound back on its debts if it agrees to the Company Voluntary Arrangement (CVA) proposed by Mr Appleton.

That would see £553,261 returned to it.

That figure is made up of a percentage of the debt it is owed in unpaid Sky Blues rent; and another year’s rent effectively as compensation for the lease agreement being broken between ACL and the Sky Blues, which has around 40 years remaining on it.

If ACL does not agree to the CVA, Mr Appleton states it would get a paltry halfpence in the pound under the alternative of Coventry City Football Club Limited being liquidated.

Mr Appleton’s proposal – seen by the Telegraph – states Sisu-related creditor Coventry City Football Club (Holdings) Limited has agreed to “waive amounts due to them of £24.7million”.

The corresponding write-off for Sisu company Sky Blue Sports and Leisure Limited is £7.5million, the report states – amounting to a total of £32.2million in write offs. The report states that would leave total liabilities to the two companies of £11.5million and £7million respectively – leaving a total remaining debt of £18.4million.

If the CVA is accepted, the Sisu companies would write off this £18.4million, and another £10.25million owed to another Sisu company, Cayman Islands-based Arvo Master Fund.

Mr Appleton’s proposal states Otium had offered £1.5million for the assets in Coventry City Football Club Limited – the company Arvo placed in administration in March after ACL’s High Court administration was dismissed by a judge.

Holdings then continued to run the football club, while Mr Appleton as the administrator took ownership of CCFC Ltd, which remains in administration.

Mr Appleton has said he has completed the sale of the “rights and title” to assets in Ltd to Otium, minus the ACL lease.

The Football League must decide which company it transfers the crucial “golden share” right to play in the league back to – which would effectively sanction whoever the club’s new owners are.