The club are awaiting approval on the deal which they say will leave it debt free.

Doug King, CEO of Stratford-upon-Avon based, Yelo Enterprises, recently invested over £70m in the region and also co-founded, and majority owns, RCMA Capital LLP, which oversees investments of over $400m.

Joy Seppala, Chief Executive at SISU Capital Ltd, said: “This is a fantastic moment for Coventry City FC and the city. I know that Doug has long been an admirer of the Sky Blues and will be a powerful steward of the Club moving forward.

“He shares our ambition to deliver the most successful football club possible, to climb the football pyramid, and invest both on and off the field. I am looking forward to a bright new future working with Doug, and all our partners across the city."

Doug King, CEO of Yelo Enterprises, said: “It is no secret that Coventry City FC has faced challenges in recent years, and Joy and her team have done an exceptional job to bring the Club back to Coventry and deliver on-field success.

The Club has also announced it will be making a £25m bid to acquire the CBS Arena, with current owners Arena Coventry Limited about to enter administration.

That company was owned by Rugby Union side Wasps who shared the stadium with the Sky Blues, but they have also entered administration and have been suspended from playing in the Premiership.

Sports Direct owner Mike Ashley has already tabled a bid for the stadium through his Frasers Group, which paid money up front to ensure the stadium could remain open.