The club officially registered to go into administration yesterday and they now have ten days for someone to put an offer in.
If there are no offers they will be docked the mandatory 10 points which will see them move into the drop zone at the foot of the Championship.
It's not all doom and gloom though as the club insist this is a controlled decision which will simply speed up their sale, and ultimatley their revival.
"This is merely a process protecting the bank and its creditors, and should speed up the potential takeover and therefore take Coventry City into a solvent financial situation." the club said.
The expected new owner is Ray Ranson and Sisu Capital, however it is a gamble and if it falls through they could be in serious trouble.
Slippery Slope
Ian Dowie has already threatened to leave if the club lose ten points, and their prospects for survival would be slim, especially as they are currently under a transfer embargo.
If they do go down they could join a host of teams all who have been in the Premiership in recent years.
Oldham (last in the premiership - 94), Leeds (04) and Nottingham Forest (99) are all already in League One, and with Norwich (05) and QPR (96) also in the drop zone, it could be high profile league next season.
Coventry were forced into this situation by debts which reached £38mill, and now they must pray someone will save them, otherwise they will begin the all too familiar slide down the leagues into the footballing wilderness.
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