Coventry United saved from liquidation
A last minute deal has been agreed which will stop Coventry United from being liquidated.
Administrators had said the club would be liquidated on 4 January if a new owner could not be found.
But a verbal deal with West Midlands businessman Lewis Taylor has been agreed, securing its future.
"I always wanted to get involved and it made absolute sense to make something work," Taylor told BBC CWR.
"The existing shareholders didn't liquidate - that was the deadline we all needed to reach agreement on," he added.
"Everyone in the virtual room wanted to save the club so, by about one minute to five - and five o'clock was the point where the club would've been put into liquidation - we all had the thumbs up."
Taylor, chief executive of energy company Angels Group, is thought to have invested an initial £250,000 into the club and is hoping to finalise the takeover deal "inside a week".
"Solicitors have now got to draw up contracts between the two parties so it's on us now to come up with a sales contract as quickly as possible.
"And then on day one we can get cash to the players and anyone else we owe money to."