Last Updated: Sat, 25 May 2013 12:36
Any group interested in taking over Coventry have until May 31 to make an offer, according to joint-administrator Paul Appleton.
Press Association Sport understands eight parties have voiced an interest in the npower League One club, who went into administration in March and were deducted 10 points in the process which ended any hopes of promotion.
Appleton said: "A sale process has begun, I have spoken and met with a number of parties who have expressed an interest. To that end, I have set a deadline of May 31 for indicative offers from those interested parties."
Appleton also moved to clear up the confusion surrounding ownership rights of the Golden Share, which provides membership to the Football League and Football Association.
The Sky Blues, under hedge fund owners Sisu, placed the non-operating subsidiary of the club into administration in March, insisting it was business as usual as Coventry City Football Club (Holdings), which they claimed holds the crucial 'golden shares' which provide membership to the Football League and FA, operates as normal.
However, the Football League ruled the shares do in fact still lie with Coventry City Football Club Ltd, hence the points deduction. Appleton said: "Following information I have received from various stakeholders, I now believe the registration of the Golden Share lies with Limited.
"Holdings believe they have a beneficial ownership of the Share given the level of investment they have made and the fact the players contracts are in their name, together with many other important elements. This has seemingly been endorsed by the Football League, who have completed all current player registrations in the name of Holdings. In my opinion, the importance of the ownership of the Share has been exaggerated in the media and on social networks. Of course, it is a significant element but ownership does not necessarily mean control of the club.
"Just as important is the location of the players contracts, the right to use the name Coventry City and the right to sell season tickets - all of which Holdings assert is theirs.
"Should Holdings maintain their claim to a beneficial ownership of the Share, ultimately only the Court can overturn that. I am anxious to avoid such a lengthy process given the amount of uncertainty surrounding the club and am doing everything in my power to alleviate that uncertainty.
"If a suitable purchaser is identified, it will still be subject to the consent of the Football League and will also likely involve discussions between Holdings and that purchaser. The Football League holds its next Board Meeting on June 5 and I hope something can be resolved before then."
Have you an opinion on this story? Put your money where your mouth is and claim a free £25 bet.