Coventry United handed reprieve after ‘verbal agreement’ is reached to save club from liquidation

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Women’s Championship club Coventry United have been rescued from the brink of liquidation after shareholders reached a verbal agreement for an 11th-hour sale of the club.

Businessman Lewis Taylor, who owns Energy Angels, the Midlands-based energy company, is now to become the sole owner of Coventry United, who went into “voluntary liquidation” on December 23 and had been set to be shut down by liquidators BK Plus on Tuesday night at 11.49pm (GMT).

But that was avoided after a deal to save the club was agreed in principle on Tuesday, leaving Taylor poised to essentially purchase the company for £1 in exchange for taking on the existing debts.

The formal takeover of the club may take a few more days to complete, but the verbal agreement between the parties has been deemed sufficient to call off the liquidators and halt the process of closing down the company.

Taylor has vowed to invest in the region of £200,000-250,0000 initially to ensure the club can complete the season and plan for the future.

In an interview with Telegraph Sport, Taylor said it was the “right thing to do” to try to buy the club. He wants to pay the players and staff’s wages for December straight away – which multiple sources have said, as of Monday morning, had not been paid by the club – and get the squad back on the training ground as soon as possible.

Reacting to the news of the verbal agreement on Tuesday evening, Taylor told Telegraph Sport: “The heads of terms have been agreed, so this has successfully halted the liquidation process. That’s the biggest win that we wanted from today and it’s come off.

“It might take up to a week to get the whole thing done, we still need to do the legal transfer of ownership of the club, which will now take place over the coming days, but this is stage one complete.

“I want to let everyone know that the current owners and BK Plus have been hugely supportive in this process, this hasn’t been a bunch of aggressive people around the boardroom table trying to sort this, it’s actually been a lot of like-minded people all trying to get together to help save the football club.”

Taylor is already a financial supporter of women’s football, as his company Energy Angels sponsor Wolves Women, who are third in the northern section of the third tier of women’s football.

Coventry United are 11th in the Championship after winning one of their 11 league games so far this seasonb, sitting above the relegation zone on goal-difference. They ran into financial difficulty after becoming a full-time, professional side last summer.

Taylor intends to give his full backing the team’s manager, Jay Bradford, and believes the squad are more than capable of staying in the Championship this season.

Meanwhile, a public crowdfunded raising money for the players – who were “devastated” after being told the club would be shutting down remotely via a Microsoft Teams video call on December 23 – has passed £14,000 in donations as of Tuesday afternoon.

Their first scheduled match back after the Championship’s winter break, an away trip to Bristol City on January 9, was called off according to a statement by the West Country club on December 29.

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