Ray Ranson has revealed that investment in Coventry is already under way as his proposed takeover of at the Ricoh Arena nears completion.Sky Blue Sport and Leisure (SBSL), the company led by Ranson and backed by London-based consortium Sisu Capital, saved Coventry from administration when they stepped in with an 11th-hour offer to buy the Championship club on December 14 - subject to the acceptance of 90% of all shareholders.

SBSL announced yesterday that they are satisfied the takeover will soon be completed and extended the deadline for shareholders to accept their offer until April 11 to ensure the 90% threshold is reached.

But the takeover is virtually secured and Ranson revealed that the £20million investment he promised is being made available to pay Southampton the money they are owed for summer signing Leon Best, and therefore enable the current transfer embargo to be lifted and manager Iain Dowie to start bringing in new players.

A statement on the club's official website, read: "We are now in control of Coventry City and I am certainly looking forward to what should be some very exciting times ahead.

"Since December 14, everyone has been working very hard to reach the 90% of shares that Sisu desires and we are very confident we will get there before the April 11 deadline.

"This does not mean that everything is on hold until then - far from it. Investment in Coventry City has already started and we will continue our hard work to take the club forward.

"We have had a series of discussions with the Football League and these are ongoing. We are hopeful of having all of the measures in place to ensure that the transfer embargo is lifted at the earliest opportunity.

"I have had a number of meetings with Iain Dowie and like me, he is excited about the future.

"Everyone has a part to play - the supporters, the management, players and staff - and if we pull together there should be some very bright times ahead for Coventry City Football Club."

More Football News from TEAMtalk