Appleton brought an end to a lengthy saga two weeks ago when he announced Otium had emerged successful amid four final bidders for Coventry City Football Club Limited, the part of the club placed in administration by hedge fund owners Sisu in March.
The decision has been met with anger by the majority of Sky Blues supporters as the company is related to Coventry City Football Club (Holdings), which has continued to operate under Sisu.
The Football League has since been working with Appleton and Otium to ensure the bid meets their criteria, and are still to rubber stamp the deal, with CCFC Ltd remaining in administration for the time being at least.
Appleton said in a statement: "Otium has purchased the right and title to certain assets possessed in Limited including the shares in the Football League and the Football Association. I stress that I have only been able to sell such right and title to these as Limited possesses because CCFC Holdings Ltd asserts beneficial ownership over them.
"This has been no ordinary football administration and I have tried to undertake a sale process which allows the club to compete in all of next season's competitions."
It remains unclear where Coventry will play their home games next season as the ongoing rent row over the Ricoh Arena rumbles on.
Appleton added: "Obviously, one of the key points now is to determine where the club plays its football next season, but that is a matter for the purchasers and the Football League."