Appleton brought an end to a lengthy saga on Friday when he announced Otium had emerged successful amid four final bidders for Coventry City Football Club Ltd, part of the League One 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), who have continued to operate under Sisu.
A statement released by the Football League on Tuesday morning read: "At its meeting yesterday, the board of The Football League noted the decision of the administrator to accept a bid from Otium Holdings for the assets of Coventry City Football Club Limited (in administration).
"The League will now work with the administrator and the proposed purchaser with regards to the fulfilment of the requirements of The League's insolvency policy."
No timescale has yet been given as to when the sale will be ratified or CCFC Ltd taken out of administration.
- Sports & Recreation