According to reports, the Sky Blues failed to meet payments to Southampton as part of the deal that took striker Leon Best to the Ricoh Arena.
A club statement read: "The club would like to stress that takeover talks with other groups have progressed well over the past seven days and a solution is in sight.
"This is by no means an ideal situation for Coventry City, Iain Dowie or the Sky Blues' local fans.
"The club would like to stress that the board are working towards finding the best outcome possible to take Coventry City forward. This will hopefully be at the earliest opportunity."