Coventry's board has announced its intention to take the cash-strapped club into administration.
The Sky Blues are in takeover negotiations with a consortium led by football entrepreneur Ray Ranson.
"This legal notice gives Coventry a 10-day window to complete the takeover talks with Ray Ranson and Sisu Capital," said the board's statement.
If the Championship club do go into administration, they will be deducted 10 points.
Coventry lie 14th in the table, with estimated debts of £38m, and their perilous financial state led to a transfer embargo being imposed.