Coventry chairman Joe Elliott has told the BBC that the club could go into administration in the new year unless a buyer or major new investment is found.
City are not helped by the fact that they do not own the Ricoh Arena
The Football League has imposed a transfer embargo on the club after an instalment payment to Southampton for the transfer of Leon Best was missed.
"It's got to come before Christmas otherwise we've got serious problems," Elliott told BBC Radio 5 Live.
But Elliott said their were two offers on the table for the Sky Blues.
Coventry are around £30m in debt and lost the services of chairman Geoffrey Robinson and managing director Paul Fletcher earlier this month after both resigned.
"We have two problems: one, the present where we have a huge debt to manage and two, the future, where we have to get investment or a buyer," added Elliott.
"The clock is ticking very quickly, but the good news is that the future looks OK. We have two people at the table and two more coming to the table.
"We believe there is a really good opportunity to get us out of this problem and get us back to the Premier League.
"We are a Premier League club, we were in the top flight for 34 years. We don't like being down here and we want to get back.
"We want to get everything paid off as soon as we can. We don't like being in this state."
US-based Manhattan Sports Capital Partners Limited recently withdrew their interest in taking over the club.
But the club insisted in a statement that "takeover talks with other groups have progressed well in the past seven days, and a solution is in sight".