Coventry RFC owner and chairman Andrew Green insists he is looking forward after the club's future was secured.
Coventry Football Club Limited was put into administration last week, but the business and its assets have now been acquired by Coventry RFC Limited.
The move has been approved by the Rugby Football Union, allowing Coventry to retain their National One status.
Green said: "I view this development in the club's history as a second chance for first division rugby in Coventry."
He added: "We were always concerned about yesterday; this gives us a chance to shape tomorrow.
"I am very proud to be at the forefront of a team of people who are dedicated to ensuring the new business is a huge success for everyone involved, from players and fans through to sponsors and the people of the city of Coventry.
"I have every confidence that we will achieve our goal of establishing a successful business at the heart of the local community and taking the necessary steps to become a great rugby club once more."
Coventry's new era began with a 22-20 defeat at Moseley, leaving them eighth in National One.