Coventry are believed to have total debts of £38m, and will go into administration in 10 days if new owners are not in place.
A statement read: "The board of Coventry City Football Club can confirm that it has filed in court notices of intent to go into administration.
"This is merely a legal process protecting the Bank and its creditors and should speed up the potential takeover of the Club and therefore take Coventry City into a solvent financial situation.
"This legal notice gives Coventry City a 10-day window to complete the takeover talks with Ray Ranson and Sisu Capital, along with all other parties.
"Following recent speculation, the Club can confirm can that staff and player wages have now been paid and we look forward to a successful conclusion of the takeover in the near future."