Coventry City's owners SISU are understood to have agreed a price to buy the shares in Arena Coventry Limited owned by The Higgs Trust.
Although negotiations are still going, Coventry City Council leader John Mutton told the CT's Les Reid: “Sisu and the Higgs charity have had discussions. I understand a price has been agreed.
“...I believe they’ve reached headline terms. There is still agreement to be reached on how and when it is to be paid.
“I knew they had agreed headline figures. My group are aware of that now.”
The deal is still a long way from being done and Coventry City Council will have the final say on the deal and be able to veto the deal if it is not in the Council Tax payers interest.
SISU meanwhile, have still not paid their rent and a new date of October 13th has been set for them to pay all the back rent they owe.