The Football League have confirmed that they have deducted Coventry City 10 points after the club's owners Otium Entertainment Group were granted league membership.
The club had earlier gone into liquidation after a meeting with major creditors ACL.
The decision means that Coventry will be able to fulfil their fixtures for the forthcoming League One season.
A statement on Coventry's official website read: "Coventry City owner Otium Entertainment Group Ltd. has been awarded the membership of the Football League in time for the new season.
"CCFC Ltd (the company that entered administration) will be put into liquidation after ACL failed to accept the Company Voluntary Arrangement (CVA) put forward by the administrator.
"Rather than the statutory 15 points penalty, the club will now receive a ten points deduction going into the new season while the awarding of the membership of the Football League provides certainty for the future."
Coventry chief executive Tim Fisher admitted that he is sorry for the club's supporters.
"We know that this has been an extremely difficult summer for our supporters and we are truly sorry that all of the attention has been off the field rather than on it," he said.
"There has been a great deal of uncertainty surrounding the club's future but this decision by the Football League means we now have certainty and the club's future is secured.
"We can now get on and put our future plans into action which means building and owning our own stadium in the Coventry area."
Coventry have also been cleared to play their home matches at Northampton Town's Sixfields Stadium.