The League One outfit have been in limbo for some time since falling into administration due to unpaid debt, which affected the club's right to keep renting the Ricoh Arena as their home ground.
"I can confirm that the asset sale by Coventry City FC Limited to Otium Entertainment Group Limited has been completed," ITV News quotes Appleton as saying.
"Otium has purchased the right and title to certain assets possessed in Limited including the shares in the Football League and the Football Association.
"I stress that I have only been able to sell such right and title to these as Limited possesses because CCFC Holdings Ltd asserts beneficial ownership over them."
Otium are reported to be connected to current owners Sisu.