Coventry say the club will continue to operate "as normal" despite a subsidiary company being placed in administration.
The League One club and owners SISU are due in the High Court on Friday amid claims they owe £1.3m in unpaid rent to the owners of their Ricoh Arena home.
Arena Coventry Limited (ACL), who manage the Ricoh Arena, want the football club placed in administration - a penalty which usually carries a 10-point deduction under Football League rules.
On the eve of the hearing, though, a statement on behalf of Coventry City Football Club (Holdings) Ltd appeared on the club's official website announcing a "property subsidiary" was already in the hands of administrators.
The statement read: "It is important to stress that the football club itself is not under threat.
"This is merely a property subsidiary which owns no material assets and has no employees, on or off the pitch.
"The Club can confirm that all staff wages, PAYE and all other creditor commitments will continue to be met as before by Coventry City Football Club Holdings.
"Unlike other instances of clubs being taken either wholly or partially into administration, there are no HMRC or VAT implications and the Football Club will continue to trade as normal without interruption.
"Our main objective now is to remain competitive on the pitch and give Steven Pressley and the playing staff our full backing and commitment."
Pressley, whose side are three points off a play-off place, earlier said: "I desperately hope that we find a solution and we can continue challenging for those potential play-off places."