Arena Coventry Limited (ACL), who manage the Ricoh Arena and claim to be owed over £1.3million in unpaid rent by the Sky Blues, returned to the High Court in London and asked for their own application for an administration order to be dismissed.
It came after the initial hearing was adjourned last Friday, just hours after Coventry - owned by hedge fund Sisu - placed a non-operating subsidiary of the club, Coventry City Football Club Limited, into administration themselves.
The League One outfit insist it is business as usual as Coventry City Football Club (Holdings), which they claim runs the football operation and holds the crucial 'golden shares' which provide membership to the Football League and FA, operates as normal.
But ACL say they have it on good authority from the Football League and the Football Association that Coventry's 'golden shares' do in fact still lie with Coventry City Football Club Ltd, which has already gone into administration, hence the withdrawal of their application.
It is now down to the Football League to make an official verdict and rule on the potential 10-point penalty, which has not yet been imposed.
A statement released by ACL said: "We are grateful to the Football League for coming back so quickly to our legal team to confirm that the Football League share resides with CCFC Ltd, not CCFC Holdings, as had been suggested previously by the CCFC and the appointed administrator.
"We are grateful also to the Football Association for its prompt response confirming that the Football Association share resides with CCFC Ltd, not with CCFC Holdings.
"Both of these organisations have acted quickly to bring clarity to this process and most importantly, clarify the situation for Sky Blues fans. It has been our understanding from the outset of this legal process that the respective shares reside with CCFC Ltd."
Coventry are currently 10th in League One, five points off the play-offs, with a 10-point deduction certain to end their promotion hopes for this term.