Steve Ogrizovic would take relegation from the Premier League next season if it meant the club would never be in financial trouble again.
The former Sky Blues goalkeeper played a record 601 matches for Coventry and was part of their famous FA Cup winning team of 1987.
His former club are seeking a return to the Premier League for the first time since 2001 when they face Luton Town at Wembley on Saturday.
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And ahead of the huge game against Rob Edwards' side which will be worth around £140 million to the winner, Ogrizovic has admitted that the most important thing for the club is their long-term financial health.
"From an ex-players point of view, from a fans point of view, I think it's an unbelievable experience for either side, whichever team makes it into the Premier League," he told BoyleSports.
"It’s an opportunity week in, week out to see the very best teams. Can you believe that if we do win, next year, we'll be entertaining the likes of Manchester City, Liverpool, Manchester United? We’ve not done that for a number of generations.
"From a fans point of view, I would be saying even if we were up for one year and struggled and went down, it would be great to experience those times.
"The important thing is if Coventry do make it there’s got to be a plan to manage things going forward. You can't do it overnight, you've got to build a solid base. I know fans won’t like me for saying this but I could actually stomach a year in the Premier League and then relegation, if it meant we never ever had to struggle in that position again."
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