The League One side have revealed they will cease their fight against the deduction made by the Football League last month following their entry into administration
The deduction was made in March after the West Midlands side failed to meet the deadline to pay the latest installment of rent on their Ricoh Arena home.
And, despite formally lodging an appeal on April 4, the Sky Blues have announced an end to their fight against the decision via a statement on Thursday.
"Whilst it was agreed to commence the appeal process with regard to the 10 point deduction by the Football League, following legal advice, the decision has now been made to withdraw the appeal to avoid further delay and costs to all parties," joint administrator Paul Appleton wrote.
Coventry, who were relegated from the Championship at the end of the 2011-12 campaign, will fall from tenth to 14th in the League One table due to the sanctions.