As sad as a local clubs decline is, and as heartbraking it can be to happen to your club. This is not a problem for central government to deal with, also the petition is for consideration for parliamentary debate, not a judicial enquiry.
Football clubs are first and foremost a business, you may have an emotional investment. But the owners investment is financial. Coventrys problem, as with many other businesses, was crippling levels of debt.
I haven't particually been following this saga, but as I understand it Cov were tennants at the Ricoh, and owned no stake in it. They couldn't afford to pay the rent, or other bills (namely tax) and got a winding up order.
So they had two choices, liquidate and not exist at all. Move and try to rebuild.
It's unfortunate that the business you have an emotional investment in is going through hard times. But you aren't the first and won't be the last. Ask any Pompey or Luton fan, or the many clubs that just went to the wall.
Petitioning the FA and football league would likely yield better results.
Edit: stupid phone
