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Coventry City’s new owner Doug King has completed his purchase of a majority 85% share in the Championship club.
The deal, first agreed on 16 November, has now been given approval by the English Football League after the Warwickshire-based businessman passed their owners’ and directors’ test.
The club have said that the deal will clear all the Sky Blues’ debts.
But it came too late to prevent City’s stadium, the CBS Arena, passing into the hands of new owners.
King himself made a late £25m bid to also buy the stadium, which was up for sale after Premiership rugby union side Wasps, the ground’s owners since 2014, revealed in October that they would have to go into administration.
But, when the Arena formally went into administration, it was ruled that Mike Ashley’s reported £17m deal, including a £1.2m exclusivity payment up front to help keep the ground open for the Sky Blues to play home games in, should be allowed to proceed.
City did receive another serious offer to buy the club from energy drink company boss William Storey, but he withdrew his interest last Friday.
“I am honoured and excited to be taking this club forward into its next chapter,” said King. “To get this deal ratified in just over six weeks and over the Christmas period was a great effort from all involved.
“Already I have been struck by the enthusiasm of Sky Blues fans, with many personally wishing me well and I thank them for those sentiments. I am looking forward to the future of this great club and what we can achieve together.”
Mark Robins’ Coventry side are 14th in the congested Championship table, just four points outside a play-off place, but nine points clear of trouble – despite going three games without a win.
Who is Doug King?
Former Loughborough University mathematical engineering graduate King has a background in trading grains, non-grain feeds and petroleum.
He is chief executive of Stratford-upon-Avon-based oilseed processing facility Yelo Enterprises, who have invested more than £70m in the region.
He previously co-founded investment firm RCMA Capital LLP – which has overseen investments of more than $400m (£337m) – and of which he remains majority owner.
The SISU years in Coventry
Previous owners SISU, part of the Otium Entertainment Group, will retain a 15% toehold in the Sky Blues – a relationship that first began in 2007.
The London-based hedge fund rescued Coventry from being wound up when they took over the club with 20 minutes to spare.
The past 15 years have not always been the smoothest ride, largely due to the fact that City have not been owners of their own stadium since leaving their old Highfield Road home, when it was sold for housing redevelopment in 2005.
A long-running row over ground rent twice forced the Sky Blues to seek temporary groundshare homes outside the city.
They moved first to Northampton in 2013 for more than a season, prior to Wasps being allowed to move in, later followed by two seasons with Birmingham City, before returning to Coventry again in 2021.
Even this season they were forced to play an EFL Cup home tie at Burton Albion when the CBS Arena surface was ruled unfit to play on following overuse in the summer because of Commonwealth Games rugby and pop concerts.
SISU director Joy Seppala said: “Coventry City’s future is bright under Doug King’s leadership.
“Enthusiasm, determination and commitment are precisely what this great club will have with Doug. I look forward to watching Coventry City go from strength to strength.”
