Championship club to get new owners, with all debts cleared

UPDATED:

Mike Ashley’s Frasers Group has taken over the lease of the companies which run the Coventry Building Society Arena.

The sportswear tycoon’s retail group made a £17 million bid for the companies behind Coventry City Football Club's home ground.

The former Newcastle owner had been named as the preferred bidder.

The approval of administrators by a specialist judge in London on Thursday (17 November) was made despite a last-minute bid by businessman Doug King to delay court proceedings to allow for consideration of his potential rival offer of £25 million.

The court proceedings come the day after the Sky Blues’ owners Sisu Capital agreed to sell a majority 85% stake to Mr King in a deal, which would have left the club debt free.

The judge ruled that there was "not enough substance" in what his lawyer had said in court “to allay even the immediate fears over how this group can continue to trade”.



The owners of Coventry City have agreed to sell a majority stake in the football club to local businessman Doug King - subject to EFL approval.

The deal will involve clearing all of the club’s debts.

The club will also look to take ownership of the CBS Arena.





Latest:

: Coventry City can confirm it intends to submit a bid of £25m for the CBS Arena (subject to confirmatory due diligence) and has the requisite proof of funds available.

Reply:

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That's the sort of owner we need.

That's the sort of owner we need.

The ‘local’ bit may be the problem there mate.

That's the sort of owner we need.

The ‘local’ bit may be the problem there mate.

Always has been.

: Coventry City can confirm it intends to submit a bid of £25m for the CBS Arena (subject to confirmatory due diligence) and has the requisite proof of funds available.

Really pleased they're getting a stadium ... but they are a prime example at what damage an owner can do to a club....

: Coventry City can confirm it intends to submit a bid of £25m for the CBS Arena (subject to confirmatory due diligence) and has the requisite proof of funds available.

Makes you wonder how deluded you know who is.

: Coventry City can confirm it intends to submit a bid of £25m for the CBS Arena (subject to confirmatory due diligence) and has the requisite proof of funds available.

Makes you wonder how deluded you know who is.

You do know it's not buying the stadiums freehold tho it's just a lease ? And totally different ownership model to ours ? .

: Coventry City can confirm it intends to submit a bid of £25m for the CBS Arena (subject to confirmatory due diligence) and has the requisite proof of funds available.

Makes you wonder how deluded you know who is.

You do know it's not buying the stadiums freehold tho it's just a lease ? And totally different ownership model to ours ? .

Deluded about what? They've been homeless twice... owners hated more than tan is by fans... doesn't say how much he bought club for But considering got to pay debts as well shows how deluded our fans are reckoning our club can be sold for 50m or so when debts are 30m+ and that doesn't include anything tan wants to recoup ... but no club should be put in the situation again of an owner being able to sell ground without given a Toss about club like what's happened to Coventry.

Apparently Mike Ashley as taken control of arena and other parts of the club infrastructure.

https://www.itv.com/news/central/2022-1 ... 1668700492

Apparently Mike Ashley as taken control of arena and other parts of the club infrastructure.

https://www.itv.com/news/central/2022-1 ... 1668700492

Mike Ashley’s Frasers Group has taken over the lease of the companies which run the Coventry Building Society Arena.

The sportswear tycoon’s retail group made a £17 million bid for the companies behind Coventry City Football Club's home ground.

The former Newcastle owner had been named as the preferred bidder.

The approval of administrators by a specialist judge in London on Thursday (17 November) was made despite a last-minute bid by businessman Doug King to delay court proceedings to allow for consideration of his potential rival offer of £25 million.

The court proceedings come the day after the Sky Blues’ owners Sisu Capital agreed to sell a majority 85% stake to Mr King in a deal, which would have left the club debt free.

The judge ruled that there was "not enough substance" in what his lawyer had said in court “to allay even the immediate fears over how this group can continue to trade”.

Mike Ashley’s Frasers Group has taken over the lease of the companies which run the Coventry Building Society Arena.

The sportswear tycoon’s retail group made a £17 million bid for the companies behind Coventry City Football Club's home ground.

The former Newcastle owner had been named as the preferred bidder.

The approval of administrators by a specialist judge in London on Thursday (17 November) was made despite a last-minute bid by businessman Doug King to delay court proceedings to allow for consideration of his potential rival offer of £25 million.

The court proceedings come the day after the Sky Blues’ owners Sisu Capital agreed to sell a majority 85% stake to Mr King in a deal, which would have left the club debt free.

The judge ruled that there was "not enough substance" in what his lawyer had said in court “to allay even the immediate fears over how this group can continue to trade”.

Makes absolutely no sense to own ground unless he plans to buy club at a later date? as I said ealier this is what causes clubs problems got no control over what happens to ground

So the stadium owned by one group, headed up by Mike Ashley and the club owned by a different group.

Wouldn't have Ashley anywhere near our club.