Former Newcastle United owner Mike Ashley is back in English football after he completed the takeover of the Coventry Building Society Arena, the home of Coventry City Football Club and Wasps Rugby Club.
Coventry’s new owner Doug King, who owns 85% of the share in the Championship club made a late attempt to beat Ashley to the stadium but a judge ruled in the former Magpies owner’s favour on Thursday afternoon.
Last week, it was reported that Ashley had “agreed an eight-figure sum for the stadium company and intends to immediately buy the company out of administration.”
Advert
After a late bid from Coventry on Thursday morning, the judge said: “there wasn’t enough substance” behind King’s offer.
Despite this, Ashley has given promises that the Sky Blues will continue to play its home games at the CBS Arena.
Coventry chief executive, Dave Boddy said: “As we go into the World Cup break, the future of the Arena remains unclear. Since writing my notes for Tuesday’s excellent home victory over Wigan Athletic, it has been reported that Mike Ashley’s Fraser Group has an exclusivity period to buy the Coventry Building Society Arena.
Advert
“This period of time ends on November 17, when a decision will be made in the courts as to the future of Arena Coventry Limited.
“The Football Club has had brief initial discussions with the Fraser Group regarding the future of the Arena and their interest in it, and they have given us assurances that the Sky Blues continuing to play at the Arena is very much part of their plans, should they purchase the Arena.”
Back in October 2021, Ashley’s controversial Newcastle tenure came to an end after he sold the club to the Public Investment Fund of Saudi Arabia.
Advert
Since the new owners took over, the club has rocketed up the Premier League table with Eddie Howe’s side currently third in the table.
Featured Image Credit: Alamy