EFL approve Doug King’s acquisition of Coventry City

Doug King has now became the majority shareholder of Coventry City, after the deal was signed off by the EFL.

Commodity trader King now has an 85% stake in the Championship football club, leaving previous owner SISU Capital with 15%.

In November, King said his acquisition of the club will leave the club “debt free” after struggling financially and end 15 years of ownership by SISU Capital.

“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.”

Following the acquisition in November, King had revealed plans to make a bid to buy its home ground, the CBS Arena.

However, Mike Ashley’s Frasers Group bought the CBS Arena out of administration after the collapse of Wasps.

A licence has now been agreed between Frasers and the Sky Blues to which will allow it to continue to play home games at the arena.

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