Deal agreed to sell Sky Blues to local businessman
The owners of Coventry City Football Club have agreed to sell a majority stake in the club to Doug King.
Last updated 16th Nov 2022
SISU Capital Ltd says, subject to EFL approval, Stratford-upon-Avon businessman Doug King will take an 85% share.
The club said the deal will involve clearing all current debts, leaving it debt free.
Coventry has also announced it will be making a bid to buy the CBS Arena, following the administration of Wasps Rugby Club.
Arena Coventry Limited (ACL), who have been running the stadium since 2005, is expected to be put into administration at a hearing tomorrow.
Joy Seppala, Chief Executive at SISU Capital Ltd, said: “This is a fantastic moment for Coventry City FC and the city. I know that Doug has long been an admirer of the Sky Blues and will be a powerful steward of the Club moving forward.
“He shares our ambition to deliver the most successful football club possible, to climb the football pyramid, and invest both on and off the field. I am looking forward to a bright new future working with Doug, and all our partners across the city.
“The sale of the CBS Arena does provide short term uncertainty and with Doug on board we intend to set out a robust bid for the stadium which, if successful, will provide a platform for long-term success.”
Doug King, CEO of Yelo Enterprises, said: “It is no secret that Coventry City FC has faced challenges in recent years, and Joy and her team have done an exceptional job to bring the Club back to Coventry and deliver on-field success.
“Working together we want to deliver a new start, beginning with securing our home in Coventry. We know fans, and others across the region, want long-term security and the guarantee of playing football in our city. This is critical to our ambition.
“We have made it a priority – and one of our first acts as majority owners – to submit a bid to acquire the CBS Arena. We are keen to meet with Coventry City Council representatives and others as soon as possible to set out our vision – which includes the regeneration of the area.”
As chief executive of Stratford-upon-Avon based oilseed processing facility Yelo Enterprises, King has invested more than £70m in the region.
He previously founded investment firm RCMA Capital LLP - which has overseas investments of more than £400m.