Company which owns CBS Arena applies to go into administration
The Arena will stay open as normal
Last updated 2nd Nov 2022
The company which runs the Coventry Building Society Arena has confirmed they're applying to go into administration.
Arena Coventry Limited (ACL) released a statement this morning (Wednesday) - saying a preferred bidder has been lined up to purchase the Arena from Wasps.
Football presenter and Coventry City fan Richard Keys says it's the former Newcastle United owner Mike Ashley, but that hasn't been confirmed.
Wasps, who up until now have effectively been the Landlords of the CBS Arena, are currently in seperate administration proceedings with a preferred bidder already being picked.
The stadium will continue to operate as normal in the meantime, meaning Coventry City should be able to continue to play their home games there.
We've asked ACL for clarification on that point.
A spokesperson from Arena Coventry Limited (ACL) said;
“Arena Coventry Limited (ACL), Arena Coventry (2006) Limited and IEC Experience Limited have confirmed that they have applied to the Court for the Companies to be placed in administration. We anticipate that the administration orders will be made in the forthcoming weeks.
“The Companies and the proposed administrators from FRP Advisory have run an accelerated sales process to sell the business and assets of the Companies and have identified a preferred bidder.
“The Arena will continue to trade as normal. We would like to thank all the working parties involved in helping the Companies get to this stage and we are delighted that the doors will remain open to this flagship venue.”
Further updates will be provided in due course.