Owner of Stratford business set to take majority stake in Coventry City FC
THE owner of a Stratford-based business looks set to acquire a majority stake in Championship side Coventry City.
Subject to EFL approval, SISU Capital Ltd, owners of the Sky Blues, has agreed to sell an 85 per cent share to Doug King, CEO of Yelo Enterprises.
The deal will also involve clearing all of City's debts.
Doug recently invested over £70million in the region through the construction of a state-of-the-art oilseed processing facility to generate renewable energy.
He also co-founded, and majority owns, RCMA Capital LLP, which oversees investments of over $400million.
"It is no secret that Coventry City FC has faced challenges in recent years, and Joy (Seppala – chief executive at SISU) and her team have done an exceptional job to bring the club back to Coventry and deliver on-field success," said Doug.
“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.”
Joy added: "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.”
The club has also announced it will be making an equity bid to acquire the CBS Arena, following the administration of Wasps Rugby Club.
The structure of the stadium bid will ensure Coventry City remains initially debt free and provide a new start for the club, under fresh ownership.
If the bid is successful, it would ensure the Sky Blues remain able to play home games in the city.