Coventry in shock takeover as SISU sell to local businessman
Photo courtesy of Marc Atkins/Getty Images

Coventry City have new owners, after the club confirmed that local businessman Doug King has bought an 85% stake in the Sky Blues, subject to EFL approval.

New owner King has cleared the clubs debts and made a late bid for the Coventry Building Society Arena, according to a club statement, which reads:

"The deal will involve clearing all of the Club’s current debts, leaving it debt free.

"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 FC 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 and is the only bid which can make this long-term guarantee."

A new chapter for City

King's 85% takeover of the Sky Blues all-but brings to an end the reign of previous owners SISU, who had been the target of relentless protest and ill-feeling for most of their 15-year stint at the helm.

In recent years, there has not been so much dissent amongst the fanbase towards SISU.

However, whistles, flying pigs and pitch invasions were once commonplace at at home and away, in protest against the hedge fund's ownership of the club.

With two exiles, first to Northampton, then to Birmingham, administration, court battles with their own city's council and relegation down to League Two, it is clear to see why Coventry fans were dismayed with their stewardship.

And it is that dismay which will leave so many of the Sky Blue Army vindicated upon hearing this news, as they can finally move past SISU's reign.

What now for Coventry?

In the short-term, King and the club will have to wait for full EFL approval of his bid to buy the club before the takeover can be completed.

However, upon completion of that, King will likely progress his bid on the stadium front, with the CBS Arena expected to officially enter administration on Thursday November 17.

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According to reports from CoventryLive, former Newcastle owner Mike Ashley's Fraser Group is the preferred bidder of potential administrators FRP.

On-pitch, City currently sit 11th, after a huge resurgence from Mark Robins' men.

They had been bottom of the table until mid-October and now find themselves just two points off the play-offs, with two games in hand thanks to the uncertainty surrounding their stadium at the start of the season.

With King coming in, Coventry fans will be hoping he can provide the financial backing necessary to push the club towards a long-awaited return to the Premier League.

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