Jan 10, 2010 (Reuters) – Doug King, a businessman from Coventry City has been named the majority shareholder of Coventry City. This is the English second-tier Championship side.
King, the CEO of Yelo Enterprises in Stratford-upon-Avon, purchased an 85% share from SISU Capital Ltd. The purchase was ratified and approved by the English Football League (EFL). Coventry stated in a statement.
King stated that it was an incredible effort by all parties to get the deal approved in six weeks, and during Christmas.
“I have already been overwhelmed by the passion of Sky Blues fans. Many people personally wish me well, and I am grateful for their support.”
Coventry received in November a notice of stadium closure from Frasers Group, the new owners. They had purchased the Coventry Building Society Arena through administrators. However, a new license agreement was signed in December.
After three Championship home games were delayed earlier in the season due to the pitch’s unplayability, Coventry agreed to a five point deduction.
They currently rank 14th on the 24-team team table.
Reporting by Anita Kobylinska
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