Coventry City Completes CBS Arena Purchase from Mike Ashley

Coventry City Football Club has completed the purchase of the Coventry Building Society Arena from Mike Ashley's Frasers Group, ending two decades of uncertainty and finally uniting the club with its home stadium. Owner and chairman Doug King described the acquisition as a "pivotal moment" and a "defining day" for the club, emphasizing that it safeguards the club's future for generations to come and reflects a statement of ambition and belief in Coventry. The deal, reportedly for significantly more than the £17 million Ashley paid, opens new revenue streams for the club, including matchday profits and events hosted at the arena. The purchase also resolves longstanding disputes and groundshare relocations, providing the club with long-term stability and independence. King expressed gratitude to supporters for their unwavering loyalty during difficult times and praised Frasers Group for negotiating in good faith. Mike Ashley acknowledged King as a strong custodian of the club and expressed optimism about Coventry City's chances of reaching the Premier League under his leadership.