COVENTRY City owners SISU Capital Ltd has agreed to sell a majority stake in the football club to local businessman Doug King, subject to EFL approval.
Mr King would take an 85 per cent share of the club, and the deal will involve clearing its current debts.
The club has also announced it will be making an equity bid to acquire the CBS Arena, adding the structure of the bid would ensure the Sky Blues would remain initially debt free.
If successful, the club said the bid would ensure they would remain able to play home games in the city.
A club statement added this ‘is the only bid which can make this long-term guarantee.’
Mr King is the CEO of Stratford-Upon-Avon based Yelo Enterprises and Co-founded and majority owns RCMA Capital LLP.
He said: “It is no secret that Coventry City FC has faced challenges in recent years, and Joy and her team have done an exceptional job to bring the Club back to Coventry and deliver on-field success.
“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 Seppala, Chief Executive at SISU Capital Ltd, said: “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.”
