FORMER Newcastle United owner Mike Ashley’s company Frasers Group Plc has completed the purchase of Coventry Building Society Arena.
Earlier today, Coventry City announced it intended to make a late £25million bid for the Arena after businessman Doug King acquired a majority stake in the Sky Blues last night.
However, Andrew Sheridan and Raj Mittal, partners at FRP were appointed as joint administrators of Arena Coventry Limited (ACL), Arena Coventry (2006) Limited and IEC Experience Limited, the three businesses that ran the stadium, who immediately completed the sale.
Joint administrator Andrew Sheridan said the outcome was ‘pleasing’, adding it will ‘help to secure up to 1,000 jobs in Coventry and ensures that the venue will continue to play a major role in the city’s economy as a world-class entertainment and hospitality venue and home for Coventry City Football Club.”
Mr Sheridan added that by ‘agreeing to sign an exclusivity agreement before November 1, Frasers Group was the only interested party that was able to meet the terms of the sale process.’
The statement continued this was ‘essential’ in providing the funding needed to enable the Arena to continue trading beyond that date.
A Frasers group spokesperson added: “Through the acquisition, we are pleased to have been able to secure a long-term future for the Arena, protecting jobs and supporting the local community.”
The statement added they were ‘looking forward’ to working with the Sky Blues.
A CBS Arena spokesperson added the sale was ‘a great result for everyone who uses the venue for business, sport, and music’ as now they can continue to operate.
Council leader Coun George Duggins said the Council ‘is looking forward to working with the Frasers Group in the future’ and was particularly pleased they have committed to ‘protect jobs, support the local community and work closely with the football club.’
