Championship: EFL ratify Coventry takeover by businessman Doug King
Coventry City have confirmed that Doug King is the new majority owner of the Football Club.
Mr King’s purchase of the Sky Blues has been ratified by the EFL and final documents exchanged with SISU Capital Ltd for the purchase of 85% of the Club, confirming him as new majority Owner.
The deal involves clearing all of the Club’s debts accrued prior to King’s agreement to purchase the Club in November, and provides a new start for the Club under fresh ownership.
The offer was initially tabled last November and despite late interest from another party last week, has now been concluded.
Doug King, Owner of Coventry City, said: “I am honoured and excited to be taking this Club forward into its next chapter.
“To get this deal ratified in just over six weeks and over the Christmas period was a great effort from all involved.
“Already I have been struck by the enthusiasm of Sky Blues fans, with many personally wishing me well and I thank them for those sentiments.
“I am looking forward to the future of this great Club and what we can achieve together.”
Shortly after the club confirmed the takeover it also released a statement confirming the resignation of chairman Tim Fisher. Fisher leaves the club after 12 years.
Dave Boddy, Coventry City Chief Executive, said:
“I would like to thank Tim for his hard work, commitment and dedication to the Club during his time with the Sky Blues, following his decision to step away and resign from the Board of the Football Club.
“Tim has been a figurehead at the Club for a number of years and offered important advice and counsel to many in and around the club. Having worked through difficult periods for Coventry City, he now leaves with the Club in a far better place than he found it.
“Given the change in ownership structure, and after many years of loyal service and dedication, he has decided to step away from the Club's board. We wish him the best of luck for the future.”