Ashley completes deal for CBS Arena's operating company in blow to new Coventry owners

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Mike Ashley completes purchase of operating companies who run the Coventry Building Society Arena in blow to Coventry City

Mike Ashley has completed the purchase of operating companies who run the Coventry Building Society Arena, despite a late bid from Coventry City.GettyAdvertisementThe 32,609-capacity stadium had been run by Arena Coventry Limited since it opened in 2005 and was owned by Rugby Union team Wasps, who have gone into administration.If accepted, that would have seen the stadium come under the ownership of the Championship club, but Ashley had other ideas.

Ashley’s Fraser Group were named as preferred bidders for the stadium and had until today [Thursday] to complete the purchase due to a period of exclusivity that they held. While new Coventry owner King was hopeful of purchasing the stadium, a court has heard that their £25million offer came too late with Ashley now the owner of the three businesses who run the CBS Stadium.

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iLiKETRAiNS Thetruthis I am not sure how we got here 🙄

Seeing Newcastle fans slate him is laughable. He got the club into a very good financial position and sold it to a state.. albeit a unethical state but not one Newcastle fan is complaining about that.

😥. This man should not be allowed to run anything. It will be bankrupted, this man has no ethics.

That’s going to look smashing with the tacky SportsDirectUK signs splashed all over. My thoughts are with you Coventry at the sad time.

Do your thing Mike. 😂

Have I read this right, he’s only bought the ground not the club? Bad news for Coventry City that is.

Condolences to Coventry_City fans

He will bleed your club dry

Bad day,Arena and team need to be as one there something else going on?

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