The former Newcastle United proprietor Mike Ashley has taken over the Coventry Building Society Arena after shopping for its three working firms.
The acquisition by Ashley’s Frasers Group of the 32,609-seat stadium has offered Coventry City Football Club with a everlasting house subsequent season and has secured the way forward for 1,000 jobs within the stadium, which homes a resort and a on line casino. The floor, beforehand know because the Ricoh Arena was additionally the house of Wasps rugby membership earlier than it went into administration final month.
Frasers Group started as Sports Direct, however its title was modified to Frasers 4 years in the past after the acquisition of the eponymous excessive road malls chain. Frasers owns a string of different retailers, together with Game, Jack Wills and Missguided. The retail conglomerate is headed by Michael Murray, son-in-law of Ashley, 58, the founder.
It purchased the sector’s three working firms after a £17 million bid for the companies.
Ashley’s group beat Doug King, Coventry City’s new proprietor, to the deal, after a court docket dominated that King’s £25 million provide to purchase the sector had come too late.
On Wednesday Coventry City agreed a deal to promote an 85 per cent stake within the Championship soccer membership to King. The settlement is topic to approval from the English Football League.
Andrew Sheridan and Raj Mittal, from FRP Advisory, got the duty of with discovering a purchaser for the venue after being made joint directors of Arena Coventry Limited, Arena Coventry (2006) Limited and IEC Experience Limited.
Frasers’ buy of the stadium comes a month after plans to accommodate the group’s international headquarters in close by Ansty, Warwickshire had been introduced.