DOUG King has finally been confirmed as the new majority owner of Coventry City.
The EFL have ratified King’s purchase of the club as he takes a controlling 85 per cent majority stake from former owners SISU Capital Ltd who have retained a 15 per cent stake in the club.
And the deal means all of the club’s debts accrued prior to King’s agreement to purchase the Sky Blues back in November last year have been cleared.
New Coventry City Owner King 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.”
King is CEO of Stratford-upon-Avon based company Yelo Enterprises and has invested more than £70 million in the region through the construction of a state-of-the-art oilseed processing facility using renewable energy.
He also co-founded and majority owns RCMA Capital LLP which oversees investments of more than $400 million.
Joy Seppala, of SISU Capital Ltd, added: “Coventry City’s future is bright under Doug King’s leadership.
“Enthusiasm, determination and commitment are precisely what this great football club will have with Doug, and I look forward to watching Coventry City go from strength to strength.”
