Doug King: New Coventry City owner to be club's executive chairman
- Published
The Sky Blues' home ground was owned by Wasps rugby club before they went into administration
Coventry City have confirmed new owner Doug King as the Championship club's executive chairman.
King's purchase of an 85% stake was approved by the English Football League on Wednesday.
A club statement said he would "will take on the role with immediate effect, working alongside the existing senior management structure".
One issue is likely to be the club's ground, which is currently owned by Mike Ashley's Frasers Group.
King made a £25m bid for the Coventry Building Society Arena in November, but a judge ruled the offer came too late and Fraser took over when the three former operating companies went into administration.
The club were served with an eviction notice last month, but agreed a new rental deal to enable them to continue playing home games at the stadium until the end of the season.
Football finance expert Kieran Maguire believes Stratford-upon-Avon-based businessman King could end up owning the ground.
"There is nothing to stop Doug King approaching Mike Ashley and saying 'you bought it for £18m, I was willing to pay £25m, that offer is still there if you want to sell'," Maguire told BBC Coventry & Warwickshire.
"Doug King and Mike Ashley are both adults and I'm sure they can come to an agreement which is in the best interest of all parties.
Coventry are 14th in the table, but only four points outside the play-off places.
Their next two games are against sides relegated from the Premier League last season - away to leaders Burnley on Saturday, then home to Norwich a week later.