Former Newcastle United owner Mike Ashley has picked up a new venture since leaving the Magpies by taking over the operating companies which run the Coventry Building Society (CBS) Arena. Ashley's Fraser Group had been the preferred bidder after launching a £17m bid for three struggling businesses that had been placed into administration.
A court heard Arena Coventry Ltd (ACL), Arena Coventry (2006) Ltd and IEC Experience Ltd only had £1,201 in their bank accounts, with an eye-watering energy bill for £2,000 due for payment on Friday. The court was also told the companies would need an additional £300,000 to stay afloat after Friday and a further £645,000 to do so until the end of the month.
Businessman Doug King, who this week purchased 85 per cent of Coventry City Football Club, had launched a late attempt to buy the company himself but a judge today ruled in Ashley ’s favour over the 32,000 capacity venue. Ashley is reported to have held talks with Coventry City Council about adding a hotel and car park in addition to the hotel and casino already on-site at the venue.
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The former Sports Direct Tycoon is also said to have assured Coventry City over their future at the stadium. Coventry City chief executive Dave Boddy last week said: “The Football Club has had brief initial discussions with the Fraser Group regarding the future of the Arena and their interest in it, and they have given us assurances that the Sky Blues continuing to play at the Arena is very much part of their plans, should they purchase the Arena."
Ashley has been flirting with the idea of getting back into elite sport since selling Newcastle back in October 2021. The high street tycoon was heavily linked with struggling Derby and also expressed an interest in purchasing struggling Premiership Rugby club Wasps, who also play at the CBS Arena.
The Fraser Group is also said to be interested in purchasing Gieves & Hawkins, one of the most important businesses in Savile Row's tailoring profession. Advanced negotiations have taken place to save the dying business, who have been up for sale for much of 2022.
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