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.
