Former Newcastle owner Mike Ashley has bought Coventry City 's home ground, the Coventry Building Society Arena, after the group that holds the lease to the stadium were placed into administration.
Earlier this month, Arena Coventry Limited applied to be placed into administration following the collapse of Wasps Rugby. They have now been brought out of administration by Ashley's Frasers Group, who have completed a £17million purchase of the stadium operators.
Coventry have been able to play at the CBS Arena during the turmoil and recently announced their own takeover. Investment firm Sisu Capital have agreed to sell an 85 per cent stake in the Championship club to local businessman Doug King.
