Breaking: Mike Ashley and Coventry City learn CBS Arena decision

Mike Ashley’s Fraser Group has been successful in gaining ownership of the CBS Arena as Coventry City’s late bid to buy the stadium has failed.

New Sky Blues owner Doug King had launched a late attempt to gazump the former Newcastle United owner but a judge today ruled in Ashley’s favour amid attempts from five other parties to take control of the 32,000 seater venue.

The BBC reported: “Mike Ashley’s Fraser Group now owns the CBS Arena. Judge Prentice said there wasn’t enough substance in Doug King’s £25million offer to consider delaying orders at this late stage. He did say that more money would be attracted and looked at five other offers that had come in and fallen away prior to the Fraser’s Group bid being agreed.

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“The Fraser Group’s legal representatives told the court that they would withdraw the offer if administration orders were not granted today. The directors of ACL had also threatened to walk away if administration orders had not been granted.”

The administration orders have been granted and the company is now in administration but because the deal for the Fraser Group was pre-signed, the minute it went into administration the stadium automatically went over to Ashley, who now owns the CBS Arena.

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