A second-division English soccer club has a new majority owner.
Coventry City FC has been acquired by Yelo Enterprises CEO Doug King, who purchased an 85% stake in the club for an undisclosed amount from previous owner SISU Capital Ltd.
The transaction clears all debt for Coventry City before King’s initial agreement in November 2022. The total debt for the club reached $35 million for the financial year ending May 31, 2021.
- The Sky Blues compete in the English Football League Championship and are currently ranked 14th in the 24-team league’s standings.
- The EFL Championship is the second-highest division overall in the English football system, following the Premier League.
- Coventry City reported a $5.7 million loss for the financial year ending May 31, 2021, compared to a $4.1 million loss for the same period a year prior.
King is also the majority owner of RCMA Capital LLP. The London-based hedge fund manager oversees more than $400 million in investments.
Problems at Home
In December 2022, Coventry City received an eviction notice from the new owners of Coventry Building Society Arena — the club’s home field since 2005. The Sky Blues were asked to leave after refusing a “less favorable” lease offer from British retail and sports company Frasers Group, which took over the lease at CBS Arena in November 2022 for $21 million.
That same month, Coventry City agreed to a short-term deal to keep playing at CBS Arena.