Mike Ashley has completed the purchase of operating companies who run the Coventry Building Society Arena, despite a late bid from Coventry City.
The former Newcastle United owner has purchased Arena Coventry Limited for a sum of £17million.


The 32,609-capacity stadium had been run by Arena Coventry Limited since it opened in 2005 and was owned by Rugby Union team Wasps, who have gone into administration.
The Sky Blues' bid to purchase the stadium came after local businessman Doug King agreed a deal to buy an 85 per cent majority stake in the club from SISU, subject to EFL approval.
If accepted, that would have seen the stadium come under the ownership of the Championship club, but Ashley had other ideas.
Ashley’s Fraser Group were named as preferred bidders for the stadium and had until today [Thursday] to complete the purchase due to a period of exclusivity that they held.
While new Coventry owner King was hopeful of purchasing the stadium, a court has heard that their £25million offer came too late with Ashley now the owner of the three businesses who run the CBS Stadium.
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The judge ruled there was "not enough substance" in King's bid to delay making the administration order.
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.
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