Sky Sports: Mike Ashley returns to football with £17m purchase after two failed takeover bids

As revealed by Sky Sports News, Mike Ashley has completed the £17m purchase of Coventry City’s home stadium the CBS Arena after the former owners entered administration. 

Just over a year after the 58-year-old competed the £305m sale of Newcastle to PIF, the former Newcastle United owner has started his new footballing venture after expressing a desire to buy Coventry City in recent weeks. 

Ashley had also been involved in a battle to buy Derby County after they also fell into administration, but his bid was ultimately unsuccessful. 

However, the Sky Blues have since rubbished any rumours of him purchasing the club, making it clear in a recent statement that they plan to sell an 85% stake in the club to local businessman Doug King. 

It would be a shame for another set of football fans to have to see their club suffer at the hands of Mike Ashley, but with such a dire situation at Coventry, it’s difficult to pick and choose who can help to simply keep them afloat. 

BREAKING! Mike Ashley’s Frasers Group has completed the purchase of the Coventry Building Society Arena.

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