Doug King has become Coventry’s majority shareholder after his purchase of the Sky Bet Championship club was signed off by the EFL.
The Sky Blues have had several financial struggles in recent years, including issues with the lease of their Coventry Building Society Arena home.
King has now purchased 85 per cent of the club, making him the new majority owner, with previous owners SISU Capital retaining 15 per cent.
A Stratford-upon-Avon-based businessman, King agreed to a purchase of Coventry in November and the deal was signed off by the EFL on Tuesday, making the club debt free in the process.
“I am honoured and excited to be taking this club forward into its next chapter,” King said following the announcement.
“To get this deal ratified in just over six weeks and over the Christmas period was a great effort from all involved.
“Already I have been struck by the enthusiasm of Sky Blues fans, with many personally wishing me well and I thank them for those sentiments.
“I am looking forward to the future of this great club and what we can achieve together.”
King previously failed to buy the CBS Arena, with former Newcastle owner Mike Ashley instead purchasing the 40,000-seater stadium.
Coventry currently sit 14th in the Championship table having been promoted in 2020 after the season ended prematurely due to the coronavirus pandemic.
The club have not played in the top-flight since being relegated from the Premier League in 2001.
