Future Retirement Success
  • Politics
  • Business
  • Investing
  • Stocks
  • Politics
  • Business
  • Investing
  • Stocks

Future Retirement Success

Business

Mike Ashley’s Frasers Group serve stadium eviction notice to Coventry City football Club

by December 5, 2022
December 5, 2022
Mike Ashley’s Frasers Group serve stadium eviction notice to Coventry City football Club

Coventry City have been issued with an eviction notice by the new owners of the Coventry Building Society Arena.

Former Newcastle owner Mike Ashley’s Frasers Group took over the stadium last month after buying its three former operating companies.

They say the Championship club has no continuing right to use the ground.

Club officials were informed on Friday they must return keys and access cards and an FA Youth Cup game on Saturday was switched to Leamington Town FC.

Frasers do not believe they are bound by the previous licence agreement with the stadium’s former owners, Wasps rugby club, who went into administration on 18 October.

Coventry are away to Reading when their Championship campaign resumes on Saturday and their next scheduled home fixture is against Swansea on 17 December.

Frasers have said, however, that they will be given a reasonable amount of time to remove goods and property from the stadium.

The Sky Blues moved to the then Ricoh Arena from their former Highfield Road home in 2005.

But a dispute with their landlords saw them decamp to Northampton Town’s Sixfields ground for home games in 2013-14.

Wasps bought Coventry City Council’s 50% stake in the stadium in October 2014 and the following month acquired the remaining shareholding from the Alan Edward Higgs Charity, with the Sky Blues returning as tenants.

But rent issues saw Coventry move to Birmingham City’s St Andrew’s stadium in 2019, spending two seasons there and winning promotion from League One in the process.

They finally returned home for the start of the 2021-22 season but there were further problems at the start of the current campaign because of the state of the pitch after it was used for rugby sevens matches during the Commonwealth Games.

Following the demise of Wasps, the CBS Arena’s operating companies, Arena Coventry Ltd (ACL), Arena Coventry (2006) Ltd and IEC Experience Ltd, also went into administration, enabling Frasers Group to buy them for £17m.

A judge rejected a £25m bid for the stadium from businessman Doug King, saying it had come too late, but he is going ahead with a plan to buy an 85% controlling stake in the club from current owners Sisu, subject to approval by the English Football League.

But even that is not straightforward, with the sale being challenged by rival bidder William Storey, who says the deal breaches an exclusivity agreement he had with Sisu, although they insist his claim is “untrue and unhelpful”.

Read more:
Mike Ashley’s Frasers Group serve stadium eviction notice to Coventry City football Club

0
FacebookTwitterGoogle +Pinterest
previous post
Growing self-storage company invests £50 million into expansion programme
next post
LOCK HIM UP: Fauci’s Agency Has Tortured Animals FOR YEARS as Reported by TGP and Congress Now Wants Answers!

You may also like

Communicating your ESG efforts through content marketing

July 29, 2024

Tories Mull Stamp Duty Cut Ahead of General...

April 20, 2024

Starting Your Own Transport Business? Here’s What You...

February 15, 2024

Female co-founder’s company awarded The King’s Award for...

April 21, 2023

More minorities and women get seats on boards

December 5, 2022

Metro Bank shares surge on talk of private...

June 17, 2025

CBI withdraws early from top firms’ boardroom diversity...

August 21, 2023

No-Shows, Ozempic, and the £50 Fee: Restaurants Have...

March 1, 2025

Copper Mountain Technologies Focuses on Enabling Engineers in...

February 12, 2025

Founders who create safe environment for employees more...

May 23, 2023

    Get free access to all of the retirement secrets and income strategies from our experts! or Join The Exclusive Subscription Today And Get the Premium Articles Acess for Free

    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    Recent Posts

    • Jeremy Hunt ‘made a mistake’ targeting non-doms, says shadow business secretary

      June 27, 2025
    • Small firms raise alarm over Companies House rule change forcing profit disclosure

      June 27, 2025
    • UK vehicle production slumps to lowest May level since 1949 as tariffs bite

      June 27, 2025
    • 420,000 more pensioners dragged into income tax net as threshold freeze bites

      June 27, 2025
    • SMEs cautiously optimistic despite trade fears and AI talent gap, says Vistage

      June 27, 2025
    • Alibaba launches £750,000 pitch competition for UK and European SMEs

      June 27, 2025

    Categories

    • Business (8,322)
    • Investing (2,074)
    • Politics (15,824)
    • Stocks (3,172)
    • About us
    • Privacy Policy
    • Terms & Conditions

    Disclaimer: futureretirementsuccess.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2025 futureretirementsuccess.com | All Rights Reserved