Coventry boss Mark Robins has finally announced a devastating news today “so terrible news..

Coventry boss Mark Robins has finally announced a devastating news today “so terrible news..

The latest Coventry City news as the businessman has been announced as the new majority shareholder, subject to EFL approval.

Coventry City have announced that Doug King has become the new majority owner of the club.

The local businessman has taken an 85 per cent share in the Sky Blues, becoming the majority shareholder after being ratified by the EFL. The deal, which was first announced in November, has also cleared all of City’s outstanding debts.

In a club statement, King said he was “honoured and excited” to be taking control of the Sky Blues, while Joy Seppala of SISU said that the “future is bright under Doug King’s leadership”. Following his successful takeover, here is everything we know about the club’s new majority shareholder.

The deal involves clearing all of the club’s debts accrued prior to King’s agreement to buy in November, and provides a new start for Coventry City FC under fresh ownership.

Doug King, CEO of Stratford-upon-Avon based Yelo Enterprises, recently invested more than £70m in the region through the construction of a state-of-the-art oilseed processing facility using renewable energy. King also co-founded, and majority owns, RCMA Capital LLP, which oversees investments of over $400m.

The club said in a statement they would like to thank the EFL for their assistance in the takeover process, particularly over the festive period.

“I am honoured and excited to be taking this club forward into its next chapter,” said King. “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.”