Doug King has completed a full takeover of Coventry after buying the remaining shares from previous owners SISU Capital.
King became the Sky Bet Championship club’s majority shareholder earlier this month when the EFL ratified his purchase of 85 per cent of the club.
Coventry said in a statement: “Doug King has today completed the full purchase of Coventry City Football Club.
“Following his purchase of 85 per cent of the club earlier this month, King has now purchased the remaining 15 per cent of the club that was owned by SISU Capital Limited. This now means King owns 100 per cent of Coventry City.”
Coventry also confirmed that their company name has been changed from Otium Entertainment Group Limited back to Coventry City Football Club Limited, “marking the start of a new era for the football club by returning to its traditional company name.”
King, based in Stratford-upon-Avon, had previously failed to buy the club’s Coventry Building Society Arena, with former Newcastle owner Mike Ashley instead purchasing the 40,000-seater stadium.
King said: “To ensure that a new era for Coventry City Football Club begins with full transparency and clarity, I am happy to announce today my full, 100 per cent takeover of the club with my purchase of the 15 per cent SISU shareholding.
“As outlined in my recent press conference, the club at this moment has no debt owed to me or any other party.
“All future funding of the club via any loans will also not be interest bearing while I am the owner. This then concludes the change of ownership story.
“I am now totally focused on the balance of the season and the future thereafter, and following through on our plans to take this great club forward.”
The Sky Blues, who have been outside the top flight since they were relegated in 2001, are currently 15th in the Championship after being promoted to the second tier in 2020.
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