November 28, 2024

Coventry City Owner Doug King Agrees to Sell Shares to Saudi Billionaire

 

Coventry City Football Club’s owner, Doug King, has reached an agreement to sell his stake in the Championship club to a Saudi Arabian billionaire. The deal, which has been described as “transformational” for the club, marks a significant shift in the ownership of one of England’s most storied football teams.

King, who took control of Coventry City in 2022, has reportedly agreed to sell his shares to Prince Faisal Al-Saud, a prominent businessman with strong ties to both the sporting world and the Saudi royal family. The deal is said to be worth an estimated £40 million, with Al-Saud set to acquire a majority shareholding in the club.

Sources close to the negotiations indicate that Al-Saud, who is already involved in various international business ventures, sees significant potential in bringing Coventry City back to the Premier League. His wealth and connections are expected to provide the club with the financial backing it needs to strengthen its squad and improve its infrastructure, including a potential redevelopment of the club’s home ground, the Coventry Building Society Arena.

The news has already caused a stir in both the footballing and business communities. Many are hopeful that the new ownership will help bring much-needed stability to the club, which has faced financial challenges in recent years. Coventry City, which has a loyal fanbase and a rich history, has struggled to maintain its competitiveness at the Championship level.

Doug King, who will remain involved in the club in a consultative capacity, expressed his confidence in the future of Coventry City under the new ownership. “This is a positive step for the club and its supporters,” he said in a statement. “I believe this deal will open new doors for Coventry and ensure its success for years to come.”

The transaction is expected to be completed within the next few weeks, pending regulatory approval.

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