‘Pivotal moment’ – EFL giants complete purchase of their own stadium 20 years after building it

Coventry City have finally completed the purchase of their stadium the Coventry Building Society Arena 20 years after first building it.

The Sky Blues confirmed in a statement that in the week of the ground’s 20th anniversary, they will finally own it.

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Former Newcastle United owner Mike Ashley was the holder of the stadium through his company Frasers Group, but no longer.

The stadium replaced Coventry’s old Highfield Road, and it was initially owned by Arena Coventry Limited.

The football team were just tenants until 2013 when, after a lengthy dispute over rent, Coventry left, moving to Northampton for a year.

They returned in 2014 only to have former rugby union side Wasps buy the ground.

The Sky Blues were forced to leave the stadium again in 2019 after another dispute before coming back in 2021 and agreeing a deal to stay at the Ricoh until Ashley bought out Wasps.

But finally, the club now own their stadium, in a statement, they said: “Coventry City Football Club is delighted to announce that it has completed the purchase of the Coventry Building Society Arena from Frasers Group, marking a pivotal moment in the club’s history.

“The announcement comes in the week of the 20th anniversary of the Arena’s opening, a stadium that has played host to two decades of Sky Blues memories, from unforgettable victories to moments of resilience and unity.

“For the first time since the ground was built, the club now owns its home. This milestone secures long-term stability, safeguards the future, and opens new opportunities for growth on and off the pitch.”

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Chairman Doug King released his own statement, which said: “Today is a defining day for Coventry City Football Club. For too long the question of stadium ownership has cast uncertainty over our future. By bringing the Arena under the club’s ownership, we are safeguarding not only the present but for future generations. This is our home, and it now belongs to the football club and its supporters.

“This is more than a transaction. It is a statement of ambition and belief in Coventry. The Arena will always be a symbol of our city’s strength and creativity, and as owners we can invest in facilities, fan experience, and wider opportunities for our community. We are proud to finally call this stadium our own.

“On behalf of everyone at the club, I would like to thank our supporters. Through years of uncertainty including times when we had to play in other cities and towns, your loyalty has been unwavering. This moment is as much yours as it is ours.

“I am also grateful to Frasers Group who have negotiated this agreement in good faith and I wish them well for the future.”

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What does this mean for Coventry?

To many people, this might seem like it is just a piece of admin, given Coventry already play in the ground.

But there are some very good reasons why owning your stadium is important.

The main one is that anything purchased in the ground, from food to tickets generates revenue that the club can keep rather than share.

There is also no need to pay rent to anyone, so unlike West Ham, who pay around £3.6million a year to play at the London Stadium, Coventry won’t have to worry about that anymore.

Finally, it also means should they decide to expand or rename at any point, it is much easier to do so.

In the last few seasons, the Sky Blues have won promotion to the Championship and narrowly missed out on the Premier League under Mark Robins, losing in a play-off final to Luton Town in 2023.

And now, with Frank Lampard at the helm, Coventry are aiming to make it to the top-flight.