Former Newcastle United owner Mike Ashley has made a dramatic U-turn after reaching an agreement with Coventry city to continue to play at the Coventry Building Society Arena. Ashley, the owner of Frasers Group served the football club with an eviction notice on December 2 after City had declined to sign fresh terms following the Sports Direct founder buying the CBS Arena in a deal worth £17million.
However, the club have now reached an agreement on a short term deal to allow the Sky Blues to continue playing at the ground until May 2023. Coventry's previous 10-year agreement with former owners Wasps became null and void when the rugby club and stadium went into administration. However, as per Coventry Live, Ashley’s people insisted they offered the Sky Blues revised terms and welcomed the club back to the table to negotiate.
A club statement read: "Coventry City Football Club is pleased to confirm that it has signed a new licence agreement with Frasers Group in order for the Club to continue to play home games at the Coventry Building Society Arena. This represents a positive step forward for the Club and its fans and we now look forward to establishing a constructive working relationship with Frasers Group.
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"The licence that we have today signed will run until May 2023 and is subject to EFL approval, which we expect to be granted on Tuesday. Coventry City will now commence amicable talks with Frasers Group with a view to agreeing a longer-term licence for the Club to play at the Arena."
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