Mike Ashley, owned by CBS Arena, is showing significant losses in the latest accounts since the takeover

The Coventry Building Society Arena – the home of Coventry City – lost more than £4m in the first six months after it was bought by Mike Ashley, according to the stadium’s latest set of accounts. Frasers Group, the billionaire retail tycoon, took over the venue at the end of 2022 for £17m after the companies running the venue went into administration.

Former Newcastle United owner and Sports Direct founder Ashley beat Sky Blues owner Doug King to a £25m bid to buy the Arena after a tribunal ruled his offer was too high Late. At the time, administrator Andrew Sheridan of FRP Advisory said the deal was “a pleasing outcome” and would help secure up to 1,000 jobs in Coventry.

Now new accounts filed at Companies House for the firm running the arena since the takeover show it lost more than £4m between November 2022 and 30 April 2023, reports CITY.AM

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The article says the accounts also reveal Arena Coventry Building Society made a turnover of £4.3m over the same period. The company’s accounts for the 12 months to 30 April 2024 are not due to be lodged with Companies House until 31 January 2025.

Arena Coventry Building Society was previously managed by Arena Coventry Limited, Arena Coventry (2006) Limited and IEC Experience Limited. Collapsed Premiership rugby club Wasps and the previous companies that managed the Coventry Building Society Arena owed more than £21m when they went into administration.

The venue, officially known as the Ricoh Arena, includes a 32,609-seat stadium, currently home to the city of Coventry, along with a 6,500 sq m exhibition hall, a hotel and a casino.

In an interview with CoventryLive in November 2023, arena boss Paul Michael said the venue had “laid the foundations for success” and hosted around 750 events, including stadium bowl shows from Harry Styles.

The arena also announced in January 2024 that it had welcomed more than one million visitors in 2023.

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