How Mike Ashley influenced Doug King’s Coventry City takeover amid Sheffield Wednesday, Derby County talk | OneFootball

The ex-Newcastle United owner has been heavily linked to several Championship takeover sagas

Mike Ashley is, undoubtedly, one of the most high-profile names to come to the fore in recent years when it comes to the world of football ownership.

The 61-year-old made his fortune with even further links to the sport after founding Sports Direct in the 1980s, eventually reaching the spotlight two decades later after his £134m takeover of Premier League club, Newcastle United, was completed, as the Walsall-born businessman took control of the North East side from Sir John Hall and Freddy Shepherd.

During a 14-year tenure at St James' Park, Ashley proved an extremely divisive figure as a result of multiple decisions related to on and off-pitch matters, which also included two relegations to the Championship in 2009 and 2016, before the Magpies were able to bounce back to the top-flight at the first time of asking under the management of Chris Hughton and Rafael Benitez respectively.

After relinquishing his control of the Tyneside club for £305m to the Saudi Arabian Public Investment Fund in October 2021, Ashley has been heavily linked with several takeover sagas, with some of the biggest 'sleeping giants' in the second tier certainly being thrown into this particular conversation.

As previously mentioned, though, being a rather controversial figure in the North East, supporters of other clubs have been wary as to what the future would hold for their own if Ashley was to be given the keys to the boardroom.

At present, two Championship sides who the Frasers Group chief cannot be separated from are Sheffield Wednesday and Derby County, but they certainly are not the first either, as Coventry City supporters can attest to.

Sky Blues supporters are aware of controversial owners more than most in the EFL in recent memory, having endured a major regression from the Premier League to League Two between 2001 and 2018.

The majority of said controversy came during the 16-year period in which the West Midlands club were owned by Sisu Capital, a deal which was completed just two years after their move from Highfield Road to the CBS Arena - a ground previously not owned by City - was completed.

It has been well-documented how the Sky Blues endured a disastrous fall from grace in the 2010s whilst also having to fulfill 'home' fixtures at Northampton Town's Sixfields Stadium and St. Andrew's @ Knighthead Park of Birmingham City, albeit a small period back at the CBS was sandwiched inbetween.

After returning to Coventry in 2021, whilst Wasps Holdings - linked to the former Rugby Union side - continued to own the stadium, the aforementioned business would enter administration in the autumn of 2022, leaving question marks over both the ground and how City would be impacted, as it coincided with Doug King's planned takeover of the club from Sisu.

Whilst King saw an initial 85 percent stake in the Sky Blues agreed, he was unable to initially take control of the stadium despite fronting up £25m, with administrators stating that his offer was too late.

As such, Ashley was able to secure a deal for £17m that stopped the then-17-year-old ground from a permanent closure, although controversy would rear its head once again as an attempted eviction notice would be served in December 2022 - one which never came to fruition.

King was then able to complete a full takeover of the club in January 2023, with City able to continue their upward trajectory under his ownership.

Mark Robins guided the club to two eventual heartbreaking Wembley appearances against Luton Town in the 2023 play-off final and Manchester United in the 2023/24 FA Cup semi-final - both ending in penalty-shootout defeats - before being replaced by Frank Lampard 13 months ago.

The ex-England international has since been able to reinstate a strong sense of positivity at the CBS on the pitch despite suffering further play-off pain against Sunderland last term, whilst City currently find themselves at the top of the Championship table heading into 2026.

King has recently added to those feelings as, for the first time, the football club gained control of the stadium since its opening 20 years ago, with the 58-year-old striking a deal just shy of £40m with Ashley to do so, with the news celebrated in style with a 7-1 rout over Queens Park Rangers.

In a roundabout way, it is clear that Ashley's involvement in proceedings has aided the Sky Blues, which will certainly play on the minds of those at Pride Park and Hillsborough as takeover speculation intensifies heading towards the New Year, particularly after seeing an official £20m bid for the Owls rejected on November 26th.