Plans to build a football stadium near Kenilworth may no longer be needed after Coventry City Football Club announced this evening (16 November) that it has launched a late bid to buy the Coventry Building Society Arena.

A club statement this evening revealed that owners Sisu have agreed to sell a an 85 per cent share of the club to local businessman Doug King - subject to EFL approval.

The deal would also see all the club's debts cleared.

Arena Coventry Limited, which runs the stadium, is expected to go into administration this week with former Newcastle United owner Mike Ashley believed to be the preferred bidder for the arena.

The Sky Blues have announced plans with the University of Warwick to build a new stadium which will also form part of a proposed eco-park.

However, a planning application for the development is yet to be submitted, and it may not be needed if the club secures a long-term future at the CBS Arena.

A club statement said: "The club has also announced it will be making an equity bid to acquire the CBS Arena, following the administration of Wasps Rugby Club.

"The structure of the stadium bid will ensure Coventry City FC remains initially debt free and provide a new start for the club, under fresh ownership.

"If the bid is successful, it would ensure the Sky Blues remain able to play home games in the city and is the only bid which can make this long-term guarantee."

Mr King is the CEO of Stratford-upon-Avon based Yelo Enterprises.

He recently invested over £70million in a new state-of-the-art oilseed processing facility to generate renewable energy.

Mr King, who also co-founded, and majority owns, RCMA Capital LLP, which oversees investments of over $400million, said his priority was making sure the club stays in the city.

"Working together we want to deliver a new start, beginning with securing our home in Coventry," he said.

"We know fans, and others across the region, want long-term security and the guarantee of playing football in our city. This is critical to our ambition.

"We have made it a priority – and one of our first acts as majority owners – to submit a bid to acquire the CBS Arena. We are keen to meet with Coventry City Council representatives and others as soon as possible to set out our vision – which includes the regeneration of the area."