Doug King has become Coventry’s majority shareholder after his purchase of the Championship club was signed off by the EFL. Coventry have had several financial struggles in recent years, including issues with the lease of their Coventry Building Society Arena home. King has purchased 85% of the club, making him the majority owner, with the previous owner Sisu Capital retaining 15%. King, a businessman based in Stratford-upon-Avon, agreed to a purchase of Coventry in November and the deal was signed off by the EFL on Tuesday, making the club debt free. “I am honoured and excited to be taking this club forward into its next chapter,” King said. “To get this deal ratified in just over six weeks and over the Christmas period was a great effort from all involved. “Already I have been struck by the enthusiasm of Sky Blues fans, with many personally wishing me well and I thank them for those sentiments. I am looking forward to the future of this great club and what we can achieve together.” King previously failed to buy the CBS Arena, with the former Newcastle owner Mike Ashley purchasing the 40,000-seat stadium. Confirmation of King’s takeover came as Mark Robins’s side secured a loan move for the Manchester City full-back Josh Wilson-Esbrand for the rest of the season. “[Josh] is a very talented footballer, with pace, power and technical ability, and a lot of potential,” Robins told the club’s official website. “He has been in and around the first-team setup at Manchester City over the last 12 months. We’re looking forward to working with him.” Wilson-Esbrand, a left-back capped up to England under-20 level, has made two Champions League substitute appearances for Manchester City this season. He joined City from West Ham’s academy in 2019 and was handed his senior debut last season in the 6-1 Carabao Cup success against Wycombe. Coventry sit 14th in the Championship having been promoted in 2020 after the season ended prematurely because of the pandemic. The club have not played in the top flight since being relegated from the Premier League in 2001.