Former Newcastle United owner Mike Ashley set for curious business move amid Coventry takeover talk

Mike Ashley looks set to expand his high street empire with yet another high-profile purchase - and that's before any deal for Coventry City or their stadium has been closed.

The sportswear magnate, a former owner of Newcastle United Football Club, is reportedly close to buying Gieves & Hawkins, known as one of the most important businesses in Savile Row's tailoring profession.

According to Sky News, Ashley's Frasers Group is said to be advanced negotiations to buy the stricken brand, who have been up for sale for much of the calendar year after their ownership, based in Hong Kong, fell into liquidation.

The report states Ashley's Frasers, which he stepped back from recently, has been contemplating a purchase of the tailors since September. The value of the company, or any subsequent deal, is not known.

Ashley and Frasers are looking to add the brand to their ever-expanding business portfolio, which contains a whole host of high street names.

Previously known as Sports Direct International, the group the likes of Jack Wills, Evans Cycles and Agent Provocateur under its wing.

In recent weeks Ashley has been looking into the potential purchase of troubled Coventry City FC.

Seemingly not put off by his difficult 15 years at Newcastle, Ashley is said to be in pole position to become the CBS Arena’s new landlord after the current holders applied to enter administration earlier this month. Ashley was named as the preferred bidder and has exclusivity to purchase the arena until Thursday, November 17.

And Coventry City chief executive Dave Boddy says Ashley has given the Championship club “assurances” about continuing to play their home matches at the Coventry Building Society Arena.

According to BBC reporter Simon Gilbert last week, the Sports Direct tycoon has “agreed an eight figure sum for the stadium company and intends to immediately buy the company out of administration.”

Furthermore, Ashley is believed to have held talks with Coventry City Council about adding a hotel and car park in addition to the hotel and casino already on-site. The 58-year-old has also moved to erase fears surrounding the Sky Blues’ future, who have been forced out of the stadium in the past.