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West Midlands mayor Andy Street has been talking about the new ownership of the CBS Arena and Coventry City. Former Newcastle United owner Mike Ashley has taken over the Coventry Building Society Arena after buying its three operating companies. Ashley's Frasers Group had been named as the preferred bidder after making a 拢17m bid for the businesses, which had been placed into administration. Coventry City agreed a deal on Wednesday to sell an 85% stake in the club to businessman Doug King. A court ruled his 拢25m offer to own the stadium had come too late. Andy Street has been talking to CWR Breakfast with Phil Upton.