Alumnus Doug put in a bid for the club a matter of weeks ago, and the English Football League has now approved the purchase.
Coventry City play in the Championship, the second-highest league in English football.
The club was seeking a new owner, and Doug put in an initial bid in November of last year. Previous owners Sisu Capital retain a 15% share in the club.
Doug studied Mathematical Engineering at Loughborough. His background is in trading grains, non-grain feeds and petroleum. He remains the majority shareholder and Chairman of the Board of RCMA Capital LLP, an investment organisation that he co-founded. He has also been CEO of Yelo Enterprises, a company utilising renewable energy to process oilseed, since April 2020.
Celebrating the news via the Coventry City website, Doug said:
“I am honoured and excited to be taking this Club forward into its next chapter.
“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.”