Wasps have become the joint owners of the Ricoh Arena after acquiring a 50% interest in Arena Coventry Limited from Coventry City Council.
Wasps will play their first home game at the Ricoh Arena in December 2014 – either Castres or London Irish – but will continue to play home games at Adams Park in High Wycombe until then.
Land Rover has today been announced as the new main club partner of Premiership Rugby club Wasps which is relocating to Coventry's Ricoh Arena.
Further details of the move will be released at a press conference later.
Coventry City Council agreed a deal yesterday to sell its shares in the Ricoh Arena to Wasps Rugby Club.
Further details will be released today after Coventry City Council agreed a deal to sell its shares in the Ricoh Arena to Wasps Rugby Club.
It's thought the deal is worth in the region of £20 million pounds.
The council and Chief Executive of the London-based club are holding a press conference later.
The decision to sell the Coventry City Council’s share in ACL – the company that runs the Ricoh Arena – to Wasps Rugby Club, was made "with the interest of Coventry taxpayers and communities at its heart."
The sale guarantees Coventry City Football Club’s continuing tenancy at the stadium, with primacy over match fixtures.
Leader of the Council, Cllr Ann Lucas said: “The decision about the Ricoh Arena’s future has been made with the interest of Coventry taxpayers and communities at its heart.
“This deal would not have happened if it threatened the future of the Sky Blues or Coventry Rugby Club.
“This is the most important decision this Council has ever made about the future of one of its best community assets, and we would not have made it unless we were confident it was the right thing to do.
“It’s really important for the city and its future. This sees significant investment by a successful sports franchise that believes Coventry is the place to develop a world class sporting facility and is here for the long term."
Coventry City councillors have voted unanimously to accept Wasps Rugby Club's takeover of the Ricoh Arena.
Councillors supported a deal to sell the Council’s share in ACL – the company that runs the Ricoh Arena.
The deal ensures the Council makes a return on its original investment of £13.7million into the Arena development alongside significant investment into grassroots and community rugby development across the city.
It guarantees Coventry City Football Club’s continuing tenancy at the stadium, with primacy over match fixtures. It will also lead to work to develop links with Coventry Rugby Club to ensure joint work to support both clubs.
Every councillor who has spoken has clear support for Wasps deal.
Plans for London rugby club Wasps to re-locate to Coventry in a deal that would see them buying the Ricoh Arena will be discussed by Coventry City Council later.
The decision could put Coventry City Football Club's bid to return there in jeopardy.
The Leader of the Council has made it clear to officers throughout negotiations that any deal that would change ownership of ACL must provide good financial value and return for Coventry taxpayers and support Coventry City Football Club and Coventry Rugby Club achieve a stable and sustainable future. The commercial and financial details of proposals to be debated by councillors need to remain on the private agenda of Full Council, where the final vote and decision will be made, as is always the case when matters of commercial confidentiality are discussed. However councillors will debate the issue in public, excluding details that need to remain commercially confidential, and more information about the transaction will be made available as soon as possible."
The boss of Coventry City's owners SISU has been quoted as saying she will not interfere with rugby club London Wasps' plan to buy the Ricoh Arena.
Coventry City Council, which owns half of the firm that runs the stadium, is expected to vote next week on whether a £30 million pound deal should go ahead.
Supporters group 'Get Cov Back to the Ricoh' claim Joy Seppala has indicated the club is instead pushing ahead with plans to build a new ground in the Coventry area.
Coventry City fans have queued for hours to secure themselves tickets for the first game back at the Ricoh for the Sky Blues.Read the full story ›
Hundreds of fans are scrambling to get tickets to Coventry City's match against Gillingham next week.
The club has been playing its home games at Northampton for over a year, and fans are desperate to be present for the Sky Blues' long-awaited homecoming.
People have been queueing to buy tickets since 3am this morning, and the line is stretching back from the kiosk through the car park.
Meanwhile, those fans who have opted to purchase tickets online are facing long delays as the website struggles to cope with demand.
The football club say the site is still functioning, but that fans will have to be patient. They are also answering as many phone calls as possible.