Coventry City Council have issued the following statement:
Coventry city councillors have supported a deal to sell the Council’s share in ACL – the company that runs the Ricoh Arena – to Wasps Rugby Club.
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.
Councillors unanimously agreed to the proposals at a meeting of Full Council today – with the vote held in private because of commercial confidentiality – following negotiations with premiership club Wasps.
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.
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.
Cllr John Blundell, Leader of the Opposition said: “Derek Richardson, the owner of Wasps is a very successful businessman who wants to invest in the Ricoh Arena because he believes Coventry, and its people, have a future he wants to be part of.
“Wasps believe the Ricoh Arena is one of the best sporting arenas in Europe. They want to bring the best rugby union players in the world to play here. They’ll be moving to a world-class stadium and building state-of-the-art training facilities, and the revenue and infrastructure provided through the Ricoh Arena will help Wasps compete with the best clubs in Europe.”