Wasps Rugby Club have issued a press statement following their purchasing of the shares in Arena Coventry Limited and have said that Coventry City will be playing at the Ricoh Arena.
The statement reads as follows:
"Wasps are delighted that Coventry City Council have unanimously approved the sale of their shares in ACL to Wasps. Final details of the agreement will be confirmed tomorrow morning.
"It is no secret that the Club has been searching for a permanent home for many years. We are very excited to be in a position to fulfil this ambition and to be able to move to the Ricoh Arena; it is an outstanding Arena in a truly fantastic City.
"We understand this is an unsettling period for our supporters and we will be holding a series of meetings for our Season Ticket Holders, starting this week, where we can speak face-to-face to explain our decision and to address their concerns. We are also writing to each of our Season Ticket Holders.
"This decision has not been taken lightly, it has been a very thorough and detailed process and we truly believe this is the best option to secure a successful long-term future for the Club.
"It’s important to us to make clear that we see the Ricoh as the home of Coventry City Football Club and are committed to it staying that way, and that we are already working with Coventry Rugby Club to ensure both clubs thrive and grow."
UPDATE 11am:
Wasps have confirmed the acquisition of a 50 per cent interest in the Ricoh Arena with immediate effect.
The club is now joint owner of the complex, and will play its first home game in December.
It will continue to play home games at Adams Park until that point.