This was a move that angered many City supporters leading to a demonstration in town and this and the other City websites supported the actions of workers by refusing to use the Jaguar name when mentioning the Arena.
The company will now only sponsor the exhibition hall at the Arena instead.
A statement sent to Jaguar employees reads:
JAGUAR AND THE COVENTRY ARENA
Earlier this year Jaguar and Arena Coventry Ltd made an announcement regarding Jaguar's involvement in the Coventry Arena project. Since that announcement both parties have entered into extensive dialogue in order to reach agreement on this project, taking into account the rapid deterioration of Jaguar's business situation.
Both parties are now delighted to confirm an agreement in principle that Jaguar will be the sponsor of the exhibition halls at the Arena, which opens in August next year, and will maintain a strong presence throughout the multi-purpose complex.
Jaguar wishes to continue its commitment to the vital regeneration work that has been undertaken in the north of the city, where the Arena is sited and also remains committed to broader, long-term support for the community of Coventry, from a close association with the NSPCC to the Coventry Education Action Zone and the Coventry and Warwickshire Regeneration Forum. The commitment to Whitley Engineering and Design Centre remains a key element of Jaguar's future.
Bibiana Boerio, Managing Director of Jaguar Cars, said: “The Arena in Coventry is a significant development for the city and community and it is right that Jaguar be involved in some way.
“We will continue to maintain a strong presence in Coventry and to continue supporting the community in many ways. The Arena is an exciting development that will draw business and investment from far and wide to this city.”
Paul Fletcher, Chief Executive of Arena Coventry Ltd, which will manage the state-of-the-art-facility, is glad that Jaguar will be part of the development.
“Jaguar is a name synonymous with the city and I am pleased it will be a partner in this landmark project,” he said.
“We are delighted to have been able to reach an agreement with Jaguar for their support in view of their difficult business situation and that this world renowned company will continue to fly its flag locally.
“The Arena remains one of the most exciting and prestigious sport and leisure developments in the country and will provide a unique facility to the city and the region as a whole.
“Everything is in place and on schedule for the opening of the development in the summer and we are confident that we will be in a position to announce a new naming rights partner in the not-too-distant future.”