London based rugby club Wasps have tabled an offer for a controlling stake in the Ricoh Arena.
Wasps are thought to have offered £30m for a 90% stake in ACL. The offer will be diiscussed by the council at the next full meeting on Tuesday.
It is thought that the council will retain a 10% share in ACL if the deal goes ahead and that the council would buy the shares currently owned by the Alan Higg Charity before selling them on to the Wasps consortium.
What isn't clear is whether the Higgs charity will recover the £6.5m it paid to Coventry City FC for its shares in ACL in 2003. If not this could lead to a loophole allowng the football club the 'first option rights' to use the ground. Football League rules say that in any groundshare deal, the football club must have the first option.
For more, click http://www.coventrytelegraph.net/news/coventry-news/ricoh-arena-takeover-bid-rugby-7873182