Wasps Rugby Club have confirmed that they now own all of the shares in Arena Coventry Limited.
They have issued the following statement:
"Wasps have today announced that it has completed the acquisition of a 100% shareholding of Arena Coventry Limited, the company that owns the Ricoh Arena, having acquired a 50% shareholding from the Alan Edward Higgs Charity. The Club had previously acquired a 50% shareholding in Arena Coventry Limited from Coventry City Council on Wednesday 8th October 2014.
Wasps today also announce that the Club will rename the ‘North Stand’ of the Ricoh Arena ‘The Higgs Charity Stand’ and for every Wasps match ticket sold in this newly renamed stand, Wasps will donate 50p to the Alan Edward Higgs Charity, the grant making charity which benefits the inhabitants of a 25 mile radius from the centre of Coventry.
Nick Eastwood, Wasps Chief Executive, said: “We are delighted to confirm our acquisition of the remaining 50% shareholding in the Ricoh Arena.
“Since the news was first announced of our move, we have been overwhelmed by the warm welcome we have received from the local community. We are looking forward to embedding ourselves in the region and helping promote rugby – something we have already committed to by making over 12,000 free tickets available to Coventry schools and rugby clubs.
“The Alan Edward Higgs Charity is a hugely important charity for Coventry and Warwickshire and it was important for Wasps to continue to support their work in the local community and preserve their legacy at the Ricoh Arena. We are delighted to rename the ‘North Stand’ as ‘The Higgs Charity Stand’ and donate 50p to the Charity for every Wasps match ticket sold in that stand.
“We recognise that this announcement might raise concerns amongst the fans of Coventry City Football Club. Wasps remain committed to building a long term and mutually productive relationship with the club and its supporters.
“Everyone at Wasps is very much looking forward to playing our first game at the Ricoh Arena on 21st December against London Irish.”
Peter Knatchbull-Hugessen, Clerk to the Trustees for The Alan Edward Higgs Charity, said: “The Trustees are pleased that the Arena project is in good hands and that the business will continue to grow and diversify to promote further regeneration in Coventry which will provide more jobs and boost prosperity in the City. The Charity appreciates the contribution to its work as part of Wasps real and tangible commitment to the community.”