Aviva Premiership: Wasps reach agreement to buy 90 per cent of Coventry's Ricoh Arena

Wasps have been give the green light to buy the Rioch Arena after Coventry City Council voted to sell their share in the company that owns the ground.

Coventry City Council ratified Wasps' planned takeover of ACL at a full meeting on Tuesday afternoon.

Councillors confirmed in the meeting that Wasps plan to build a new training base in the city, relocating from their west London set-up in Acton.

Sky Bet League One football club Coventry City will continue to host home matches at the Ricoh ground, while Coventry politicians were at pains to safeguard the future of Coventry Rugby Club.

Coventry City Council leader Ann Lucas (Labour, Holbrook) told the meeting: ""The benefit to having a top rugby club playing here alongside a successful football club is enormous.

"When Wasps played a Heineken Cup match here in 2007, it brought about £6m into the local economy."

Wasps have been based at Wycombe's Adams Park for 12 years, but their search for a permanent home was accelerated by Irish businessman Derek Richardson's club takeover in April 2013.

Opposition leader Councillor John Blundell told Tuesday's meeting the Conservative group would lend its support to Wasps' bid.

"We have sought assurances that Coventry City football club will be able to continue with their current arrangements at the Ricoh, and that Coventry Rugby Club will be fully involved in future rugby discussions with Wasps if a deal goes ahead.

"We have received assurances on both of these matters."

Wasps added in a statement: "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."

However, former local MP Dave Nellist has warned that the sale will be bad for the city.

"Today behind closed doors with the people of Coventry not even knowing the details of how much or details of what’s going to whom a decision has been taken to steal the arena that was built by the people of Coventry’s money. It is a disgrace. "