Rugby Union outfit Wasps have completed the takeover of the Ricoh Arena after acquiring a 100 per cent stake of the venue.

The club had bought 50 per cent ownership of the stadium in October after it was announced they would move to the arena on a permanent basis.

But they have now finalised a deal for the complete purchase - a move that has cast uncertainty over the security of Coventry City's future at the facility.

The Alan Edward Higgs Charity, who owned 50 per cent of the Ricoh before Wasps bought the remaining shares, reportedly turned down a bid from City for dual ownership with the new tenants.

Wasps will play their first game at the venue against London Irish next month, and have ensured that the stadium will remain a multi-use stadium.

Wasps chief executive Nick Eastwood said: "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."

Posted on 14/11/2014