Coventry football club
Coventry versus Chelsea at the Ricoh ArenaReuters

Wasps Rugby Club have completed the acquisition of a 50% interest in Coventry Football Club's Ricoh Arena.

The High Wycombe-based rugby team purchased half of the rights to the stadium from the Coventry City Council for around £20m and will move into it in December when they exit their current stadium, Adams Park.

Nick Eastwood, Wasps CEO, said: "Today's announcement is a watershed moment in the history of Wasps and the professional game. It will help us realise our ambition to re-establish ourselves as one of the best teams in Europe and will guarantee the long term success of the club.

"Creating long-term financial stability will allow us to focus on the main job of producing high-quality rugby of which our supporters and players can be proud and will help to recruit some of the best players in the world."

Councillor Ann Lucas, leader of Coventry City Council, added: "Wasps' decision to make their home here is really important for the city and its future; it sees significant investment by a successful sports team that believes Coventry is the place to develop a world-class sporting facility and is here for the long term.

"This deal would not have happened if it threatened the future of the Sky Blues or Coventry Rugby Club."

However, Peter Rossborough, president of Coventry Rugby Club, told the BBC he was disappointed to be omitted from discussions surrounding the deal.

"It's a bit of a blow to us but we're very resilient," he said, but conceded Wasps' move to the city could "spark a genuine interest" in the area.