Want the best Coventry and Warwickshire news delivered straight to your inbox? Sign up here! Sign up here! Thank you for subscribing See our privacy notice Invalid Email

The deal for Premiership rugby side Wasps to take control of the Ricoh Arena would be worth around £30million, it is understood.

A timetable for the deal to be completed has been drawn up and Coventry City Council aims to vote on the deal by the time of the next full council meeting on Tuesday.

It is understood the deal would see a Wasps-led consortium take a 90 per cent stake in Ricoh Arena operating company ACL - jointly owned by the Alan Edward Higgs Charity and the council.

Finer details are yet to emerge, but the council would retain a ten per cent interest in ACL and around £1m of an existing £14.4m loan from the council to ACL would be written off as part of the deal. The rest of the council loan would remain in place to be paid off by Wasps over an agreed time period.

It is also understood the deal would see the council purchase the charity’s shares in ACL before selling them onto Wasps - although it is not clear if the charity will make its money back on the £6.5m it paid Coventry City FC for its shares in ACL back in 2003.

This move would circumnavigate a contractual clause which could potentially still entitle the Ricoh’s current sporting tenants, Coventry City, to ‘first option’ rights on the charity’s shares in ACL.

The deal could also include an investment in stadium upgrades and an arrangement with the consortium around the stadium’s naming rights - understood to be up for renewal next year.

Frustration is growing among councillors about the lack of information being made publicly available and there is internal disagreement about the potential deal within both the controlling Labour group as well as the Tory opposition.

Both political parties are set to discuss the deal on Monday to decide how to vote at full council and it is understood there is likely to be double-figure opposition to the move from some of Labour’s 43 councillors.

Council leader Ann Lucas is thought to be pushing for the deal on the advice of council officers, but other councillors feel the deal is being rushed through and should first be offered to Coventry City FC.

It is understood some councillors will appeal for a free vote on the matter rather than being ordered to toe party lines. There are also suggestions some would resign positions within their party if they are forced to vote against their will.

Concern has also been raised over Coventry Rugby Club’s future if another professional rugby team moved to the city, although Labour MP Bob Ainsworth has voiced support for the plans which would see Wasps relocate to the city permanently.

The potential deal could jeopardise the Sky Blues’ chances of remaining at the venue on a long term basis.

Sky Blues officials insist they must “own their own ground” in order to be financially sustainable, but a Ricoh Arena takeover by Wasps would seemingly thwart the football club’s chances of owning the stadium.

However, the club has failed to make a fresh approach to purchase a stake in the Ricoh Arena since returning to the venue in September - and the last formal Ricoh Arena bid by Coventry City owners Sisu came in 2012.

Sisu also continues to pursue legal action against the council through the Court of Appeal – something perceived as a stumbling block to any Ricoh ownership talks with CCFC.

The Sky Blues have previously insisted they will build a stadium if they cannot secure the Ricoh Arena, but there is no public evidence of progress on any plans for a new stadium.