The Rugby Football League is considering whether one of the sport’s most prestigious showpieces, the Challenge Cup final, should remain at Wembley and will hold talks with the national stadium to determine its long-term future.

The staging of the cup final at Wembley has been one of rugby league’s proudest traditions since it was first held there in 1929. However, the Super League chief executive, Roger Draper, has admitted the sport’s governing body is keen to protect the future of the event, which could yet mean exploring alternative options away from the stadium.

The two parties entered a 20-year agreement in 2007, but will now hold further talks later this year. He told the Guardian: “We’re conscious that the Challenge Cup has lost its shine. It’s probably become our third biggest property. Magic Weekend has overtaken it in terms of fans and we’re conscious of that. There’s a lot we’ve got to sit down and discuss. We’ll look at all the available options and safeguard the event.

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“We’re in the thick of renegotiating with Wembley. We’ve reached an agreement for 2017 which is great but we’ll sit down with them over the summer and chat about 2018 onwards. We associate the cup final with Wembley and it would take a brave man to move it away from there but, having said that, you’ve got to look at everything and make sure it all stacks up for us.”

The RFL’s agreement for this year will enable them to sell the middle Club Wembley tier to spectators, unlike in recent years. “We’ve been fortunate that we’re guaranteed all the income whether they’re empty or full and we’re pleased we’re not facing as big a black hole as we were,” Draper said.

He also revealed that Super League is welcoming expressions of interest from areas keen to stage next year’s Magic Weekend. The event returns to Newcastle this year for the third successive occasion but Draper hinted it could be on the move in 2018.

“There’s always the argument to bring it back to the heartlands in places like Elland Road, Manchester and Liverpool,” he said. “But elsewhere, there’s Coventry, Anfield went well in the Four Nations final despite England not making it, and Newcastle is also still an option.

“We’ve got good relationships with Wembley and the London Stadium but, with Tottenham Hotspur and Chelsea too, there’s a wide range of areas we could look to take the event to. It’ll be a difficult decision.”