Aviva Premiership rugby club London Wasps has secured a deal to buy a 51 per cent stake in Ricoh Arena in Coventry – one of Europe’s largest multi-purpose venues.

The deal will see Wasps move from its current home at Adams Park in Buckinghamshire – a venue it has shared with Wycombe Wanderers Football Club since 2002 – to the city of Coventry.

In a statement, Wasps said it is planning on playing its first home game at the 32,600-capacity Ricoh Arena in December 2014 – against either Castres or London Irish.

The deal is not believed to affect the home games of Coventry City Football Club, which only returned to play its home games at Ricoh Arena last month following a season-long exile due to a dispute over rent with stadium operator ACL.

Wasps bought the 51 per cent share in Ricoh from Coventry City Council (CCC), which unanimously agreed to the sale at a full council meeting yesterday (7 October).

Leader of CCC, Ann Lucas, said the deal ensures the council will make a return on its original investment of £13.7m in the Arena development – alongside significant investment into grassroots and community rugby development across the city.

“The decision over the Ricoh Arena’s future has been made with the interest of Coventry taxpayers and communities at its heart,” she said.

“This deal would not have happened if it threatened the future of the Coventry City FC or Coventry Rugby Club.

“This is the most important decision this council has ever made about the future of one of its best community assets, and we would not have made it unless we were confident it was the right thing to do.”

A spokesperson for Wasps added: “Our move to the Ricoh Arena means Wasps will enjoy the most extensive club rugby facility in Europe and help us to re-establish ourselves as one of the best clubs in world rugby.

“We look forward to establishing deep roots in Coventry & Warwickshire, working hard to become part of the community and we would encourage all sports fans to come down and enjoy the European and Aviva Premiership rugby on offer.”