Coventry City have finally agreed a fresh deal with Mike Ashley's Frasers Group to continue playing at the CBS Arena beyond this season.
The two parties have been in cordial but protracted talks for several months - the sticking point understood to have been over the annual rent - but have now reached an agreement which will see the Sky Blues continue to play at the stadium built for the football club for the next five years.
Club owner Doug King had hoped to secure a longer term deal but the Stratford-based businessman insists he will "continue to positively engage" with the relatively new landlords of the Arena in order to secure a longer term deal and the stability that goes with that.
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A joint statement announcing the news today reads:
Frasers Group plc and Coventry City FC are delighted to announce that they have agreed an extended licence that will enable the club to continue to play at the Coventry Building Society Arena.
The new licence agreement will cover a period of five years, with both parties committed to working towards the arena becoming the long-term home of Coventry City FC.
Michael Murray, CEO of Frasers Group, said: "Following our recent acquisition of Coventry Building Society Arena, we are committed to investing into the Arena and the local community, and therefore supporting its future growth."
Doug King, owner of Coventry City FC, commented: "We are delighted to sign this agreement, which we know will be welcomed by Sky Blues fans. This agreement will help to provide a period of further stability whilst we continue to build a positive future for Coventry City Football Club.
"The licence will enable us to play at our home, the Coventry Building Society Arena, for a minimum of five years and we will continue to positively engage with Frasers Group with regard to the longer term at the Arena.”
The club’s existing licence to play at the arena was due to expire at the end of the current season in May. It is envisaged that the new licence agreement will provide the respective parties with flexibility to continue to refine their future strategies at the Arena with a view to entering into a long-term partnership.
This development should pave the way for season tickets to go on sale for the 2023/24 campaign.
What's your reaction to the news of a new five year stadium deal for the Sky Blues? Have your say in the comments section.
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