Wasps rugby union club will share the Ricoh Arena with Coventry City soccer club after the city council approved their takeover of the stadium.
The move should be mutually beneficial to both clubs with Coventry City now playing back at their former home after spending a year playing in Northampton, 35 miles away.
Wasps, who play in rugby's Premiership, have shared Adams Park with League Two (fourth tier) soccer club Wycombe Wanderers -- 80 miles from Coventry -- for the last 12 years.
The deal for the Arena Coventry Limited (ACL), the operating firm of the Ricoh Arena, was approved after the local government agreed to back the sale.
"Wasps are delighted that Coventry City Council have unanimously approved the sale of their shares in ACL to Wasps," the rugby club said in a statement.
"It is no secret that the club has been searching for a permanent home for many years. We are very excited to be in a position to fulfil this ambition and to be able to move to the Ricoh Arena; it is an outstanding Arena in a truly fantastic City."
Wasps have been on the lookout for a new ground for several years and were in danger of going into administration and being relegated from the Premiership before wealthy Irish businessman Derek Richardson took over the club in April 2013.
That eased the financial problems for the two-time Heineken Cup winners.
Coventry City, who spent 34 years in soccer's top flight until relegation in 2001 and who now play in League One (third tier), returned to the Ricoh Arena last month, after more than a season in Northampton.
They originally moved to the Ricoh Arena in 2005 after leaving their old ground Highfield Road, which had been their home since 1899.
"It's important to us to make clear that we see the Ricoh as the home of Coventry City Football Club and are committed to it staying that way, and that we are already working with Coventry Rugby Club to ensure both clubs thrive and grow," the Wasps statement added.
