Coventry City Football Club is set to complete the £1.6m purchase of Car Park C land next to its Coventry Building Society Arena home. The council-owned land sits on the opposite side of the A444 from the stadium.
Coventry City Council's cabinet is scheduled to sign off the deal on 13 October. The council has described the purchase as a "win-win" arrangement, reflecting an improved relationship between the authority and club owner Doug King after years of conflict with previous club owners.
Payment Structure
The purchase price will be paid over 10 years, with funds directed to Sky Blues in the Community, the club's official charity. The charity will be contractually obliged to use the money to fund around £160,000 of sport and cultural activities across the city annually for the next decade.
Councillor Lynnette Kelly, Deputy Leader of the council, said: "Control of the car park will enable CCFC to plan for the future and look at wider regeneration of the area, which is exciting. It really is a win-win situation that will help our Premier League Sky Blues to grow stronger, and the people of the city, especially those that have less access to opportunities, to grow healthier."
Future Development Plans
No public plans for redevelopment of the car park land exist at this point. However, several projects have been proposed over the years, including plans for an indoor ski slope and hotel proposals.
The £1.6m valuation was determined after the council sought a valuation from consultants Lambert Smith Hampton.
Doug King, owner of Coventry City FC, said: "This deal will allow us to bring Car Park C alongside all the other areas already in the existing head lease and simplify future regeneration."
More details about the future use of the site are expected after the deal is finalised.
