Coventry City Council have received the payment of their bail out of Arena Coventry Limited from Wasps.
The Rugby Club, took on the debt after taking over the Ricoh Arena but thanks to a bond issue raising £35m, the club have been able to pay off the loan nearly twenty years before it is due.
Nick Eastwood, Wasps deputy chairman, said to the Coventry Telegraph's Simon Gilbert: “Following the success of Wasps retail bond, we have today been able to repay in full Coventry City Council’s loan to ACL, which we acquired when we bought the Ricoh Arena.
"We are delighted that the funds raised have enabled us to achieve our aim of re-structuring our balance sheet and paying down our existing debt, including this loan.
"Our first six months at the Ricoh Arena have been more than we could have hoped for, both on and off the field, and we look forward to the future with confidence.”
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