The lease offered – which will allow for the continuation of speedway and stock car racing – will run for one year from January 1 2017, with the possibility of a further two year extension subject to conditions.
Coun Michael Stokes announced the news on his official Facebook page this afternoon after the Rugby Borough Council leader opened talks between the Bees and agents acting for the land owners.
Despite the positive short-term news, the announcement does not secure the long-term future of the club who must now continue searching for a new site.
Last month, it was made public at a crisis meeting held at Warwick University that a new stadium would be unlikely to be completed for another five years.
The most recent site being discussed was situated 13 miles from Coventry city centre near Nuneaton.
In a statement posted online, Coun Stokes thanked FHP Property Consultants for their efforts in negotiating the concluding outcome.
He added: “It is clear the situation the Bees and the other stadium users find themselves in is not ideal, but the lease that has been offered to them is a good compromise that will allow speedway and stock car racing to continue at Brandon for at least another year.
“I would like to thank Mick Horton of the Coventry Bees for part he has played in allowing this offer to be made.
“After meeting fans groups earlier this year and hearing their concerns first hand, I am delighted to have been able to bring all of the interested parties together to allow an offer to be made.”
Speaking on behalf of the stadium owners, David Hargreaves – of FHP Property Consultants, said there is no doubt that this deal would not have been possible without the involvement of the borough council.
He added: “The pragmatic approach taken by Coun Stokes convinced the owners that a further period of time should be provided for the speedway team to find an alternative venue.”
Coventry Bees promoter Mick Horton said the news has given the speedway team some security in the short-term.
He added: “While the long-term future of the Coventry Bees is still a concern, there can be no doubt that this offer has given the speedway team some security in the short-term.
“Our next home fixtures against Leicester, Lakeside and Kings Lynn had looked like being our last.
“Now, however, our fans can support the team knowing that there is an offer on the table that will allow another full season at Brandon Stadium.”
