NEW Coventry Building Society Arena owners Frasers Group said it planned to invest £600million in a new site in Coventry.
In the firm’s interim financial results, non-executive chairman David Daly said the cash boost over the next ten years would fund a new distribution centre and offices in the city.
It recently bought the site for the development.
Last month, Frasers Group bought the arena out of administration for a reported £17million.
The stadium’s commercial director Paul Michael said the arena team were delighted with the ‘exciting new era’ the new ownership brought.
“It has been an uncertain few weeks but the team right across the business have shown incredible professionalism and dedication in keeping the venue operating.
“Now, we can look ahead and really plan for the future.
“The venue is of huge significance to the regional economy because of the number of visitors and business it brings to the area.”
