WASPS have begun a search for a new stadium sponsor as a 13-year partnership with the Ricoh Japanese electronics company comes to an end.
Stadium owners London Wasps Holdings have launched the search amid on-going financial troubles.
Ricoh has been the sponsor of the 32,000-seater venue since 2005 despite uncertainty over the long-term viability of the arrangement.
The stadium is the home of newly-promoted League One football team Coventry City – who will remain tenants for another year.
It is also home to Aviva Premiership rugby union team Wasps and current Vitality Superleague champions, Wasps Netball.
A spokesperson for London marketing agency Mongoose Sport & Entertainment – which is leading the search to find a new sponsor – said: “We have been appointed to find a new naming rights partner to the UK’s leading multi-purpose stadium and complex for the first time since 2004.”
Wasps Rugby’s group of companies, which has owned the Ricoh Arena since 2014, will hope the new deal can help drive it into profit.
It has been running annual operating losses, with debts of around £35million.
A recent audit report by PricewaterhouseCoopers concluded there was “material uncertainty” as to whether the company could “continue as a going concern”, when it also reported the accounts had been falsified.
Stuart Cain, commercial director at Wasps Rugby, said: “The opportunity to establish a new stadium naming rights partner is a pivotal moment for Wasps as it allows us to grow our sponsorship strategy and invest further in the development of the business and our mission to become the most successful rugby club in the world, both on and off the pitch.”
The Sky Blues will continue to pay £100,000 rent to the Wasps-owned Arena Coventry Limited – the same terms as the four-year arrangement which expired at the end of last season.
The arena complex welcomes over 1.6million visitors every year and comprises the stadium, indoor arena, conference and exhibition centre, banqueting hall, hotel and casino.
The venue has entertained a selection of London 2012 Olympics games, international football, Six Nations Rugby, Davis Cup tennis, international weightlifting, gymnastics and professional darts.
It has also hosted world renowned musicians such as Coldplay, Bruce Springsteen, Rhianna and more recently the Rolling Stones.
