Sponsor signs £10m stadium deal

The stadium is still being built

IT company Ricoh has signed a £10m sponsorship deal to secure the international naming rights for Coventry City FC's new Arena stadium.

The Ricoh Arena, as it will now be known, will be a venue for some of the UK's most high profile sports and entertainment events.

The move comes after Jaguar withdrew as the main sponsor in December.

Ricoh says the £113m 72-acre venue will provide the headquarters for several of its new strategic services.

The fact that the company has chosen to invest so heavily here cements Coventry's fast-growing reputation as a city that's going places Ken Taylor, council leader

The company, which has a production plant in Telford, already sponsors the "Ricoh Coliseum" in Toronto, Canada.

Takahisa Yokoo, managing director of Ricoh UK Ltd, said: "The Ricoh Arena will act as a real launch pad for our major UK expansion initiative."

Paul Fletcher, chief executive of Arena Coventry Ltd, which will manage the new development, said he was delighted with the deal.

He said: "The Ricoh Arena will be a landmark building that will create a new gateway into the city and provide one of the most unique facilities in the country."

Coventry City Council said the development had already had a positive impact on the city and the region.

Council leader Ken Taylor said: "Ricoh is a leader in its field, and the fact that the company has chosen to invest so heavily here cements Coventry's fast-growing reputation as a city that's going places.

"Our regeneration work that is transforming so much of the city is now getting an international reputation and we're already the third best city in England to do business in."