The Coventry Building Society has agreed a naming rights deal for the next decade.

Coventry’s Ricoh Arena will be known as the Coventry Building Society Arena, after the mutual agreed a long-term deal with the venue owners, Wasps Group.

The Coventry-based venue is the home of Wasps Rugby and Wasps Netball – and the sponsorship agreement comes as the venue prepares to welcome back Coventry City Football Club in August, before hosting a Rugby League World Cup clash in October, as well as being part of Coventry UK City of Culture and next year’s Commonwealth Games.

Steve Hughes, CEO of Coventry Building Society, said: “The Coventry Building Society Arena puts our name on the map and will raise our profile across the UK. We already have more than two million members, but this is a statement of intent that shows we want to grow further and help many more people achieve their financial aspirations.”

Darin Landon, chief commercial officer at the Coventry Building Society, added: “The Arena is a top class venue for sport, music and business events, attracting 1.6 million visitors every year from all corners of the UK.

“Coventry Building Society and Wasps already work to support local communities in Coventry and Warwickshire. By joining forces, we plan to make the Coventry Building Society Arena a focal point for the community, bringing together people and organisations across the city to make a positive difference to everyone who lives here.

“I look forward to welcoming many of our intermediary partners to the Coventry Building Society Arena in future and showcasing the best that Coventry can offer.”

Adam Benson, Wasps’ chief commercial officer, added: “Coventry Building Society is the perfect fit as a new naming rights partner. They are committed to excellence in customer service, care passionately about the culture of their business and understand the vital role they have to play in making a difference to the communities in which we live and work.”