Frasers is at the heart of a scrum for ownership of the Wasps rugby stadium in Coventry, as part of Mike Ashley’s plan to make the city his new stronghold.

Insiders said last night that Frasers is intensifying efforts to acquire the 32,609-seater Coventry Building Society Arena (CBS), which filed notice of its intention to appoint administrators two weeks ago.

Specialists from FRP Advisory are now racing to secure a solvent sale of the stadium, which is also home to Coventry City, in the next fortnight.

Frasers is said to be keen to put its stamp on Coventry and demonstrate its commitment to the area as it seeks planning permission for a vast new headquarters on the edge of the city.

The CBS Arena also houses a hotel and large casino, and Mr Ashley’s appetite for gambling has been a hallmark of his business career.

The billionaire, 58, recently stepped back from day-to-day operations at Frasers and is said to be focused on the new development, which includes plans for a distribution hub with a new head office, retail space, a hotel, restaurant and conference facilities.

The stadium is owned by Arena Coventry Limited (ACL), a vehicle controlled by the Wasps owner Derek Richardson. The Premiership club, formerly based in London, relocated to Coventry in 2014 and hit trouble after income came under heavy pressure from the pandemic. Sources said Mr Ashley is not seeking to acquire the rugby club, which is already in administration.

When it announced its intention to appoint administrators, ACL said: “The arena is a profitable standalone business with huge potential and therefore is attracting strong interest from a number of parties.

“We have filed a notice of intention to appoint administrators and we will be aiming to use this period to complete a deal with a venue operator.”

The exhibitions giant NEC Group reportedly expressed interest in the sale early on, but is now said to have dropped out.

Frasers and FRP declined to comment.