“We are totally surprised and deeply disappointed that the owners of Coventry City have taken this decision when we were very close to reaching commercial agreement on a deal.
“We had held positive and constructive talks with the football club at management level for several months and both sides believed they had a workable arrangement which was good for all and would see Coventry City back at the Ricoh.
“We did not require the football club or its owners to sign any indemnity around legal action over the Ricoh Arena, and firmly believe that we had made the deal as commercially attractive as possible.
“We, like everyone else, believe the football club should be playing its home games in the city that bears its name and its decision to choose to remain in Birmingham is a wasted opportunity on a massive scale.
“The news that CCFC is working in partnership with the University of Warwick to create its own stadium was not communicated to us until after it was released publicly but we continued to endeavour to bring the negotiations to a successful conclusion and believed that was the case.
“Sadly Coventry City’s late decision to withdraw today has brought current negotiations to a close for the foreseeable future. We were not aware the club would be making a statement this evening and will be looking carefully at elements of what they have claimed, and may possibly comment further in the next couple of days.”