The owner of the NEC has reportedly launched a bid to buy the Coventry Building Society Arena.

Formerly known as the RICOH Arena, the ground is owned by Premiership Rugby side Wasps, and is also home to Coventry City Football Club.

But according to Sky News, the NEC Group lodged a bid to buy the stadium ahead of last week's deadline as Wasps continue face financial turmoil.

The club announced at the end of September that it had "taken the difficult decision" to appoint administrators in order to "protect its interests".

It said the decision had been made "due to the impending threat of action from HMRC" and would provide "a crucial period of grace" to help secure the group's long-term future.

Wasps had previously announced that they were close to repaying some of the £35million in bonds which helped finance their move from London to the city in 2014, but they did not meet a deadline in May and were seeking refinancing options.

On October 4 Wasps released a second notice of intention to appoint administrators and said more potential investors and stakeholders have come forward.

"Discussions are now at a relatively advanced stage, and we remain hopeful of securing a deal that will allow the group, and the entities that sit within it, to move forward," the club said.

"We would like to thank all stakeholders for their engagement during this process, and in particular the constructive support and approach provided by the RFU (Rugby Football Union) and PRL (Premiership Rugby).

"This will continue to be vitally important as negotiations with interested parties proceed and we remain in regular dialogue with both organisations.

"While the financial circumstances facing the group are extremely challenging, we remain optimistic about a positive outcome and will keep our players, staff, supporters, partners, bond holders and suppliers updated as this process moves forward."

And according to Sky the NEC Group, which is owned by US-based private equity firm Blackstone, has made an offer for the stadium, not the club.

But the ongoing uncertainty around the future of the CBS Arena has also led to questions around the long-term plans for the Coventry City as tenants.

The Sky Blues, who returned to the city having played at St Andrews in Birmingham for two seasons, have announced plans with the University of Warwick to build a new stadium near Kenilworth which will also form part of a proposed eco-park.

However, a planning application for the development is yet to be submitted.

The NEC Group declined to comment.

Kenilworth Nub News has contacted Coventry City Football Club and University of Warwick for comment.