It will now look to improve its conferencing and exhibition facilities with an estimated £5.3 million ($6.92 million/€5.87 million) investment.

Around £3.8 million ($4.96 million/€4.2 million) has been made available to the venue via the Coventry and Warwickshire Local Enterprise Partnership (CWLEP)

An additional £1.4 million ($1.83 million/€1.55 million) has also been made available to the Ricoh Arena via CWLEP from the Local Growth Fund and Growing Places Fund.

The total investment will see a new pavilion installed, complete with digital signage, at the south entrance of the venue as part of its plans.

The Commonwealth Convention Centre will offer state-of-the-art conference and audio visual facilities.

It will be created as part of refurbishment works of the venue's lower halls on the south side of the venue, giving visitors access to more than 8,000 square metres of event space.

The existing 6,000 square metre exhibition hall will also undergo state-of-the-art refurbishments in preparations for hosting judo and wrestling at the Commonwealth Games, while new food and drink offerings will be introduced to the venue.

"This investment ensures that Ricoh Arena and North East Coventry will continue to feel the economic benefit of having the Commonwealth Games for many years to come thanks to its top-class facilities," said Stephen Vaughan, chief executive at Ricoh Arena.

"As a venue we take great pride in being at the forefront of the event industry’s curve – as was seen with the implementation of 5G technology last year – and we feel this latest investment will enable us to realise the venue’s full potential by attracting more large scale conferences and exhibitions, on top of the hundreds that we already host every year, and in turn, creating more jobs from additional food and beverage outlets.

"This is an exciting time for Coventry with City of Culture and Commonwealth Games on the horizon, and we are looking forward to playing our part in helping the region to flourish from both of their legacies in the years to come."

The Ricoh Arena, which is a 32,000-seater stadium and home of Coventry City Football Club, has the exhibition space connected to the stadium, as well as an onsite DoubleTree by Hilton Hotel and Grosvenor Casino.