Wasps have confirmed that they have purchased a 50% stake in the Ricoh Arena with immediate effect.
The Aviva Premiership club will play their first match at the Coventry-based stadium in December after Coventry City Council voted in favour of the move.
Wasps will continue to play at their current home of Adams Park in High Wycombe until then.
Meanwhile, Coventry City will remain at the Ricoh Arena having recently returned to their home ground following a spell at Northampton Town's Sixfields Stadium.
Wasps chief executive Nick Eastwood told the club's official website: "Today's announcement is a watershed moment in the history of Wasps and the professional game. It will help us realise our ambition to re-establish ourselves as one of the best teams in Europe and will guarantee the long term success of the club.
"Today we are breaking the mould of how a professional rugby club operates by acquiring a thriving, sustainable business, as well as one of the best, conference, exhibition, sporting and entertainment arenas in Europe."
The Ricoh Arena holds a maximum capacity of 32,000 fans.
