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Coventry City are looking to maximise the commercial potential of the Coventry Building Society Arena after agreeing a £1.6m deal to buy a nearby car park.
Former Everton chief executive Keith Wyness believes the move reflects a strategy used by Atletico Madrid, with the Sky Blues targeting revenue opportunities beyond the stadium itself.
CBS Arena deal draws comparisons to Atletico Madrid's Metropolitano
Coventry have agreed to purchase a car park situated across the A444 from the CBS Arena for £1.6m, with the deal set to be paid over ten years.
There are currently no plans to change the site's use, meaning the Premier League newcomers will continue to benefit from the revenue generated by the car park while gaining greater control over the area surrounding their home.
Wyness, who was Everton chief executive between 2004 and 2009, believes chairman Doug King deserves credit for the club's progress after a period of uncertainty over their stadium situation.
He also sees similarities with Atletico Madrid, having been involved in plans surrounding the Spanish club's move to the Metropolitano in 2017.
Wyness said that the stadium zone is becoming increasingly important to football clubs, with surrounding land offering opportunities to generate income beyond matchdays.
/https%3A%2F%2Fmedia.footballgroundguide.com%2Fmain%2F2026%2F05%2Fimago1070768662-1.jpg "How Coventry City have taken inspiration from Atletico Madrid stadium with £1.6m CBS Arena move 1")
FGG says: Coventry must make the most of landmark CBS Arena deal
Coventry's £1.6m agreement is an interesting step towards building a more sustainable financial future, particularly after the club's previous uncertainty over their stadium arrangements.
Atletico provide a useful example of how clubs can think beyond the stands and turn the surrounding area into a wider commercial asset.
The Sky Blues will now need to identify the right opportunities, but securing control of more land could give them greater flexibility in the years ahead.
Premier League football would undoubtedly help, but Coventry need a strategy that can withstand life in the Championship, too.