Coventry Rugby Club is hoping to soon attract big financial backers to help build a new 6,000 seater stadium.

The club's chairman Keith Fairbrother was meeting merchant bankers and other financial institutions at The Butts Stadium this week to press the case for funding.

Coventry hope to start playing rugby at The Butts midway through season 2003/4, but meanwhile have agreed in principle a deal to buy back the club's current home at Coundon Road from The Receiver.

"Bryant Homes have the first option to buy Coundon Road, subject to planning consent to build houses on the site. In the meantime we have agreed in principle to buy back the ground from The Receiver.

"We are awaiting the necessary paperwork to be completed and we shall be playing our matches at Coundon Road until the new stadium is ready," said Fairbrother.

"It means we shall have more time to get the financing into place to convert The Butts Stadium. The new ground's capacity has been downgraded to 6,000, but it still falls within the minimum figure laid down by the RFU for clubs to be eligible to play in the Premier Division.

"We expect to have The Butts ready to play competitive matches from January 2003 and we would not have to wait until the start of a new season. It would be relatively easy to move down from Coundon Road in mid-season."

The Butts, which is council owned, used to be the home of athletics and track cycling in its heyday, but is now in a derelict state. Coventry Rugby Club plans to build its club headquarters along The Butts Radial Spur, with the playing pitch running parallel to the road.

It is planned to be an all-seater arena and many believe it's central position in the city will make it more accessible to spectators than Coundon Road.

It is Coventry's aim to bring Premier League rugby union to the city and Fairbrother is looking to strengthen his team for the new season.

"I was disappointed by the start of the season and the end, but the middle section was okay,"

was his summing up of the campaign which ended last month.

"We proved we could beat most teams in the league, and with the addition of one or two new signings, plus greater mental strength, I think we have the nucleus of a good side," added the chairman.