Wasps owner Steve Hayes has announced he is looking to sell the club.
Hayes, who also owns Wycombe Wanderers FC - Wasps' fellow tenants at Adams Park -
bought the Premiership outfit in 2008
Hayes said a
failure to receive backing for a new stadium at Wycombe Air Park
had contributed towards the decision.
"The vision of planning and developing this facility was one of the key reasons I got involved in the club," he told
the Wasps website
"And being unable to bring this to fruition remains bitterly disappointing.
- June 2004: Buys a 25% stake in Wycombe Wanderers
- October 2007: Joins the Wasps board after buying 11.6% stake in the club
- January 2009: Takes full ownership of Wasps
- July 2009: Becomes owner of Wycombe, where he was previously managing director
- July 2011: Fails in bid to create a new stadium for both clubs
- October 2011: Announces he is looking to sell Wasps
"I fully believe that a new stadium for Wasps is essential in the coming years as we have always said that Adams Park was unsustainable as a long-term option.
"I will work with any potential owners to develop the sporting village model we had already come up with at an alternative location."
In his three years at the club Hayes has started an annual St George's Day game at Twickenham and oversaw an
English club's first competitive game overseas
"Any new owner will have to show me that their aspirations are to provide London Wasps with the right level of investment and structure to ensure that they are once again a team in the hunt for titles at the end of every season," the businessman added.
Former Wasps forward Lawrence Dallaglio, who is a member of the club's board, said: "Steve's passion and vision over the past number of years has helped bring the club to new audiences around the world and any new owners will take on a club in a healthy position in terms of the direction it is heading on and off the pitch."
Hayes insisted he will remain at the helm of Wycombe, but has not ruled out a future sale of the League One side.
"I want to assure [Wycombe supporters] that I remain fully committed to Wycombe Wanderers," he explained.
"Of course, as ever, if approaches are made to me for the club then these would be considered carefully based on what is best for the club but for now my intention is to remain the owner for the foreseeable future."