Leicester Tigers have been put up for sale as the club seeks fresh investment to recover its status at the top of the English and European rugby.
The Midlands club remain England's most successful of the professional era, winning the Premiership 10 times and European Cup twice.
However, the Tigers have not won the league title since 2013 and faced a battle against relegation last season, eventually finishing second from bottom.
📣— Leicester Tigers (@LeicesterTigers) June 25, 2019
We have today announced plans for the sale of the club alongside a full strategic review as part of long-term plans to reclaim our status as a dominant force in English and European Rugby.https://t.co/b8IqwWuLDc
Despite that fall from grace, Leicester's games still attract the highest TV audiences and the biggest crowds in England.
"Leicester Tigers has today announced plans for the sale of the club alongside a full strategic review as part of long-term plans to reclaim its status as a dominant force in English and European rugby," Leicester said in a statement.
The club added that private equity firm CVC's purchase of 27 percent of Premiership Rugby in December had led to several approaches from new investors.
The CVC deal was worth around £13 million ($17 million) to each club and additional revenues are expected from a new commercial strategy.
"The investment and changes in English Premiership rugby present a huge opportunity for the club and a new investor," said Leicester CEO Simon Cohen.
"As the most prestigious club in English rugby, this development will further support Leicester Tigers in its ambition to be the most successful club in England and Europe, to the benefit of our players, the club and our loyal supporters."
@ Agence France-Presse