Leicester Tigers have announced the board's intention to sell the club, citing a desire to return it to the ‘dominant force' it once was.
With reports claiming the Tigers have placed a £60m price tag on the keys to Welford Road, the club itself was explicit in the influence the investment of CVC Capital Partners had made on the Premiership.
A statement read: “CVC's investment sparked several expressions of interest in the Tigers from new investors, prompting the Board to run a formal sale process in the best interests of the club, its players, supporters and shareholders.
“The pay-out to Tigers from the Premiership Rugby stake sale to CVC means the club has no net debt and can look forward to greater incremental revenues as CVC's marketing and commercial strategy gathers momentum and grows the game.”
Ten-time Premiership champions Leicester have endured a period of regression over the past couple of seasons, finishing 11th with only relegated Newcastle below them in 2018-19.
Leicester chief executive Simon Cohen told TRP earlier this year the club had fallen into instability after a flurry of coaches had come and gone.
In the club's statement Cohen signalled the need to bring investment to be able to match the playing standard of Europe's leading clubs.
“The investment and changes in English Premiership rugby present a huge opportunity for the club and a new investor.
“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.”
