Leicester Tigers have been put up for sale as they look to "capitalise on the new investment" in rugby, the Premiership club have announced.
CVC Capital Partners, which has previously invested in Formula One, has bought a stake in Premiership Rugby Limited and, according to the Tigers, this has prompted interest in Leicester.
The Tigers board has subsequently decided to "run a formal sale process in the best interests of the club, its players, supporters and shareholders," a club statement said.
Leicester are 10-time Premiership champions but finished 11th last season. They also won the European Champions Cup in consecutive years in 2001 and 2002 but have not repeated this success.
The statement added the sale would look to see the club "reclaim its status as a dominant force in English and European rugby".
The Tigers now have no net debt due to CVC's purchase of the Premiership stake and believe revenues will improve following the new investment in the league.
Executive chairman Peter Tom said: "CVC's investment in Premiership Rugby has created a unique opportunity - catapulting the sport into the public consciousness like never before and broadening its appeal to potential investors.
"It is our duty as a board to explore the club's strategic options and assess the best possible ownership structure to benefit from the changes ahead on and off the pitch."