Leicester Tigers has confirmed plans to sell the club with the decision being made "in the best interest of the club, its players, supporters and shareholders."
The announcement comes after CVC Capital Partners acquired a minority stake in Premiership Rugby Limited which resulted in interests from new investors.
"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," said Peter Tom CBE, the club's executive chairman in a statement.
"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."
Leicester endured a difficult campaign, finishing 11th in the Premiership and 10 points clear of relegated Newcastle Falcons.
"The investment and changes in English Premiership rugby present a huge opportunity for the Club and a new investor," said Simon Cohen, the club's chief executive officer.
"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."
Leicester is the most successful club of the professional era, claiming 10 Premiership titles and winning the European Cup twice.