"Despite a high level of interest from potential new investors, the board has concluded that it is unlikely an offer for the company will materialise from an investor who shares the club's vision of the future and at a value attractive to shareholders.

"Taken together, the impact on an uncertain market of Brexit and now Covid-19 have created significant challenges for all clubs this season.

"It nonetheless remains the case that attractive growth opportunities are within English rugby's grasp and will benefit clubs, players and fans alike.

"Given its status as the country's premier rugby club in terms of supporter base and track record, the board is optimistic that its strategy for the club will return it to the top of the English and European game as rugby attracts new audiences and explores exciting new opportunities."

And Tigers executive chairman Peter Tom added: "While we were pleased with the level of interest in the club, none of the prospective new investors were judged to fulfil our criteria.

"Now, our immediate focus is on managing the ongoing impact of the Covid-19 pandemic and doing all we can to safeguard the well-being of Tigers staff, players and fans.

"We have devoted considerable energy to improvements on and off the field and remain confident that we have the right long-term strategy for the club."

Leicester are currently 11th in the Premiership with four wins from 13 games.