London Wasps have confirmed that the club has completed its takeover into new ownership.

The rugby union outfit were expected to finalise the transition this week and they have announced that a new consortium has successfully bought Steve Hayes's shares and wiped the club of its debt.

A statement on the club's official website said: "Having exchanged contracts recently, a consortium has now taken full ownership of the club, having purchased the shares of previous owner Steve Hayes in a deal developed by advisors Baker Tilly.

"Under the new ownership structure, the majority of office staff will be based at Twyford Avenue, the club's training ground, as a full separation from Wycombe Wanderers, which had also been owned by Hayes, has already taken place.

"London Wasps will continue to play at Adams Park for the foreseeable future, with the new owners placing a long-term priority on developing a new stadium for the club."

Wasps chairman Mark Rigby has claimed that a new board of directors will be announced in due course.