Chrysalis founder Chris Wright today relinquished control of London Wasps and admitted the 11 trophies won in 11 years had cost him "several million pounds".

Wright, whose money enabled Wasps to twice win the Heineken Cup, has sold his majority share holding to Steve Hayes, who made an estimated £50million from the sale of his company Loans.co.uk. He has also bought the shares held by chairman John O'Connell.

It allows Hayes, who is managing director of League Two leaders Wycombe, the co-tenants at Adams Park, to assume total control of future planning, including a new 20,000-seat stadium.

Former Wasps captain Lawrence Dallaglio, a close friend of Hayes, is already an associate director and was today appointed to the new board as Hayes began to wield his influence.

The new owner has also shown his desire to keep Danny Cipriani at Wasps by hoping to get the England No10 to agree a new contract.

Hayes is understood to have covered the most recent loss of £2.25m posted by the club. Alongside Wright and O'Connell, he jointly agreed to put in £4.5m at the end of 2007 to highlight the continuing drain on resources.

Wright, who has become life president, said: "Wasps cost me several millions but I haven't worked out exactly how much. I am not walking away with a fat cheque and I am writing off quite a lot of money.

"When I first got involved, Wasps were playing in a public park and what has been achieved is amazing. I can walk away with my head high.

"When it was just me, it was easy to run the club along with a director of rugby. Then we became a committee when John and Steve invested.

"I believe it is right that one makes the decisions and Steve wants to be that man. It's much better that way.

"I am now happy to take a back seat. I have enjoyed every minute but at 64 I have my business to run in a difficult time and you can't do everything. I don't do things by half.

"Steve is prepared to make that commitment and good luck to him. There is no acrimony."