Wasps have unveiled Steve Hayes as their new owner after the Wycombe Wanderers managing director bought up the shares belonging to board members Chris Wright and John O'Connell.
Hayes has confirmed the make-up of his new-look board which includes former England captain Lawrence Dallaglio.
Wright becomes life president of the club, who ground-share with Wycombe, after 10 years in charge of the Guinness Premiership club.
Hayes said; "London Wasps is undeniably one of the most successful clubs in Europe on the pitch and, as we look to the future, I have a very clear vision which will incorporate and align all facets of the club to this level of success.
"We are determined to stay at the forefront of European rugby, and whether coaches, players, board members or staff we all have a major role in supporting this vision."
Hayes has spent a year on the Wasps board, and his takeover has been welcomed by Wright, who said: "He has comparative youth, energy and a passion for the game and I have no doubt that he will be hugely successful in taking the club forward."