Leicester Tigers are no longer up for sale because of a lack of suitable investors and the financial uncertainty caused by Brexit and the coronavirus.
The Tigers, who have won 10 Premiership titles and two European Cups, were put up for sale for about £60m last June.
But the process has now ended with the club "no longer in an offer period".
"None of the prospective new investors were judged to fulfil our criteria,” executive chairman Peter Tom told the club website.
“Now our immediate focus is on managing the ongoing impact of the Covid-19 pandemic and doing all we can to safeguard the wellbeing of 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.”
The Leicester board put the club up for sale following private equity firm CVC's investment in the sport in December 2018.
CVC's acquisition of a 27% stake in Premiership Rugby resulted in each club receiving £13m.
Tigers said at the time that it was their duty to explore ”strategic options” and assess “the best possible ownership structure”.
But in a statement, issued on Wednesday, they concluded "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."
However, the club insists there are still “attractive growth opportunities within English rugby’s grasp".
The statement added: “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.”
Tigers have won 10 Premiership titles and two European Cups, but their last Premiership triumph came in 2013 and they battled to avoid relegation last season.