WORCESTER Warriors’ bosses are searching for a new investor after reportedly losing more than £16 million over the last three seasons.

Chairman Bill Bolsover, speaking on behalf of Sixways Holding Limited who control Warriors, confirmed they were looking for further investment to support their existing shareholders.

But he said they have “not set any deadlines” on finding an investor who they believe can help the club compete at the highest level.

Bolsover’s comments come after The Rugby Paper reported Warriors' owner Greg Allen was believed to be looking to put the club up for sale.

“The club can confirm it is always seeking further investment to support our existing shareholders and to ensure that the club continues to compete at the highest level in the years ahead," Bolsover said.

“This is part of our ongoing strategy and we are committed to finding the right partner to help take the club forward.

“The club have not set any deadlines on finding the right investor and the shareholders will continue to support the club as they have done for many years.”

The club lost £5.5million in the 2014/15 season and £6.6million in 2015/16. The Rugby Paper says Warriors expect to announce losses in excess of £4million for last term.

Ex-Saracens chief executive Edward Griffiths, who is a consultant at Warriors, is rumoured to be considering forming a consortium to take over the Sixways side.

But when asked whether the club was up for sale, Warriors refused to comment further.