UPDATED 6.30pm.

COUNCIL bosses may ‘invest’ millions of pounds in a new stadium for Wycombe Wanderers and London Wasps.

Wycombe District Council has agreed in principle to meet a considerable portion of the costs for the replacement for the Adams Park stadium, mooted to move from Sands to Wycombe Air Park in Booker.

Cabinet minutes from November stated the authority would meet “most of the cost” of a new stadium and associated infrastructure up to an undisclosed sum.

Today the council stressed any move would be funded through selling other council land and would be an ‘investment’ rather than a payment.

The Bucks Free Press understands the council would be a major investor and that other parties are being sought.

The council will be looking to recoup some of its investment with rental and income share when the stadium is built.

However, a final decision has not been made and the amount of money to be spent has not yet been finally agreed.

Wasps and Wanderers owner Steve Hayes has said the rugby club could leave Wycombe if a new home is not found. He declined to comment.

But opposition councillor Trevor Snaith hit out at the proposals, which would cost the council millions.

The Liberal Democrat said: “Why should Wycombe District Council be subsidising a private individual, a millionaire?

“Steve Hayes has enough funds himself. If he loves Wycombe so much he should be spending that money for the benefit of the town.”

The Bucks Free Press understands the council sees this as a similar opportunity to the successful Eden shopping centre project which they also invested in.

The Ryemead councillor said: “I feel that money could be better spent in this current climate on more pressing issues like community centres or Holywell Mead pool.”

The authority closed the pool, by The Rye, in February to save £66,000 a year.

Councillor Tony Green, deputy leader of the council, had earlier told The Bucks Free Press: “It is an effort to keep the club in the town and give the town and district a facility it hasn’t got.”

The council would have a ‘degree of ownership’ by leasing the land to a stadium company, of which WDC would have a stake, he said.

The project would be a ‘community stadium, for the benefit of the community’ he said. Other facilities including cricket, hockey and indoor sports are planned for the site.

Buckinghamshire New University is also tied into the project.

And Cllr Green said: “It wouldn’t be the case that the club or owner could sell it on or make a profit at the council’s expense.”

The club has said the single-track road to Adams Park causes traffic problems and it cannot expand because of fears from emergency services over access and planning constraints.

And many residents in the area say they are fed up with the influx of fans, many of whom park outside their houses.

Land including the former Compair factory site in Hughenden, the park and ride facility at Cressex Island are among sites that could be sold for office or housing development to pay for the stadium, Cllr Green said.

The sale of the park and ride has caused massive controversy. The facility will be moved next to Wycombe Sports Centre with the athletics track planned to move to Hazlemere.

This has infuriated Hazlemere residents by the proposed track, for Sir William Ramsay School in Rose Avenue.