WASPS’ decision to leave High Wycombe will cost the South Bucks economy millions of pounds a year.

On Wednesday the club announced they would move permanently to Coventry’s Ricoh Arena, playing their first match at their new stadium in December.

Wasps, who have 2,800 season ticket holders, 80 per cent of whom are from the area, say the move was forced on them after annual losses at Adams Park of about £3m took the club to within an hour of going out of business in 2010.

They have been tenants at the stadium since 2002, but gates average just over 6,000 and terms of their lease mean Wasps receive just 15p of every pound supporters spend at the stadium on matchdays.

By taking a 50 per cent stake in the 32,000-capacity Ricoh Arena, with a view to increasing that share in the future, they hope to secure their long-term future.

However, Wycombe Wanderers admit Wasps’ departure will mean the loss of a ‘significant’ revenue stream, and the town itself is likely to take a financial hit as well.

Wycombe District Council, who have said this week it wanted the club to stay, is not able to put an exact figure on it, but Coventry City Council leader, Councillor Ann Lucas said last week that a one-off match Wasps played at the Ricoh Arena in 2007 ‘brought about £6million into the local economy.’

Meanwhile, Claire Prosser, Policy Executive, Buckinghamshire Chamber of Commerce, said: “It’s unfortunate news for Wasps fans and the High Wycombe local business community that the club has decided to move to Coventry.

“Although it is understandable that the decision has been made for financial reasons, the biggest impact will be felt by the hospitality sector in the area, which has served visitors to Adams Park for 12 years. We hope that the rest of the community will support the businesses affected.”

Wasps were set on making High Wycombe their permanent base in 2010, when a new shared stadium with Wanderers at Booker was on the cards.

The council supported the proposals and Wasps said they ‘had no Plan B’ were the scheme to falter.

There was fierce public opposition from many living near the proposed site, with a coalition of 16 associations, parish councils and interested groups forming the community action body GASP – Groups Against the Stadium Proposals – in 2010. The group mounted a number of protests against the plan.

The council’s stance changed when Alex Collingwood replaced Lesley Clarke as leader, and WDC turned down the stadium plan in 2011.

Wasps’ then-owner Steve Hayes walked away and the club lurched between financial disasters until Irish businessman Derek Richardson took over last spring, citing a new stadium as his priority.

A number of councillors expressed regret the stadium scheme had been ditched at the time, however, including former deputy leader of WDC, Cllr Tony Green.

He said he thought the decision to axe the plan has been premature, adding: “The whole area would lose if Wasps disappeared, hopefully it won’t come to that.

“I think it would be a massive blow, especially for the children who are trained in the Wasps community arena.”

Meanwhile, Wanderers are offering Wasps season ticket holders free entry to three of their next five games.