Banbury Rugby Club's recreation ground and stadium has gone up for sale after the Charity Commission ruled that its owners had mis-spent £1.7m.

John Ariel, of accountants Bakey Tilley, receiver and manager of the Charity for a Recreation Ground for Banbury, which owns the 32-acre site near Adderbury, has appointed commercial surveyors White Mitchell, together with Edward Symmons Hotel & Leisure, to sell the freehold.

The land for sale, which may attract property speculators, includes a number of rugby pitches, a 260-seater stadium, a large clubhouse, and extensive conference and banqueting facilities.

Surveyor Peter Mitchell said: "The prime site of Bodicote Park should be of interest to sports ground and health and fitness operators together with property speculators."

He added: "We've already received a great deal of interest from a number of parties and we are currently in discussion with them."

Unconditional offers are invited for the freehold, with vacant possession, of the site together with its restrictive covenants.

Alternatively, conditional offers are invited for the site subject to either planning or a relaxation of the covenants, controlled by New College, Oxford.

The Charity Commission launched an investigation into the charity's financial affairs in March 2001 and in January appointed Mr Ariel to run it. Since then the club has been locked out of its pavilion except on match days and practice nights.

The commission's investigation found substantial reserves had been spent by former trustees on the non-charitable rugby club, rather than on providing an open playing field for Banbury.