Bees have won three Elite League titles under Sandhu
Coventry Bees have been put up for sale with immediate effect by owner Avtar Sandhu who no longer wants to be involved with speedway.
A statement released by Bees said they "will not be operating speedway in 2012 under the current management".
It continued: "Coventry Racing Club cannot condone the manner in which the sport is run.
"It is in the best interests of all parties if the club seeks a new owner to take Coventry Speedway forward."
CRC, Sandhu's trading company, will still own the Brandon Stadium, where Bees compete, and are open to full offers for the club or season-long leases.
It is in the best interests of all parties if the club seeks a new owner to take Coventry Speedway forward
The 2010 Elite League champions almost did not compete in the top flight this year
after a row over rule changes at the sport's AGM last November.
Coventry, and fellow rebel club Peterborough, only
returned to the fold in April following negotiations with the British Speedway Promoters' Association.
It is not the first time Sandhu has threatened to sell the club. Back in 2007 Coventry's owner had become disillusioned with the way the Elite League was being run and at the time said: "I'm fed up with fighting with the BSPA every year. There's a time that comes when enough is enough."
Bees just missed out on the play-offs this term, finishing fifth in the Elite League.