WYCOMBE Wanderers' plans for a new 17,500 seater stadium and sports village were rejected by the town council last night.
Wycombe District Council (WDC) met to decide on the controversial Wycombe Air Park proposals in Booker before voting against them.
Club owner Steve Hayes was hoping to move Wanderers and Rugby Union side Wasps from their Adams Park home to a new sports village which would include housing and community facilities.
But the plans, designed by Hayes' Wycombe Sports Development Ltd (WSDL) company, had been met with protest from supporter groups and environmental campaigners.
Wycombe Wanderers Trust said there were too many risks around the new stadium plans but hopes WSDL and Hayes come back to the negotiating table with a better offer.
A statement said: "The cabinet's unanimous decision was taken on a combination of concerns in respect of development on an area of Green Belt and Area of Outstanding Natural Beauty (AONB) and on financial prudence, given the uncertain benefits compared with the very real costs and risks associated with the proposal.
"The Trust will be arranging discussions with Steve Hayes, and will welcome further discussions with WDC to discuss how Wycombe Wanderers can move forward at Adams Park, and the part that it can play in the next era of the club."
WSDL has insisted it is not financially viable for Wanderers and Wasps to remain at Adams Park with both clubs losing money annually while the Premiership rugby giants have also threatened to leave the town in search of more profits.
Reacting to the decision a WSDL statement said: "Our outline business case sets out a sustainable plan which delivers long term economic and social benefits to the whole area.
"The Wycombe Sporting Village creates at least 400 new jobs in the area, generates at least £125million worth of social benefits over the next 25 years, produces a projected £12.5m of rent receipts for WDC over 25 years, secures professional sport in Wycombe, provides affordable housing and offers world class leisure and recreational facilities for the community.
"We will continue to leave no stone unturned in endeavouring to secure the best possible future for professional sport in Wycombe, for the benefit of all in the community."
"The Council's decision tonight represents the potential loss of a golden opportunity to build towards a better future for Wycombe."