Hayes became a 25% shareholder through an initial £250,000 investment in Wycombe Wanderers in June 2004, when the football club became a plc, and later became managing director. Hayes bought an 11.6% stake in London Wasps Holdings Ltd in August 2007, and became chairman of Lawrence Dallaglio's benefit committee. In December 2008, Hayes bought Chrysalis Records founder Chris Wright's controlling interest and John O'Connell's shareholding in London Wasps to take complete control, and in July 2009, following a shareholders' meeting, he took full ownership of Wycombe Wanderers, in the process writing off £3m of the club's debt to him in exchange for shares.
