Wasps to be relegated from Premiership after being suspended from rest of 2022/23 season
Wasps have been suspended from the Gallagher Premiership Rugby and Premiership Rugby Cup for the remainder of the 2022-23 season.
The RFU - the governing body - confirmed Wasps' suspension after they went into administration earlier this month.
The Coventry-based side will now be relegated from the Premiership.
An RFU statement said on Friday: "Following a meeting of the RFU's Club Financial Viability Group today, the RFU can confirm the suspension of Wasps from Gallagher Premiership Rugby and Premiership Rugby Cup for the remainder of the 22-23 season."
The statement added: “The RFU’s Club Financial Viability Group is encouraged by the progress made by the administrators and it has taken the decision to suspend the team in order to support the prospect of securing a deal with the right investor and giving the club the best chance for a long term sustainable future.
“Any potential investors and management will require due diligence and approvals from the RFU and PRL. A condition of any potential deal will include a requirement for the payment of all rugby creditors.
“The decision also gives certainty to PRL and Premiership rugby clubs to protect the integrity of Gallagher Premiership Rugby and allow clubs and their teams to plan for the rest of the season.
“Under RFU Regulations, Wasps will be relegated from Gallagher Premiership Rugby, and therefore if investors can be secured, the club will restart in the Championship in season 2023-24. The club is able to appeal this decision if it can show there was no fault insolvency.”
Wasps were placed into administration on Monday 17 October, following in the footsteps of Worcester Warriors.
The administrators FRP said that 167 employees had been made redundant, including all members of the playing squads and coaching staff.
Premiership clubs are struggling because of rising wages for top players and coaches, despite salary-cap curbs, a constant contest to lure in punters and continued battles to boost match excitement.
The authorities will do everything to avoid Wasps going to the wall. But the wider argument over the Premiership’s best long-term plan will rage on.