Wasps' joint administrators have confirmed that an offer has been accepted from a consortium including members of the Wasps Legends.
The Coventry-based club - who have won the Premiership four times and the European Cup twice, went into administration on October 17.
The Rugby Football Union made a statement on Friday confirming Wasps' suspension from the Gallagher Premiership and Premiership Rugby Cup for the rest of the 2022-23 season, with the entire playing and coaching staff made redundant, as part of 167 job losses.
The offer is only for the men's rugby team and youth academy, with separate discussions currently ongoing for Wasps Women's Rugby and Wasps Netball clubs.
Joint-administrator and partner at FRP advisory Andrew Sheridan said: “The consortium knows that it still has to meet all of the RFU requirements, including the fit and proper owners test and the presentation of a 3-5 year business plan with supporting robust financial forecasts, and that this needs to completed as soon as is practical in order to be in a position to play next season.
“However, this deal is a significant step forward, and one that we all hope will allow Wasps Rugby to live on.
“We have informed the RFU about this development and the consortium is fully aware of the rugby creditors rules as set out in Regulation 5 by the RFU.
“We understand that the consortium will seek to work with the RFU, the RPA and their members to reach a reasonable conclusion on those matters."
