Wasps have been thrown a lifeline just two days after their suspension from playing and relegation to the Championship was confirmed.
A consortium of former players has had an offer accepted by the club’s joint administrators to buy the men’s rugby and academy sides.
The ex-Wasps stars involved are yet to be named but include members of Wasps Legends, a who’s who of players from the club’s golden era in the 1990s and Noughties.
The consortium still has to meet all the requirements set by the Rugby Football Union, including the fit and proper owners test and presentation of a three to five-year business plan with “supporting robust financial forecasts”.
The immediate plan is to hire a number of senior coaching staff, including Lee Blackett, until last week the club’s director of rugby, with the aim of building a squad capable of being competitive in the second division.
Andrew Sheridan, joint administrator and partner of FRP Advisory, said: “This needs to be 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.”
Wasps Women and Wasps Netball are not included in this rescue package. Separate discussions are said to be ongoing.
The development came as Jim O’Toole and James Sandford were selected as preferred bidders for buying Worcester Warriors, ahead of Steve Diamond and his ‘Sixways Village’ project.
