Wasps' suspension confirmed: RFU statement

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 2022/23 season.
 
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.