After an offer was accepted for the men’s rugby and academy teams, Wasps received a lifeline.

The joint administrators of Wasps Holdings Limited have granted a deal to members of the Wasps Legends group, subject to contract. On October 17, Wasps entered administration, which led to the layoff of 167 employees.

They were then suspended from the Gallagher Premiership for the balance of the 2022–23 season, and if new funding could be secured, they would begin the 2023–24 season in the Championship.

That eventuality now appears more likely with a statement confirming that, in the coming days, the club will be hiring a number of senior coaching staff, ‘with the aim of building a squad capable of competing at the top-level next season’.

CoventryLive understands one option on the table is former head coach Lee Blackett being installed as a director of rugby with attack coach Matt Everard moving into the head coach position.

Andrew Sheridan, Joint Administrator and Partner at FRP Advisory, 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.”

Separate discussions are ongoing in regards to Wasps Women Rugby and Wasps Netball and the Joint Administrators will provide further updates in due course.