Aviva Premiership Rugby club London Wasps have released an urgent appeal for interested investors to come forward as soon as possible as the club could potentially go into administration.
A statement from London Wasps said, Following the decision by Wycombe District Council last July to withdraw its support for a new Sporting Village and Stadium for London Wasps, the Club has been searching for new investment and subsequently new owners."
The club has been up for sale since October last year but the club's lack of assets and vast costs have made the club an unattractive prospect for potential partners.
A price tag of £1.00 has been mentioned on the condition that the new owner's take over the clubs debts but Wasps have now revealed that hat negotiations, which had been leading towards an imminent takeover of the Club, have stalled.
The statement said, "The board, having taken independent advice, is able to confirm that London Wasps Holdings Limited remains nevertheless a going concern.
"However, the board acknowledges the urgency of the current situation surrounding the Club."
"There are on-going active discussions with other potential investors but the Club is seeking, using all best endeavours, further expressions of interest.
London Wasps Chairman Mark Rigby said: “London Wasps has a long and successful history, and is one of the best known brands in the game, and the board is convinced that the right backer exists."
"With a great squad in place and the excellent Dai Young at the helm, we believe we are set to make a strong impact next season."
"Time is however short and we urgently need a new investor or consortium to back this belief."