Wasps will now take their place in the Championship next season after their takeover was approved by the Rugby Football Union.
A statement reads: “The RFU Board concluded that the application for Wasps was approved subject to a number of specific conditions being met and that it would continue to work with the bidders through the satisfaction of those conditions over the coming weeks.”
Wasps’ bid does not include the women’s team which is a separate club and which will continue to play as part of the amateur club, Wasps FC, at Twyford Avenue.
“These include a range of financial commitments to ensure that the club remains funded, the lodging of a significant bond, the regular provision of financial and other information, swift payment of rugby creditors, and corporate governance requirements including relating to the club’s board of directors and risk management process.”
Andy Scott, a former CEO of 188Bet and Interim CEO of the Wasps Legends Charitable Foundation, has been appointed as Chief Executive Officer, and will be supported by former players including Kenny Logan and Peter Scrivener, as well as a new main board of senior level executives.
Christopher Holland, the Club’s new owner, said: “As the new custodian of Wasps, I am fully aware of the responsibilities I have to its supporters, history and heritage. I do not underestimate that duty.
“Even though it has been an extremely challenging time for everybody connected with the Club, today’s decision is a reward for the hard work undertaken to date, and means we can now start planning for the future.
“There is, however, a long road ahead of us. In addition to fulfilling the obligations to rugby creditors as set out in regulation five by the RFU, we continue our conversations with investors to improve the funding we have acquired to date.
“We are diligently creating a viable long-term business model for the Club, and we have had to meet rightfully stringent and modern business requirements for regulatory control and corporate governance. The RFU and PRL have been a supportive partner during the process.
“I would like to place on record my thanks to all of our fans and partners, the wider rugby community, and all former players and staff. The support we have received has been incredible.”
Worcester rejected:
A consortium led by the club’s former chief executive Jim O’Toole, has seen its bid rejected on the grounds of its refusal to meet the conditions set by the RFU.
The English game’s governing body said it will instead work with Worcester’s administrator Begbies Traynor to enable alternative bids in the hope of preserving professional rugby at Sixways.
“In the coming days we will be in touch with the administrator to discuss other bid options as our goal remains to support the continuation of the rugby club in Worcester.” a statement from the RFU read.
Former Worcester boss Steve Diamond insisted again this week that he is ready to take over the club.
He wrote on Twitter: "I Can confirm that Adam Hewitt and I are fully committed to bringing Worcester Warriors back to the Premiership. We have the plan and the funding. Give us the opportunity. We Will give you the rugby. Bring it on!"
Wasps five-city shortlist:
#1. London
Former Wasps prop Phil Vickery believes the club must leave Coventry and return to London.
He is part of a consortium of former Wasps players trying to buy the men's team and the academy.
"To see Wasps come back to London would be awesome," Vickery told Sky Sports News.
"I associate Wasps with London, but it's easier said than done. They've tried for years to get the opportunity to do that.
"Yes, it would be brilliant - but let's focus on getting the club up and running."
#2. Stay in Coventry
They could still remain in Coventry. It will really come down to whether the party taking over can afford to take over the training ground in Henley-In-Arden.
#3. Birmingham
With Birmingham City strapped for cash and the countries second largest city without a Premiership club, a move to Wasps would make sense. They'd be able to keep the fan base built in Coventry while also being an easier accessible location for fans still based in London.
The population of the Birmingham metropolitan area is as high as 4.3 million.
#4. Worcester
They could take advantage of Worcester's similar struggles with Sixways now emerging as a shock option as Wasps' future home, according to Standard Sport.
A groundshare situation where both Wasps and Worcester called Sixways home would not be out of the equation, it is understood.
Reports last night suggested that Worcester Warriors face being blocked from joining the Championship by the Rugby Football Union.
#5. Liverpool
The 1988–89 Courage League National Division One was the second season of a truly national league in the first tier of the English league system currently known as the Gallagher Premiership. Back in those days, Waterloo and
Back then there were two Merseyside teams in the league with Waterloo and Liverpool St Helens both competing in England's top flight.
The focal point of the region of Merseyside, Liverpool’s metropolitan population is 2.2 million. In 2008, it was the European City of Culture, an event that helped to transform the city’s image, which had been battered in the final few decades of the 20th century.
