London Wasps facing funding crisis after talks stall

London Wasps could face administration after the announcement a takeover of the club has stalled and investment is "urgently" needed.

The Aviva Premiership club had been searching for new owners after Wycombe District Council withdrew support for a sporting village and a new stadium, but they have confirmed negotiations with potential backers have stalled. Wasps have been left in a precarious position and reports suggest there is only funding in place to see them through until the end of May, meaning administration and possible relegation from the Premiership remains a possibility. Mark Rigby, chairman of London Wasps, has issued a rallying cry in the hope other interested parties might come forward and make an offer for the club. He said in a statement: "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."