Wasps have been suspended from the Premiership for the rest of the season and will be relegated.
The six-time champions went into administration earlier this month, with 167 players and staff subsequently made redundant. The RFU has now confirmed Wasps will be suspended from the top flight and the Premiership Rugby Cup for the rest of the campaign. Their results from this season will also be expunged.
Should the crisis club be able to find suitable investment, they will begin next season in the Championship. There will only be 11 clubs completing the Premiership season following Worcester Warriors' demise last month.
A statement read: "We are 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."
Meanwhile, England star Jack Willis has expressed his gratitude for the international set-up after being left jobless by the demise of his club side.
Speaking at England's training camp in Jersey for their autumn international, he said: "You think in your head: 'Have I actually lost my job?' and you realise everyone in that room, as of that minute, no longer had a job at Wasps, and who knows what the future holds for everyone individually and also the club?
"It was pretty scary to be honest with you and pretty upsetting. The club gave me the opportunity to play alongside my brother [Tom], alongside my best mates, and create mates and memories for life."
