The RFU approved the takeover of financially-hit Wasps in December after they were suspended for going into administration and relegated to the second-tier Championship for the 2023-24 season.

Yet the RFU said in a statement that a deadline it had set for the club to meet various commitments, including evidencing payments to creditors and putting in place suitable governance structures, had not been met.

The RFU was also concerned about the lack of progress engaging coaching staff and players.

"The club stated that it could not meet these commitments, recommit to participating in the Championship in 2023/24 or engage staff of players until further finance was secured," the RFU said.

Wasps will move to the bottom of the playing pyramid as a result.

“This is not the outcome anyone in rugby wanted and all those involved with the club will be deeply disappointed," RFU CEO Bill Sweeney said.

The governing body added it had worked with Wasps' new owners for the past six months to ensure that a robust plan could be put in place for the club to continue in the league structure.

"However, the RFU Board decided that in order to give certainty to other clubs, the licence to continue to play is withdrawn," it said.