Premiership club Wasps have been placed into administration, the Coventry-based side said on Monday after they were suspended by England's Rugby Football Union (RFU) last week when they were unable to find a solution to their financial woes.
167 employees were made redundant as a result of the club being placed into administration, including players and coaching staff.
"Wasps Holdings Limited was placed into Administration on 17 October 2022 and immediately ceased to trade," Wasps said in a statement.
"The affairs, business and property [...] are being managed by Andrew Martin Sheridan and Rajnesh Mittal of FRP who were appointed Joint Administrators. The Joint Administrators act as agents of the Company and without personal liability."
The former Premiership and European champions had filed a notice in the High Court last month stating their intention to appoint an administrator to secure their future.
Joint Administrator Sheridan said: "This is a dark day for English rugby, and we know this will be devastating news for every Wasps player and member of staff, past players, sponsors, and their thousands of supporters throughout the world, and anyone who has ever been involved with this great club.
"Our immediate focus is on supporting those who have lost their jobs this morning. This will be an incredibly challenging time for every individual, and we will be assisting them in making claims to the redundancy payments service."
Sheridan added by saying they remain in "ongoing discussions" with interested parties and said he is confident a deal will be agreed to allow Wasps to continue.
The club withdrew the men's team ahead of the weekend's fixture against Exeter Chiefs, which led to the RFU's Club Financial Viability Group suspending the club.
RFU regulations state that a club placed in administration during the season will be relegated for the following campaign.
Premiership club Worcester Warriors went into administration last month after being suspended from all competitions when they failed to meet a deadline to prove they could operate amid their financial difficulties.