WASPS could be plunged into administration after talks over a possible takeover collapsed, it is being reported today.

The club said in a statement yesterday there was now "urgency" surrounding finding a buyer for the former Heineken Cup winners.

And the Bucks Free Press understands that while the club has enough money in the kitty to continue until the end of the season, administration is a possibility if no new investment is found.

Wasps confirmed yesterday that negotiations to sell the Adams Park club to an interested party had stalled.

Owner Steve Hayes put the club up for sale in October, citing the withdrawal of support from Wycombe District Council over plans for a new stadium at Booker as the key reason for looking to offload Wasps.

With yesterday's announcement that talks had broken down, Wasps are now looking for more potential investors to step forward.

Chairman Mark Rigby said: "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."

The sale of the club is being handled by Baker Tilly, who were unable to comment today for legal reasons.