The Rugby Football Union has confirmed that Wasps' license to play in the Championship next season has been revoked.
The license was initially approved in December but the RFU in a statement released said that the minimum criteria wasn't met by Wasps within the deadline period.
Having entered into administration in October last year, Wasps are without a ground but have a training base in Henley-in-Arden.
Prior to entering into administration the club was based in Coventry and now will be at the bottom of the playing pyramid in England.
"The Rugby Football Union has withdrawn the licence for Wasps to continue to play in the league structure. This means that Wasps will not be able to play in the Championship next season," read a statement from the RFU.
"In order to be sure that Wasps were in a position to play in the Championship, the RFU set a deadline for the club to meet the commitments it had made when the licence was first approved and recommit to participating in the Championship in 2023/24. These included evidencing payment to rugby creditors and putting in place suitable governance structures including a majority independent board and a process for managing risk.
"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 had worked with the club's new owners to give the club the best chance of continuing in the league structure and recognises the effort the new owners have put in to try to make this happen. However, the RFU board decided that in order to give certainty to other clubs, the licence to continue to play is withdrawn."