The club have been looking for a new owner since last July, when Wycombe District Council withdrew its support for the construction of a new stadium.
Wasps were close to completing a takeover deal last week, but that arrangement has fallen through, leaving the club in a precarious financial position.
It is understood Wasps have enough funding to see them through the next month, which would allow them to complete the Premiership season, but the club need urgent investment to remain in business beyond May. Wasps have returned with their begging bowl to three parties who had previously expressed an interest in the club, while issuing an urgent appeal for potential new investors to step forward.
A club statement said: “The board is disappointed to confirm that negotiations, which had been leading towards an imminent takeover of the club, have stalled. The board, having taken independent advice, is able to confirm that London Wasps Holdings Limited remains nevertheless a going concern.
“However, the board acknowledges the urgency of the current situation surrounding the club.
“There are ongoing active discussions with other potential investors but the club is seeking, using all best endeavours, further expressions of interest.”
Wasps, still to mathematically secure their Premiership status with three games of the season left, have fallen a long way since 2008, when Lawrence Dallaglio lifted their fifth English league title to go with the European crowns they won in 2004 and 2007.