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Wasps' administrators say they have accepted an offer to buy the financially stricken Premiership club.

The offer, from a consortium including members of Wasps Legends, is for only the men's rugby team and youth academy.

The six-time English champions were suspended and relegated after entering administration on 17 October.

Joint administrator Andrew Sheridan said: "This deal is a significant step forward, one that we all hope will allow Wasps Rugby to live on."

He added: "The consortium knows it still has to meet all of the Rugby Football Union requirements, including the fit and proper owners' test and the presentation of a three to five-year business plan with supporting robust financial forecast.

"This needs to be completed as soon as is practical in order to be in a position to play next season."

The bid is subject to contract and the consortium plan to liaise with both the RFU and the Rugby Players' Association to ensure compliance with creditors' rules.

Despite Wasps' relegation, the prospective buyers have indicated that they intend to appoint coaching staff and build a squad "capable of competing at the top level next season".

Separate discussions are taking place about the future of Wasps' netball side and the women's rugby team.

´óÏó´«Ã½ CWR understand that the prospective takeover does not include the Coventry Building Society Arena.

Wasps were the second club to be suspended from the Premiership this season after Midlands rivals Worcester Warriors entered administration in September.