Looking around, it appears four other clubs (Falcons, Irish, Gloucester and Tigers) are at the point where the owners have to decide whether they will, or can even afford to, pay HMRC and the players wages this month. Owners of Wasps and those other four all appear unwilling to place their clubs in to administration until HMRC issue winding up orders (in other words, to deflect criticism, they let HMRC take 'the blame' for hammering the final nail in to the coffin). If this is true (I have no reason to doubt the list), that would leave one club in the North (Sharks), one in the Midlands (Saints), two in London and three in the South West. It would also break the PRL and the RFU.
What has been the catalyst? I am not sure either Worcester or Wasps going under as such, but surely the response of the RFU (business as usual, nothing to see here, we are better off without those two clubs, happy to lose another club to take it to 10), and the fact that, of those clubs remaining, the majority (at least 6) want to increase the cap. Those four clubs who are struggling are now being shown in big large writing on the wall, the RFU and the other clubs don't want you around, they want you out of the playground.
We have no voice in this. Wasps have publicly said they cannot and will not pay HMRC. This is simply a low train wreck. The owners of those four clubs must already see that pouring in their own money at this stage is a pointless waste. We may see either the RFU going bust or imploding, or some other structure appearing to replace what has become inept and irrelevant.