One huge factor is having to pay 'rugby creditors'. That will run in to tens of millions.
Any sensible investor will say, why pay that? If they are not out and out Wasps die hards, why not pick any other Championship side, and invest in them? That team will have a ground (albeit with potentially little or no infrastructure), a team, coaches, etc.
Having to throw tens of millions down a black hole for a brand that has no ground, no team, no coaches, is a really big ask.
It is this basic conundrum that made me question whether a comeback was even possible, for either team. I still hold to that. I simply do not see it happening.