A club local to me had a similar fall from grace.
They were a small community club who attracted the interest of a rich businessman. His son started playing as a mini & he got involved. He financed the 1st team & they rocketed up the rugby pyramid, with multiple back to back promotions. This caused a far amount of problems within the club as the minis, Juniors & lower sides felt a bit excluded form the professional 1st team. He financed a move away form their traditional ground as he fully intended them to make it to the Premiership.
They were flying high in National 2 when the investor very suddenly had a heart attack & died. This left them with huge financial holes that could not be filled & their 1st team folded. After a couple of seasons they re-appeared in Kent Counties 4, the lowest available league. They finished their first season mid table.
They were able to reform because, despite the 1st team dissolving, the essence of the club, the old ex players propping up the bar, the committees, the minis & juniors, was still there. With all of that, they have still only managed to finish mid table in the lowest league.
Wasps problem, as I see it, is that it really is just a name. Theres no traditional club in the back ground that it can base itself on. How is it going to survive?
Shugs you say "I think we'll still have our team" but will we? How is a bunch of players & coaches that have no Wasps background or history (an assumption I know) Wasps?
Can sticking a badge on a new team, make them Wasps? I honestly dont know.