London Irish have been given a seven-day extension to prove they have a financially viable future after the club's players and staff asked the RFU for extra time having agreed to accept an initial 50 per cent of their May salaries on Wednesday.
The club had been given a 30 May ultimatum to show evidence of a much-discussed takeover by an American consortium or that they had the finance in place under current owner Mick Crossan to continue through the 2023-24 season.
However, after representations from players and staff, the Union's club financial viability group agreed to a new 6 June deadline by which time the takeover must be completed with the buyers undertaking to provide all required working capital to meet the club’s obligations for the 2023-24 season.
Alternatively the club will have to show that they have the funds to continue through next season.
If neither come to fruition London Irish will be suspended, becoming the third Premiership club to be kicked out after financial failures following Wasps and Worcester last season.
US-based investment firm NUE Capital is behind the takeover plan, with a group that includes a group of high-profile ex-players from American sport including two-time Super Bowl winner Ray Lewis, and former NBA players Julius Erving, Allen Iverson and Dikembe Mutombo. However, they have repeatedly failed to deliver on their promises.
"It is deeply frustrating for all the staff, players and fans that there have been months of multiple missed deadlines," Paula Carter, RFU Board Member and Chair of the club financial viability working group, said in a statement.
"The 4pm deadline on 6 June is final and we have added the stipulation that the club must also fulfil its contractual obligations to its employees by paying the May salaries in full."
The situation is particularly tough on Irish, whose fifth-placed finish last season was their best since 2008-09.
The club, who have been ground-sharing with Premier League soccer club Brentford in west London, have reported debts of around £30 million.
Their woes have again exposed the financial struggles afflicting the professional game in England. Wit no automatic promotion from the Championship again this season, the Premiership looks set to consist of 10 teams.