Well not strictly true. They went bust (the professional club (there is an non-professional club also)), mainly as they shouldn't have got promoted to the Premiership (only by legal means they got in). Spent waaay too much on average players and went down with a salary budget of £1.7M in the second tier (Championship), when most clubs run on half that, except London Irish.
Really bad management of the club.
They went financially bust and were being taken over, the entity taking them over failed to prove to the RFU that they had the money and the RFU pulled the plug on them being a professional club and wiped the results and kicked them out. The amateur club continues and the pro players are fucked.