London Irish have absorbed London Scottish and Richmond to form a super-club, with Irish chairman Geoff Read calling the move "a sign of the times".
The historic deal has to be approved by English First Division Rugby and the Rugby Football Union, but EFDR will be delighted that this one agreement reduces Premiership One from 14 to 12 clubs.
The RFU have reminded the super-club that there are new rules for mergers. "We have been given indications from the RFU that the arrangement will be satisfactory," Read said: Irish are the clear winners, with the majority interest, and it is a unique way for them to celebrate their centenary season.
Their partners have a combined 260 years history. London Scottish, founded in 1878, will have the larger minority interest, with Richmond (founded 1861), who have been in administration for the last three months, becoming the junior partner.
The deal creates English rugby union history. There has never been a triple merger between first-class teams. But it is harsh sign that professional rugby simply could not carry on splashing out vast sums to players without the income to sustain the outgoings.
It is virtually certain that the super-club will be called London Irish and play at their intended new venue, The Stoop, where they will ground-share with Harlequins.
Irish Chairman Read confirmed that his team's coach, Dick Best, would be in charge as Director of Rugby.
"Dick will be choosing players from all three squads on merit and subject to availability."
Richmond have lost a batch of internationals since their financial troubles began in March, but Best's big prize would be inducing Richmond captain and England number eight Ben Clarke to join.
One sign of the new era is that the new club will not be sponsored by Guinness, who will be concentrating on their sponsorship of the World Cup next season.
But there should be no trouble in attracting fresh backing.
The super-club start with around £1.5 million donated by EFDR, who pledged £500,000 to every club willing to merge. Irish were just shaded out of qualification for the European Cup last term.
"We intend that the enhanced squad and new club will be in the European Cup 2000," warned Read.