Welsh Dragons Head For Private Ownership

Dragons RFC is set to return to private ownership after a deal to takeover the Newport-based regional team was agreed.

Dragons, one of the four professional rugby union regional teams in Wales, was the only region to be owned by the Welsh Rugby Union (WRU), but has now be sold to a private buyer.

This follows a new six-year deal signed between the regions and WRU in March, which stated returning to private ownership as a key condition.

On Friday 30^th June, a heads of terms agreement was reached with a consortium led by chairman David Buttress.

The new deal will allow Dragons RFC to take back ownership of its Rodney Parade home in the centre of Newport in Wales.

Buttress, the former Just Eat UK Chief Executive and Dragons Chairman, commented, “This is a momentous day in our club’s history and the start of an exciting new chapter for us all at Rodney Parade and for rugby right across Gwent.

“It is an enormous responsibility to become custodians of this club.

“Our ambition is aligned with our supporters, and we will continue to build a true family club and work with local stakeholders to help deliver professional sport and sustainable long-term growth for the area.”

Newport Gwent Dragons was formed as part of Welsh top-tier rugby’s transition from a club to regional structure 20 years ago, with the WRU increasing its 50% share in a takeover back in 2017 after the club experienced financial difficulties.

This move included new ownership of the nine-acre Rodney Parade site and saw the team rebranded simply as ‘Dragons’.

WRU interim Chief Executive, Nigel Walker, commented, “It was a vital piece in the jigsaw for our new long-term, six-year agreement for the professional game in Wales and to bring about the sustainability and success it demands,” he said.

“Credit must go to David and his fellow investors for their passion and commitment to Dragons RFC.

“We know these are difficult times for the professional game globally, but this news today puts the Dragons in a strong position to thrive in the years ahead.”

Dragons – along with its counterparts Cardiff, Scarlets and Ospreys – has continued to be dogged by financial issues with the impact of the coronavirus pandemic having a major impact on cashflow.

The six-year deal agreed by the Professional Rugby Board, which represents all four regions and the WRU, will see each region’s funding reduced by almost £2m each as the Welsh game continues to seek sustainable funding.