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The WRU have released a statement tonight after a boarding meeting this afternoon in relation to Cardiff Rugby’s ownership
The Welsh Rugby Union has identified its preferred bidder for Cardiff which it will confirm over the next couple of weeks.
WalesOnline understands the two bidders were the Ospreys‘ majority shareholders Y11 Sports and Media along with a consortium led by former Cardiff director Martyn Ryan.
After a WRU board meeting today, the governing body will now enter a period of exclusivity with its preferred bidder, with the intention of signing heads of terms over the next few weeks.
The ownership of Cardiff is also a key component in the WRU’s plans to reduce the number of professional clubs in Wales from four to three.
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As of today, the WRU wants to push forward with its plans which includes almost total control of all rugby operations at the three clubs who survive, which has caused huge friction between the governing body and the funding directors.
But if Y11 were to buy Cardiff, that would be one way the WRU could potentially get down to three teams by consensus.
The other bidder was a consortium led by former Cardiff director Ryan which includes three prominent Hollywood directors with the intention of creating a scripted TV series in the Welsh capital.
“The WRU board met for its January meeting today and considered the recommendation from the Executive Leadership Team on the sale of Cardiff Rugby,” read a WRU statement.
“The board reviewed in detail the final two bids and unanimously approved the proposal to move forward with a preferred bidder into an exclusivity period.
“Following this decision, the WRU has obligations to liaise with a number of stakeholders over the next few days.
“We will then discuss the decision with the two bidders and the management of Cardiff Rugby and we expect to be in a position to have completed this by next week.
“The WRU hopes to finalise the detailed negotiations with the preferred bidder and sign a binding agreement within a matter of weeks.”
Cardiff have been owned by the WRU since the club entered administration last April, but the governing body wants to put them back into private ownership, which has now moved a step closer.
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