American biotech tycoon Hoyoung Huh part of Dragons takeover
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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.
Budgets will be slashed to £5.2m for 2023-24 season and reducing further to £4.5m the following season as the game in Wales looks to find a sound financial footing.
Dragons have seen themselves as the poor relations when it comes to funding and Wright says the group will use their global contacts to bring in more investment, but insists sustainability is vital.
“I’m sure there are those who would say the previous funding model didn’t work well for Dragons, but the new agreement gives us parity in funding in two years’ time, which helps for planning,” said Wright.
“We’ve walked into this with our eyes wide open. We know how hard it is to succeed in sport and have seen the casualties in England over the last year, so sustainability is vital.
“We’re not going to build up huge debt and we’re not investing in this just to go bust in a couple of years. You have to balance the books, it’s as simple as that.
“But independence allows us to look after our own future without any shackles and drive for the success we all want.”
League Two football club Newport County will continue playing at Rodney Parade while second-tier Newport RFC, who moved out of the venue clubhouse when the WRU took over in 2017, will play some of their games elsewhere in the city.
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