DAVID Buttress admits he would have walked away from his bid to take the Dragons back into private ownership were it not a “passion project” – but the chairman is confident a deal is close after frustrating delays.
The club has been owned by the Welsh Rugby Union since the summer of 2017 when Newport RFC shareholders agreed to a deal that included the nine-acre Rodney Parade site.
Buttress was appointed as chairman in September of that year and has been in talks with the governing body about returning to private ownership since 2019.
The deal will feature the Dragons securing a long-term lease for the stadium site and the Union retaining the land to the north of it that has the potential for development.
However, coronavirus led to a delay and the pandemic was followed by wranglings over a new funding agreement for the professional game.
A new six-year framework has been verbally agreed and once that is rubber-stamped by the Professional Rugby Board – which consists of regional representatives, the WRU and a pair of independent members – then Buttress says it will be full steam ahead at Rodney Parade.
“We are still keen to do the deal and I am fully committed to it,” said the chairman, who is the Dragons’ representative on the PRB.
“It’s clear to me and others involved that taking the club private is a passion project and not in any way a rational, financially-driven one.
“Let’s be blunt, if it was then the amount of time and difficulty of this process would have led me to walk away in any other area of my business life.
“This is a passion project and we are as committed to it now as we were before Covid.
“Does everything in Welsh rugby take far too much time? Yes, it does. Have I come to accept that? Yes, I’m afraid.
“I am optimistic that when the PRB deal gets done, our deal gets done.
“Mike Wroe, who was my chief finance officer at JustEat, is leading on some of the financial aspects of the negotiation with the WRU.
“In terms of speed, he would tell me that we are very, very close in terms of the major items such as key principles surrounding the lease of Rodney Parade and ownership of the club.
“All of those things are there or thereabouts, that is the basis for my optimism.”
The Union previously wanted to remove the reliance on benefactors but there has been a shift in policy.
Asked by the Argus if the WRU shared Buttress’ desire for the Dragons to be privately-owned, chief executive Steve Phillips replied: “Definitely, as part of the ongoing conversations that is very much on the table and it would be very troublesome if we don’t achieve that within the current [proposed] framework.”
Buttress is determined to do a deal with the WRU for the Dragons – and a new lease with Newport County AFC should follow quickly – but has warned that help is needed to prosper in the city.
“In a world of taking the Dragons private we are going to need support for it to become a sustainable model,” said the chairman.
“I have not got a magic wand and this will be a tough rebuild. We genuinely need Newport Council and all of our stakeholders, and that is a terrible phrase, to support us.”
Comments: Our rules
We want our comments to be a lively and valuable part of our community - a place where readers can debate and engage with the most important local issues. The ability to comment on our stories is a privilege, not a right, however, and that privilege may be withdrawn if it is abused or misused.
Please report any comments that break our rules.
Read the rules hereLast Updated:
Report this comment Cancel