NEWPORT Gwent Dragons chairman Martyn Hazell insists a sale of Rodney Parade to the Welsh Rugby Union is the only way to keep rugby at the historic ground.

The governing body are currently part-owners of the Dragons along with Newport RFC and are closing in on a deal to take over completely.

The region have been hunting for fresh backing since last April but they have attracting no new investors, prompting the WRU to step in.

The Union, who are currently owed around £1million by the Dragons, will own the region AND Rodney Parade under the proposed deal.

“I am very comfortable with them taking over. That would be the best outcome,” Hazell, Dragons chairman and a Newport RFC director, told WalesOnline.

“The alternative would be bankruptcy. We can’t just carry on as we are. Where will we get the money from?

"I can’t do it anymore. I can’t keep ploughing money into it, nor can (fellow board member and benefactor) Tony Brown.

"It’s the only option, other than selling the whole lot to a builder and we don’t want the place turned it into a building site.

“I am trying to keep rugby at Rodney Parade for Newport and the Dragons. This is the only way of achieving that.”

The ground is owned by Newport RFC and Black and Ambers supporters are worried about the loss of their asset.

In a statement The Friends of Newport Rugby said they were “gravely concerned” and that: “Now is the time for supporters to get behind our club before it is too late. We need to ensure Newport RFC keeps its home, identity and assets.”

A deal would need the approval of 75 per cent of Black and Ambers shareholders and Hazell insists neither he, who is owed around £1.5million, nor Brown, £3million, will be calling in their debts.

“The WRU would buy the ground. It would be a substantial amount of money," he said. “But there are debts, we owe the WRU a lot of money, we owe a bank overdraft (just under £1million to Handelsbanken)."

Hazell continued: "Tony and myself are not expecting to see our money back. For rugby to stay at Rodney Parade, we are willing to give up a lot of money owing to us."