Following speculation in the media this week regarding both the future and the ownership of the Millennium Stadium, WRU Group Chief Executive David Moffett would like to make the following remarks:

"As has already been revealed by our bankers, Barclays, we have made great strides in tackling the financial position at the Millennium Stadium. This has been achieved through close liaison with Barclays, BT and the Millennium Commission," said Mr Moffett.

"As part of our forward planning, we have been in discussion with the Millennium Commission concerning the issue of naming rights to the stadium. These discussions have been very positive to date and, we hope, might lead to a successful conclusion for all parties.

"The Millennium Stadium has proven itself to be one of the best sports stadia in the world since it first opened for business on June 26, 1999. It has seen more than five million spectators come through its doors and has become one of the modern icons of the new Wales.

"It remains the jewel in the crown of Welsh rugby and that is why we are working so hard to make its long term future even more secure and successful. I will be giving an update to the WRU Board of Directors on the negotiations with the Millennium Commission at our scheduled meeting on Thursday night and I am due to meet with Barclays Bank on Friday to do the same."

A statement from Barclays bank this week stated they were "encouraged by the progress made in operationally turning around the business at the Millennium Stadium."

The statement also said they were working hard with David Moffett and his team "to find an appropriate debt structure."