Gwent Rugby Ltd, the company running the Gwent Dragons have passed into the hands of the adminstrator - six months after coming into existence.
With projected losses for its first season as one of the five flagship new regional entities created by the Welsh Rugby Union set to run to almost Â£1 million, the directors decided to take prompt action to arrest the off-the-field slide.
On the field, the team coached by Mike Ruddock have moved up to fourth place in the Celtic League and are beginning to make real strides.
This move will at least allow them to meet their playing commitments, although it is understood the players refused to take a 10 percent pay cut. Even so, a few players who don't make the 30-strong European squad are likely to be shown the door.
"We will do all we can to ensure the club's commitments to the Celtic League and the Heineken Cup are met and have every intention of honouring all of the Dragons' forthcoming games," said Paul Harding, of PricewaterhouseCoopers, who is one of two appointed administrators.
"We aim to assist the Directors in finding a swift solution which will ensure financial stability and continuity of the Newport Gwent Dragons in the regional rugby arena in Wales."
After two years in the international wilderness, Adi Taviner is hoping to make up for lost time when she takes part in her second Women's Rugby World Cup which kicks off in Paris next Friday where Wales take on hosts, France.
The WRU's Women and Girls legacy events - #TRY OUR GAME have proved popular this week with current players and newcomers to the game learning new skills and picking up tips from national squad players.
We caught up with Shona and Ellie from the Wales women team ahead of the start of the Women's Rugby World Cup in Paris next month at a recent women's training session to encourage and promote more women and girls to try their hand at rugby. #tryourgame
The Women's Rugby World Cup warm-up clash between Wales and USA proved bittersweet for centre Elen Evans. Despite being one of the star performers on the day on her 50th Test appearance, USA edged home 10-7 at Cross Keys.
Wales completed their Junior World Championship campaign with a victory over Samoa. Team manager Mark Taylor and No 8 James Benjamin reflect on a tournament which saw Wales win three games and lose two.