Dragons are to return to private ownership after a takeover deal for the Newport-based regional team was agreed.
They were the only region to be owned by the Welsh Rugby Union (WRU).
However, ahead of of Friday’s deadline a heads of terms agreement has been reached with a consortium led by chairman David Buttress.
A return to private ownership had been a condition of the new six-year deal signed between the regions and WRU in March.
The new deal will allow Dragons RFC to take back ownership of their Rodney Parade home in the centre of Newport.
Mr Buttress said he was “delighted” to have agreed the deal.
“This is a momentous day in our club’s history and the start of an exciting new chapter for us all at Rodney Parade and for rugby right across Gwent,” he said.
“It is an enormous responsibility to become custodians of this club.
“Our ambition is aligned with our supporters, and we will continue to build a true family club and work with local stakeholders to help deliver professional sport and sustainable long-term growth for the area.”
More to follow