Gwent Rugby Ltd, the company running the Gwent Dragons rugby union club, has gone into adminstration.

But administrators have promised to fulfil the club's fixtures in the Heineken Cup and Celtic League

The team was formed six months ago from Newport and Ebbw Vale, but are projected to make a loss of almost £1 million.

Paul Harding, of PricewaterhouseCoopers, one of two appointed administrators, said: "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.

"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."

WRU chief executive David Moffett said: "It is a relief to the WRU that we can now deal with a single person, that is the administrator in this issue, as neither Ebbw Vale nor Newport have demonstrated an ability to deliver regional rugby.

"This is evidenced by the absolute shambles that the Gwent Dragons have been off the field.

''On the field, the Dragons have enjoyed increasing success, which is down entirely to Mike Ruddock, his coaching and management team and the players.

"Whilst not impossible, it is extremely difficult to see how the WRU could support a regime in Gwent where either Ebbw Vale or Newport has an on-going involvement given their performances to date.

"We are of course very concerned for the players, who find themselves in this position through no fault of their own.

We expect to hold discussions with the administrator as a matter of urgency."