Mike Cuddy has ended his involvement with Neath Rugby Limited by disposing of his interest in the Club to a Cardiff-based financial company which will work in partnership with an established volunteer management team at Neath to return its ownership to the supporters of Wales’ oldest club.

This dramatic decision follows all the well-publicised traumas of recent months.

Neath’s rugby secretary Mike Price said, “It has been the toughest of times for all involved at Neath. Supporters can now look forward to a brighter future and we are optimistic that the business can be turned around over the coming months both on and off the field with a minimum of fuss.

“We would like to thank the senior officers and staff of the WRU for guiding us through some difficult conversations in recent weeks and, in particular, our thanks go to WRU District “D” Director Alan Jones who has been most helpful and wise.

“There is a lot of hard work to be done to restore Neath’s pride and reputation and that will start now and, with the might of the people of Neath behind us, we will rise again from what has proved to be one of the most challenging periods in the Club’s illustrious history.

“Finally, the people of Neath will recognise Mike Cuddy’s contribution to the club over the years. Undoubtedly his ill-health has influenced his decision to relinquish control of Neath Rugby Limited and we wish him a speedy recovery”.