Ospreys have made the surprise announcement that the club has been taken over by Asian-based sports marketing group, Y11 Sports and Media.
The company has acquired a 71.5% shareholding majority and have openly alluded to a new era of 'long-term transformation' for the club.
Ospreys Chairman Rob Davies said:
“Since the advent of regional rugby, the Ospreys have always aimed to be its pioneers. We haven’t been afraid to do things differently and to push the envelope. Today’s announcement is us doing the same again.
“For some time now we’ve been planning a radical shift of gear and, from that, over 12-months of hard work and strategic planning has led to this new partnership with Y11.
“It was essential we found a partner who shared our ambition and vision, but with the cultural understanding, expertise and resources to propel the region and community all into a new era. We needed to secure the success of the past, whilst embracing fully the future and that is what we are now doing together. We’re thrilled by the opportunities ahead.
“We are confident all our stakeholders and partners will be as excited about this development as we are. We have confided in the Welsh Rugby Union Executive and kept them fully aware of this development and now we look forward to planning for the Ospreys future.”