New investors have taken an interest in Newport Gwent Dragons, says CEO Stuart Davies.
A 50% share of the region belongs to the Welsh Rugby Union who have said they may take over completely if no new investors are forthcoming.
The region has a desire to become fully independent and Davies said he hoped the emergence of new investment could help them achieve that.
"There's a lot of interest and a lot of work going on around that," Davies told BBC Radio Wales Sport.
"We're at a point now where we have investors interested. They've tabled the terms on which they're prepared to come on board, and now we have to consider if they're acceptable.
"In effect, that would amount to a handing of the reins to a new collective of investors. It's important the current board are happy to hand over the reins based on the terms of the prospective investors."
Former captain Michael Owen recently described the region as "mediocre" and said they should move to another part of Wales if investors came along who wanted them to.
The ex-Wales skipper suggested the region could move to Pontypridd or north Wales, while WRU chief executive Martyn Phillips said the Dragons are "in a difficult spot at the minute".
"Whether it's as governors or joint-owners of the Dragons, the union [WRU] have been very close to this process all along," said Davies.
"They've been shoulder to shoulder with us on this. But the model and the aspiration in terms of an independent Dragons – new investment, new ownership – all that remains."