"We had said all along it was a robust and rigorous assessment process and we did that and it came to a joint decision at the end [that] now isn't the right time to sell Cardiff." What were the sticking points?"There weren't sticking points and Y11 were constructive and collaborative throughout but we couldn't reach an end agreement whereby it made sense for either of us to take it forward."It was a process that took 90 days and caused a lot of headlines and which a lot of people were not happy with. Was that three months now worth it, for the sort of concern for supporters, players and coaches [it caused]?

"It was absolutely. We committed when we took Cardiff into administration and rescued them, we would look to test the market and committed to the clubs we would do that."So it was important we did it and it's a major commercial asset so you had to take the time to do that in a robust and rigorous way. So that wasn't anything I would have ever wanted to rush."

Why was it not the right time to buy Cardiff?"Rugby, globally, is in a difficult place at the moment. I use the analogy when you're looking to sell something, whether it's your house or a rugby club, you have a choice at which point in the market you choose to sell."We committed to testing the market. We didn't get a huge number of bids as a result."We only had two credible bids and then you have to look at the benefits of selling it now and bringing some stability into the system, and looking to how we can improve, how we deliver the game and a team that is maybe performing better in a couple of years' time and might be a better sell then.

So it's all of those considerations." How long will you own Cardiff for? "Until it makes commercial sense to do something different.

We have it in our financial plans to own it."There was another consortium interested, so do they come back into equation to buy Cardiff?"No, they don't. We're not selling and are taking Cardiff off the market."Cardiff used to uncertainty as deadline loomsWelsh Rugby Union takes control of Cardiff RugbyWRU's acquisition of troubled Cardiff cost £780kOspreys concerns and PRA changeOspreys fans demonstrated after the news that Y11 was in talks to buy Cardiff [Huw Evans Picture Agency]What would you say to Ospreys fans now who are concerned about Y11. Are they committed in the long-term after expressing an interest in buying another Welsh club?"The conversations I've had with Y11 from the start of this process is they have been committed to Ospreys and continue to be so.

I would reassure the fans of that. "They want to get the PRA25 signed as soon as possible and I am hopeful the Scarlets will also."That's the Ospreys' focus and they're already turning their minds to what that means in terms of investment they can put in and will take them through until 2028. I know they're excited about where Ospreys can go."Why have you given the Ospreys and Scarlets the option of signing the PRA just under a year after you took it off the table?

"We didn't take it off the table, they chose not to sign it at the time and therefore missed the deadline. "It is important we get stability into Welsh rugby and the whole point of the PRA25 was two things. "One was to increase funding to clubs to ensure they were more competitive and ensure they have the right support for players which also benefits the national team."The other bit was improved rugby alignment across the system and [to] build on the great work [done by] Steve Tandy and Dave Reddin.

The clubs have already started to do that."So, PRA lasts until 2030? It's a five-year deal from 2025 but with a break clause in 2028 when further decisions will be made?"That's right. What we are saying to the clubs at the moment is it's until 2028 because basically what