The Welsh Rugby Union (WRU) has assumed control of Cardiff Rugby after the club was placed temporarily in administration, the WRU said in a statement on Wednesday.
Formed in 1876 and inducted into the World Rugby Hall of Fame in 2011, Cardiff is the largest of four professional clubs in the principality and has produced more Wales and British and Irish Lions internationals than any other Welsh team.
The administrators sold the club's business and assets to the WRU after owners Helford Capital, which secured an 84.5 per cent stake last year, failed to meet its funding obligations.
Players and staff will remain unaffected by the takeover, the WRU said. Fixtures will go ahead as planned for the 2025/26 season and prepaid season tickets and sponsorship commitments will be honoured.
"It is unthinkable for us to allow the demise of professional rugby in the Welsh capital and there has been no hesitation ... as we quickly moved to pull a rescue package together," WRU Chief Executive Abi Tierney said in a statement.
"In the coming months we will be actively seeking investors who wish to play their part in ensuring this is achieved and Cardiff returns to the top table of club rugby."
Tierney said the takeover was essential to avoid the collapse of a club central to Welsh rugby.
Cardiff play Ospreys in the United Rugby Championship on 19 April at the Millennium Stadium in Cardiff.