Celtic Warriors have been bought by the Welsh Rugby Union, fuelling fears the club will be wound up.
The WRU have consistently maintained Welsh rugby can only support four professional regional sides.
At the moment there are five, with Newport Welsh Dragons, Cardiff Blues, Llanelli Scarlets and Neath/Swansea Ospreys the others.
WRU group chief executive David Moffett has been asked to conduct a review of the Warriors and report back on or before 27 May.
The WRU board of directors agreed yesterday to purchase the 50% shareholding in the Celtic Warriors held by Bridgend RFC, giving them 100% ownership.
Warriors defeated Wasps in a Heineken Cup group match this season and finished in the top five of the Celtic League.
Wales scrum-half Gareth Cooper and Wales lock Robert Sidoli – both currently sidelined by injury – are on the club’s books, and Welsh great Neil Jenkins, now retired, played for the club this season.