"The performance of both teams has been very disappointing and unacceptable and, consequently, we are proactively looking for improvement. Several options are being considered and are currently under review in order to strengthen our position.
"One option has led to exploratory talks with the Celtic Warriors and the Welsh Rugby Union.
"However, the outcome to these exploratory talks and other funding options have yet to be discussed with the full Cardiff Rugby Football Club Limited board.
"Naturally, any subsequent recommendation by the board for the potential improvement of both Cardiff and the Blues will need to be approved by the shareholders of the limited company."
