The cricket club was awarded the Ashes Test in April

The club won its bid earlier this year to host the 2009 Test against Australia at its Cardiff ground.

Glamorgan Chairman Paul Russell said he was confident that hosting the Ashes would transform the club's fortunes.

But the BBC Radio Wales investigation revealed fears the club's accounts were "a bit dicey".

The England and Wales Cricket Board (ECB) awarded Glamorgan's Sophia Gardens ground "Category A" status in April.

But the decision is reliant on a development of the site.

Last month, Cardiff planners backed the �7.4m development.

Given it's made an operation loss for the last five years, looking at the accounts I would say it's a bit dicey Consultant Martin Price

Glamorgan is already almost �2m in debt and a finance expert told the BBC's Eye on Wales programme the club was embarking on a "make or break policy".

Martin Price, an independent consultant, said the club was dependent on a loan and overdraft, as well as the financial support of its chairman "who basically makes sure that it can continue as a going concern".

He added: "Given it's made an operation loss for the last five years, looking at the accounts I would say it's a bit dicey.

"They would be very close to their asset limit at that point. Essentially they are taking out a huge mortgage against all their assets.

"It's a make or break policy. It could work, but there is quite a lot of risk involved here and some people could lose a lot of money if they're not careful."

Mr Russell has loaned �235,000 to the club, but is not taking his interest payment.

'Chunky profit'

But the chairman said Glamorgan would not have bid for the Test without being "absolutely certain" the plans made sense.

He said: "Glamorgan are well known for making a loss, along with all county cricket grounds who don't hold test matches.

"That is why we are converting ourselves into a test ground. The business model of county cricket is not sustainable.