Leighton Samuel has been forced to acknowledge that his 50% share of the Warriors was sold to the Welsh Rugby Union, but he will challenge the deal. A letter dated 20 May from directors Leighton and John Samuel to Warriors creditors tells them the Union had taken control of the regional side.
But Samuel says the WRU misrepresented the sale agreement in promising the team would play on next season.
He is in contact with solicitors and expects to comment later in the week.
Players' representative Richard Harry has accused the whole of Welsh rugby of letting the players down.
"What we have managed to achieve in the last 12 months is just an air of uncertainty in Wales," he said.
"Players are professional athletes and in addition to the rugby side of things, they need to know where there is financial stability.
"It's very unsettling when they can't be sure from one season to the next the team they are playing for will be there the following season."
Despite maintaining the WRU now owns the Warriors, group chief executive David Moffett has refused to outline any plans the Union has for the region.
The most likely outcome is that the region will be disbanded because Moffett has always wanted four rather than five regions in Wales, with the players there to be fought for.
Samuel described the affair as a "meat market", and Harry was equally scathing of the whole process.
"The players weren't very happy," Harry told BBC Wales Sport. "When I was there, it was one of the most difficult days of my professional life.
"These players are very proud - there were many internationals there and they did have to suffer the indignity of just hanging around to be told whether there were any interest in them from any other region.
"That's hardly the way we should be conducting ourselves."
Wales international Gareth Thomas and Stephen Jones have already left for French clubs, and Harry believes it is "inevitable" more will follow if the current financial uncertainty continues.
MMIX
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