MICHAEL Owen is set to sign a new contract with Newport Gwent Dragons, giving them and Welsh rugby a big shot in the arm.

Owen is out of contract at the end of this season after two years with the Dragons since becoming their first major signing when Welsh rugby went regional at the beginning of last season.

It was feared that Owen could join the Welsh rugby player drain as an increasing number are going for big money deals in France and England, at the same time escaping from the goldfish bowl of Welsh rugby.

Gareth Thomas, Stephen Jones and Gareth Llewellyn all moved to France with Toulouse. Clermont Auvergne and Narbonne, respectively, last summer while Mefin Davies has recently joined Gloucester.

Owen, now Wales' vice-captain, could easily have found a big club in either country in view of his all-round ability at number eight and his shrewd rugby brain.

But a combination of his love for Wales and the resurgence of the national team have combined to make him stay here.

He has a young family, is well settled in Wales and is signing on the dotted line to take up a new, long-term contract with the Dragons.

That is a major boost at a time when there is great uncertainty in the region with the coaching set-up still to be settled by the directors and benefactor Tony Brown leaving at the end of the season.

It is also a lift for Wales and the management team as they strive to keep their best players from straying, especially with speculation increasing that more are set to leave.

The next target is sure to be Gavin Henson after the kick that beat England last Saturday, as well as his general form in attack and defence and his overall marketability.

Specialists say that Henson now has the ability to become rugby's million pound man.

And WRU chiefs report that the England game was the richest in Welsh rugby history, earning gross revenue of over £3.5m and around £20m for Cardiff businesses.

There was a record Six Nations crowd of 74,197 with a record gross financial return, all 35,000 programmes were sold, also a record, all 123 hospitality boxes were sold, as well as other hospitality packages, while merchandising and food and beverage outlets also reported huge sales.