Dragons, who finished bottom of the United Rugby Championship last season, signed a new Professional Rugby Agreement with the WRU in May.
They state that they are financially stable with a “clear plan to drive improvements in on-field performance”.
They are taking legal advice and, while they will continue with the consultation process, are urging the WRU to change their plans.
“We are extremely disappointed in the initial proposals – they simply don’t add up,” said chairman Wright.
“We will continue participating in the consultation and we want to find a solution.
“We are committed to securing a positive future for Welsh rugby and to elite rugby continuing in Gwent, but there is no way we can agree to the proposals as they currently are.
“Welsh rugby deserves better and the WRU must rethink.”
