This is a Balrog One Ring deck.

Start:

Umagaur
Sly Southerner

Buthrakaur

Gangways
Whispers of Rings

In Deck:

3 The Balrog
1 Doeth

Resources:

3 Black Rain
1 The One Ring

3 A Little Gold Ring
3 The Least of Gold Rings
3 Gold Ring that Sauron Fancies

2 Great Shadow
3 Dark Tryst
2 Voices of Malice
3 WHCtK
3 Hide in Dark Places
3 Great Fissure
1 Ancient Secrets
1 Weigh All Things to a Nicety

Hazards:

Something that puts characters into your opponent’s hand.  E.g., Pilfer, Will Not Come Down, Call of Home.

Sideboard:

3 Challenge the Power
3 Magic Ring of Enigma
1 Sly Southerner
3 Hill Troll

Play Tips:

The Balrog’s company, including Buthrakaur, collects and tests gold rings in the deeps, attempting to make at least 3 more sages with Magic Rings of Enigma.  Meanwhile, Umagaur Hides in Dark Places with his Sly Southerners at Dimrill Dale and plays Black Rain in hopes of securing The One.  Once it is nabbed, he makes his way to Moria, transfers it to The Balrog, and the Power is Challenged.  Doeth, Umagaur, and 3 rings of enigma = 5 sages, which makes the Challenging possible.