Time Machine failing .. how can old backups be moved to a new drive?

If Disk Utility > First Aid reports that the Time Machine drive is failing and files need to be moved to a new drive ASAP, can this be done just by dragging the single Backups.backupdb folder on the old drive to the new one?

An article here suggests the process is far more complex (including setting 'Ignore ownership on this volume') but I can't help wondering whether the simple drag and drop won't achieve the same result.

Thanks.