Newcastle Knights sold to local business

Newcastle coach Nathan Brown believes a sale of the Knights to the wealthy Wests Group of businesses can revive the NRL franchise’s fortunes.

Brown was reluctant to discuss the deal after Friday night’s loss to the Sydney Roosters, but an announcement on the Knights’ future is expected to be made within 48 hours.

“Whether these things have happened it’s not for me to comment on,” Brown said.

“I suppose that’s for the NRL and Wests. It’d be a great thing for the club,” Brown said.

Media outlets reported the NRL and the Wests Group have agreed in principle to the sale.

Owned by the NRL since the departure of former mining magnate Nathan Tinkler, the Knights will become part of the Wests Leagues Club group in Newcastle.

News Corp Australia said Wests would provide $10 million towards a centre of excellence for the premiership strugglers as well as injecting much-needed funds into grassroots rugby league.

Tinkler became the Knights’ private owner in 2011 after a historic ballot, but he was forced to relinquish ownership in 2014 amid turbulent financial times.

“After injecting over $20 million of my own money it is time to stand aside and, hopefully, the Knights will prosper and not revert to the old management style and formula that almost sent the club into liquidation three years ago,” Tinkler said at the time.

The Knights are staring down the barrel of their third-successive NRL wooden after slumping to a 28-4 defeat to the Roosters – their 16th loss for the season.

Wests Group has a reported $143 million in annual turnover and its assets include six licensed clubs and several accommodation hotels.

Before the sale can go ahead, it is believed the Wests Group’s 120,000 members will be asked to vote on the takeover between July 31 and August 6.

If the Newcastle sale is approved, the NRL will then look to sell off Gold Coast before the end of the season.

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