Gold Coast have signalled their intention to set up an independent advisory board to oversee the Titans in the wake of mounting debts crippling the embattled NRL club.

As the web of financial woes claimed its first victim with the resignation of founding chairman Paul Broughton, the Titans released a statement indicating an overhaul of the management structure.

Questions have been raised over the power given to Titans’ chief executive Michael Searle in handling the club’s finances, with calls for him to step aside after running up debts of $25 million.

Broughton had been due to step down from his role as honorary chairman within the next 18 months, but reports suggest he stepped aside immediately to allow the NRL to come in and make a fresh start.

“Broughton, who is regarded as the club’s spiritual godfather and has enjoyed a decorated 60-year career in the game, had last month signalled his intentions to retire from his appointment as honorary chairman at the end of either the 2012 or 2013 seasons,” the Titans said in a statement.

“However, Broughton has opted to bring that decision forward as a result of the club moving closer towards the appointment of an independent advisory board which will be announced in the near future.”

Whether that board gets the opportunity to be implemented remains to be seen, with suggestions the current entity could be wound up by the NRL and the licence handed to new owners.