Gold Coast took a step towards securing their financial future on Wednesday with the NRL club selling off its beleaguered Centre of Excellence.

The Titans’ home base was sold for an undisclosed sum to long-term club supporters Phil Ward and Bob Clark, which in turn retired the club’s loan with the Commonwealth Bank.

Gold Coast were reported to be $25 million in debt, with much of their financial worries associated with the club’s property arm and the building of the Centre of Excellence.

“This greatly assists our current financial position as we continue to work with the ARL Commission (ARLC) on positive outcomes for the future,” Titans managing director Michael Searle said in a statement.

“We are very pleased to be able to achieve this outcome in what is the first and vital step to secure the long-term future of the Titans.

“We will continue to work with the ARLC around the football club funding requirements and we are openly communicating with David Gallop and his team.

“This certainly is a step in the right direction and we will commence discussions with the new owners around a long-term lease to suit our needs moving forward.

“I am focused on ensuring the longevity and sustainability of the Titans on the Gold Coast.”

The new owners of the Centre of Excellence were hopeful that their purchase shored up the Titans’ future.

“We are happy that we have been able to bring some finality to the financial difficulties faced by the Titans’ property arm in what is also a commercially-sound proposition for us,” Ward said.