Newcastle set for new ownership

THE NRL is on the verge of selling the struggling Newcastle Knights in a multimillion dollar deal that will ensure the club becomes a long-term rugby league powerhouse.

The purchasers - the thriving Wests Leagues club group which made a $23 million profit last year - will commit up to $10 million to new centre of excellence and a cash injection into grassroots football in the Hunter as part of the deal, expected to be inked this week.

Wests Group is a flourishing business with a $143 million turnover that makes regular multi-million dollar profits with assets including six thriving licensed clubs.