New suitor to help Knights
THE NRL is on the verge of selling the struggling Newcastle Knights in a multi- million- dollar deal that will ensure the club becomes a long- term rugby league powerhouse.
News Corp understands the purchasers, the thriving Wests Leagues club group, which made a $ 23 million profit last year, will commit up to $ 10 million to a new centre of excellence and a cash injection into grassroots football in the Hunter as part of the agreement.
The deal is being finalised by lawyers and is expected to be announced before the end of the 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 and two accommodation hotels.
With the NRL’s annual $ 13 million funding agreements to kick in from November, the Knights will relaunch under new ownership with no debts and with the opportunity to become one of the nation’s most powerful sporting clubs.