New suitor to help Knights

Townsville Bulletin - - SPORT -

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.

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