Community ownership plan backed for Knights
NEWCASTLE legend Danny Buderus has backed the ‘‘Our Knights One Chance’’ campaign, believing the club will prosper if placed in the hands of the community.
The Knights remain without a long-term backer, with the NRL controlling the club until a suitable owner can be found. The Our Knights initiative, launched late last year, could provide a viable alternative if organisers can raise the money required via a share offering to fans.
Seven local businessmen, including former Knights chairman Rob Tew, are behind a group aiming is to set up a community ownership structure based on the models of sporting giants the Green Bay Packers and FC Barcelona. For it to be viable, A$20 million must be raised from the sale of 40,000 shares at $500 apiece.
Former club captain Buderus, one of the Knights’ favourite sons, believes the initiative could work.
‘‘The one thing that’s bolted on in Newcastle is the fans, they’ve been there for a long time through a lot of ups and downs,’’ Buderus said. ‘‘They will be stakeholders in the team, which is a real positive. The people they have involved, like Robbie Tew, are really good businessmen who are smart. They wouldn’t be wasting their time on this, they see this as having a lot of merit. Some businesses may pay more than $500, so they might not need 40,000 people.
‘‘With the salary cap [covered by the NRL grant] and the $20 million they will get with 40,000 at $500 a head, that makes for a sustainable business if it’s done the right way.
‘‘The guys involved in this movement . . . know what’s best and there are some guys there that have a great understanding not just of the game but the community and the area.
‘‘The NRL won’t just sell it to anyone, they want to make sure it’s a viable, long-term proposition that will be around for a long time.’’
Newcastle has been a tough sell to potential investors after a series of dramas on and off the field. The Knights have earned back-to-back wooden spoons and been plagued by a series of scandals, most recently the return of a positive drug test by playmaker Jarrod Mullen. The departure of Korbin Sims to Brisbane and a car accident that will sideline forward Pauli Pauli indefinitely are the latest setbacks ahead of their 2017 campaign. The Sun-Herald