After months of negotiations, the NRL has finally sold the Newcastle Knights to a local leagues club.
Wests Leagues club, which made $23 million profit last year, will commit up to $10 million to a new centre of excellence as well as a cash injection of $2.5 million to grassroots football over the next five years.
Reports say the new buyers will support coach Nathan Brown and CEO Matt Gidley in their attempt to sustain a long-term strategy for success.
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NRL CEO Todd Greenberg said the agreement was a great outcome for the Newcastle Knights, the community and the game.
“We always said future ownership needed to be good for the club, the community and the game and we’ve secured that outcome through this agreement with Wests,” he said.
“When the NRL took over the Knights in 2014 we needed to secure the financial future of the club and then deliver the best possible ownership to run the club into the future.”