Knights secure future after
financial turnaround

After announcing a deal today which secured its financial future, Newcastle chairman Mike Tyler has admitted the NRL club was close to going into receivership just eight months ago.

The Knights today consolidated their financial future with a $1 million per year commercial partnership with the Newcastle-based Wests Leagues Club. Wests is the largest licensed club in the region with over 87,000 members and a profit of close to $10.5 million last financial year.

Each club shall continue to exist in their own right but two committees - one for football operations and another facilitating marketing and sponsorship - will be formed to bridge the two organisations.

The deal is contingent on the NSW Government extending the Knights' lease on EnergyAustralia Stadium, which expires in 2007, for 10 years to take it through to the end of 2017. In return, Wests would effectively take over the running of the Knights' commercial operations and management of the stadium on behalf of the Knights on a "cost recovery basis".