Official: The Wests Group buy the Newcastle Knights

Club statement on ownership

Thu 17th November, 04:20PM
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Three months ago the NRL established a Divestment Committee to explore new ownership options for the Newcastle Knights. This sale process was led by professional services firm Deloitte’s.

Today, the Divestment Committee has announced that the sale process has concluded and the NRL will not be accepting any of the current bids. The Club will therefore remain under NRL ownership.

“We have always said any new ownership of the Knights must be good for the Club, good for the community and good for the game.

"Based on that criteria, and despite receiving offers from a number of interested parties, the NRL has decided to retain ownership of the Knights until such time as the divestment criteria is satisfactorily met,” said NRL CFO and Head of Club and State Services Tony Crawford.

Newcastle Knights CEO, Matt Gidley, stated, “Firstly, we wish to thank the NRL and the members of the Divestment Committee for their management of the sale process.”

“The decision not to proceed with any of the available ownership options at this time underlines the NRL’s commitment to ensuring our Club and community benefits from the right new, long-term ownership structure."

"I would also like to recognise the strong support shown by our corporate partners and Members during the divestment period.

“We have recently announced two significant new partnerships, with nib becoming our Principal and Naming Rights Sponsor, and McDonald Jones Homes signing on as our Sleeve Partner.

“We have also surpassed more than 8,500 members and launched our Sacred Ground campaign to kick start the 30th year celebrations of the Club.

"This support positions the Club well for 2017 and we remain completely focused on next season and our long-term success."

The Club will continue to provide any further updates concerning long-term ownership to Members, partners and fans.


http://www.newcastleknights.com.au/news/2016/11/17/club_statement_on_ow.html



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This concerns and angers me...Should the NRL Continue to ignore us as this team continues to struggle then this club will die...
 
relicorange94 said:
This concerns and angers me...Should the NRL Continue to ignore us as this team continues to struggle then this club will die...
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If no one is suitable enough, what can you do? Do you wanna sell to another Tinkler just to sell? Probably need to lower the price a bit.
 
If we are allowed to spend the full cap then I guess the waiting game is fine. The club gets better and buyers become interested. Hopefully it's only until the next TV deal.
 
Knights will remain under NRL ownership after governing body fails to sell Newcastle club


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Barry Toohey, The Daily Telegraph
November 17, 2016 5:10pm


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[FONT=&amp]THE Newcastle Knights will remain under NRL ownership after the game’s governing body failed in its bid to secure a new owner following a lengthy sale process.

The NRL announced on Thursday they will continue to bankroll the club into the future after failing to attract a suitable buyer willing to stump up more than $10 million to potentially secure a sale.

Despite attracting interest from as many as 17 different parties, several from overseas, who were involved in the bidding process, none of them met the criteria according to NRL CFO and Head of Club and State Services Tony Crawford.

“We have always said any new ownership of the Knights must be good for the club, good for the community and good for the game,” Crawford said.

“Based on that criteria, and despite receiving offers from a number of interested parties, the NRL has decided to retain ownership of the Knights until such time as the divestment criteria is satisfactorily met.”

Knights CEO Matt Gidley said the decision underlines the NRL’s strong commitment to ensuring the right owner is found for the club for the long term.


http://www.dailytelegraph.com.au/sp...b/news-story/459cdc613d2186dadcbf44db0beaff1a
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Stuff 'em they were idiots expecting $20mill! Typical of corporate banker Smith shaking the prospects down for as much as he could get out of them. Another wreck eh Turdberg after the TV rights?
 
Heard via Paddy Kilmurray via Twitter that a community ownership model is being strongly considered for the Knights with a consortium being formed to nut out way forward.
 
Struth our game is a mess since we hired Smith the Pom. Fourteen Clubs want Chairman Grant OUT! Seven out of seven commissioner want Grant IN!! Certain Clubs warn of SL II!!! NRL wants to sell us for $20million after getting us for nothing after arrears pulled from salary cap!!!!

Hope Santa has more in his sack that another spoon!
 
member 2299 said:
Struth our game is a mess since we hired Smith the Pom. Fourteen Clubs want Chairman Grant OUT! Seven out of seven commissioner want Grant IN!! Certain Clubs warn of SL II!!! NRL wants to sell us for $20million after getting us for nothing after arrears pulled from salary cap!!!!

Hope Santa has more in his sack that another spoon!
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I can see a massive domino effect if Grant is sacked, Todd Greenberg resigns and the NRL owned clubs ceos could follow suit too.
 
Been there done that and I wonder if that 'vote' for seven directors will be the seven gentlemen shown. More work to convince me to put the money up. Looks like the old administration using $20mill of the community's bucks to re-launch. By the time the NRL palm off the $20mill where does the rest of the money come from, or do these guys think the NRL will simply hand the licence over f.o.c.?
 
Interesting article, I do admire and agree with the concept. I'm hoping there will be much more detail explained in the near future,....at present.....yes, I'd tip in $500 at least. It really is an accountants dream, simple really, just convince 40k people with self managed super funds to each buy 1 share and then use it as a super tax write down, everyone wins, the Knights get rid of the yoke of the NRL and all the investors get an annual write down on their superannuation tax.:confused::doh:
 
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