Knights and Members Club reach agreement
Wednesday 12 December 2012 8:38 PM
The Newcastle Knights and the Members Club board have mutually agreed to amendments to accommodate the timeline to key milestones.
Over the past six months the two parties have been in discussion in regards to key clauses of the agreement between the Hunter Sports Group and the Members Club, and in particular the audit completion date and the release date of the bank guarantee.
Last week Knights CEO Matt Gidley issued an interim report to the Knights Members Board confirming the Hunter Sports Group was comfortably on track to hit the milestones for this calendar year. This included an investment in junior development of approximately $500,000 more than required, with the Hunter Sports Group investing in excess of $3 million to grassroots.
Following further discussions this week, both parties have agreed to the following amendments:
1. The $20 million bank guarantee be extended to the 31st January 2013
2. The audit on three milestones (junior development, bank guarantee and sponsorship) be completed by 21st January 2013
3. Between the 21st January 2013 and the 31st January the Members Board meet to discuss the statement by the auditor
4. If any issues arise the parties arrange to meet to discuss such issues as early in the week of the 21st January as possible.
“We look forward to now allowing our sponsors and members to return their focus on supporting our Club as we enter the much anticipated 2013 season,” Gidley said.
Nicholas Dan, the Chairman of the Knights Member Board Club stated, "My fellow directors and I are pleased to reach an agreement."