Following a meeting earlier on Wednesday between the Hunter Sports Group (HSG) and the Newcastle Knights Members Club, HSG has allowed the current bank guarantee ($10.52 million) to be transferred into a joint-signatory bank account.
HSG has been in fruitful discussion with the NRL over a period of time to identify a unified business model to ensure the long-term future of the Knights.
This guarantee has been placed in a secure bank account with joint signatories being HSG and the Members Club while negotiations between the Members Club, the Knights and the NRL continue.
The current ownership model and management team will remain in place throughout the duration of these discussions.
No further comment will be provided by any parties involved during this period of negotiation.
KEY POINTS:
- $10.52 million deposited into a joint bank account with joint signatories
- Ownership currently remains unchanged
- NRL, Knights and Members Club undertake negotiation to identify a new model moving forward
- HSG remains committed to contribute and support the Knights into the future
