The National Rugby League "has paved the way for a group of Newcastle businessmen to seize control of the Knights" through a proposal aimed at raising A$15M ($11.16M) in a share offering, according to Matt Logue of the Sydney DAILY TELEGRAPH.
This comes as seven Newcastle men revealed their "business model for the back-to-back wooden spooners, which they hope will create a sustainable team backed by shareholders."
The plan was made public on Saturday under the banner “Our Knights, One Chance” with the "chief ambition" for the club "to follow in the footsteps of the NFL’s Green Bay Packers and be owned by local fans."
The group "has asked for fans to register their interest in the proposal and if after three months there’s sufficient support, they will look to sell shares in the club."
The shares will be for sale at A$500 ($372) each and shareholding "will be capped" at 4% for each person or organization. The NRL "is aware of the proposal but wants to see more detail before advancing with any discussions." Knights CEO Matt Gidley "endorsed the proposal but stressed any ownership change was a decision for the NRL" (DAILY TELEGRAPH, 12/10).
