Bosses at Newcastle have agreed to accept businessman Nathan Tinkler’s $100 million takeover bid ‘in principle’.
The offer, which was considered at the club’s monthly board meeting and subsequently agreed, will guarantee the Knights a total of $10 million per year over the next decade.
Board members decided to reject a rival offer from the Patron’s Trust for a funding commitment over the next five years.
A club statement said the offer had been accepted “subject to further negotiations”.
It read: “The Board of the Knights agree to make all reasonable endeavours to reach agreement on the detail and present the proposed agreement to the members for their determination in March 2011.
“There are a number of details which require further clarification but we are optimistic we can reach a commercially realistic outcome.
“The Board has agreed to the Chairman and Chief Executive, meeting with representatives of the Tinkler Group to further negotiations in order to reach agreement.
“This is a critical matter for the Knights and it is most important that we give it appropriate consideration and take the time necessary to ensure the best outcome for our members, sponsors, staff, players and other important stake holders.”