The Titans have also been rocked in recent days by a drugs scandal in which several of their players have been implicated.
The Gold Coast directors have conceded that the club could no longer meet its financial obligations, which included paying its players and stadd.
This has resulted in the existing ownership structure being dissolved and taken over by the Australian game’s governing body.
“We’re very aware that in the community there have been problems in the past with credit and other things in the community and the NRL will do the right thing by the creditors as we work through the process with the administrators.
“We’ve stepped in because there were a series of issues that the club needs support for and they will get that support and the board will lead us through that.
“We will do the right thing by the community because a club like this, actually any club in the NRL, is a community-based sport and we survive or we die because of our connection with the community.
“I’m really aware that there have been problems in the past, the NRL and the board will do the right thing by the community and we will make sure that this is a club people can trust.
“Whether you’re a sponsor, a fan, a little boy or girl watching on television, you will trust this club because we’re going to build a great club and we’re all going to be proud of it.”
The drugs scandal has left the Titans without a permanent training base less than two weeks before the start of the new season.
Sponsors have also been leery of the club, following the breaking of the drugs story in the Australian media.
Michael Searle has also been removed from any association with the club. He previously had a stake of 39.1 percent in the Titans, and had filled a number of executive roles at the club.
The club also still owes money to building firms after the contstruction of its Centre of Excellence.
Club CEO Graham Annesley is relieved that there is now a plan in place to move the club forward.
“Since I’ve arrived at this club I’ve constantly been asked, ‘Is the club going to fold? Is the club going to be relocated?’ Today, the clear answer to both of those questions is ‘No’ and ‘No’,” Annesley said.
“This club is here for the long term on the Gold Coast and this announcement by Dave should give great heart to our members, to our sponsors, to our corporate partners and to our fan base right across the country that the Gold Coast Titans are going nowhere and it’s onward and upward.
“Every club needs financial stability, we’ve now got it and that’s good news for the Gold Coast.”