Bosses at financially troubled Gold Coast have opted to place the club’s property arm into administration.
Officials say the move will reduce the debt across the club and ensure the franchise is sustainable in future.
The Titans say the move will also help them offload the debt-ridden Centre of Excellence.
“We are aiming for the best possible outcome for the creditors in these most difficult of circumstances. While the decision was not an easy one, in the end it was the best option for all concerned,’’ said Titans chief Michael Searle.
Titans legal representative Ashley Tiplady says that the Titans will press for administration in court this Friday.
“Acceptance of the proposal put forward by Mr Searle would be a much better result for creditors as it would yield a far higher return for them than in the event of the Reed Groups’ desired liquidation,” he said.
”It would have been a far easier decision to allow the company to go into liquidation but by putting forward the proposal Searle is not walking away from the situation, he is stumping up his own money to ensure the best outcome for the creditors.”