The NRL has taken ownership of the Gold Coast in a dramatic move to keep the embattled club alive.
Fairfax Media can reveal the governing body has been locked in discussions with Titans stakeholders, including co-owner Darryl Kerry. The move will have implications for former club chief executive Michael Searle, who still has a stake in the club.
Named in the investigation: Titans forward Dave Taylor.
Named in the investigation: Titans forward Dave Taylor. Photo: Getty Images
Kelly, who has poured in an estimated sum of more than $5 million, went on the record just three days ago to declare he would not be offloading his 47.2 per cent stake in the Titans. But after the latest scandal - in which Titans players Greg Bird, Dave Taylor, Beau Falloon, Jamie Dowling and Kalifa Faifai Loa were busted in a drugs sting conducted by the Queensland Crime Commission - there has been a change of heart.
The dramas have raised further questions about the viability of an NRL club on the Gold Coast, although NRL chief executive Dave Smith reiterated his support for the franchise.
"This is a key area for our game and we are determined to ensure our fans continue to have their own team on the Gold Coast," Smith said on Sunday.
Testing times: Gold Coast Titans head coach Neil Henry.
Testing times: Gold Coast Titans head coach Neil Henry. Photo: AAP
The latest development shows Smith is good to his word as the NRL moves in to take control of the stricken franchise. The Australian Rugby League Commission has proven its commitment to propping up clubs struggling to survive, as evidenced by its willingness to become involved in Newcastle after the ownership fiasco with Nathan Tinkler. It also bailed out the Wests Tigers when the Balmain side of the venture was incapable of providing its share of funding, a deal which resulted in the governing body appointing independent directors to the joint-venture club's board.
Previous rugby league incarnations on the holiday strip - the Chargers, Giants and Seagulls - have all folded. However, the NRL's intervention, which is expected to be officially announced on Tuesday afternoon, puts paid to fears the Titans will be relocated or wound up. However, it's unclear whether they will continue to operate under their current name. It's understood the NRL does not wish to own the club long-term but is prepared to provide the backing required until a new ownership structure can be put in place.
The Titans are currently without a major sponsor and a facility to train at and are losing further ground in their battle for relevance in the Queensland marketplace after losing ground to the Gold Coast Suns. It's also expected they will miss out on the signature of Manly superstar Daly Cherry-Evans, who is expected to announce his future later this week.
