1 Apr 2011

Knights taken over by mining magnate

6:16 pm on 1 April 2011

Australian mining magnate Nathan Tinkler has secured ownership of the Newcastle Knights rugby league club with a landslide endorsement from members.

Needing 75% of the members' vote to have his $A100 million bid for the Knights accepted, Tinkler received 97% approval on Thursday.

Under the takeover plan, Tinkler will wipe out club debts of about $A4 million and guarantee annual sponsorship revenue of $A10 million over the next 10 years.

Knights chairman Robert Tew says it's a momentous day for the club.

Newcastle will now become serious bidders for former Brisbane Broncos coach Wayne Bennett, who is leaving St George-Illawarra at the end of this year.