The National Rugby League has taken control of embattled club Newcastle.
The club's chief executive Dave Smith says the sport's governing body had taken ownership of the Knights from businessman Nathan Tinkler.
Tinkler relinquished ownership after he failed to get a $11.4 million bank guarantee 11 weeks ago.
Smith has assured fans the Knights will continue to play out of Newcastle and keep their traditional jersey and logo.
The agreement was reached after extensive negotiations between the former owners and the Knights Members Club, which will hold a 20 per cent minority interest under the new structure.
Smith says the arrangement is designed to stabilise the club while the NRL searches for a long-term owner.