The NRL today took control of the Gold Coast Titans Rugby League football club.
CEO Dave Smith said the move would secure the long term future of the club – and ensure the Gold Coast retained a team in the NRL.
"In other words, it is an important day for fans, the club and its sponsors," he said.
Mr Smith said the Titans club was facing serious financial difficulties and the NRL had therefore decided to terminate the club's licence and take over the running of the Titans itself.
The club has been placed in voluntary administration by the Directors after conceding the club could no longer continue to meet its financial obligations, including staff and player salaries.
Mr Smith assured fans that the club would remain on the Gold Coast and it would be business as usual for the football team.
"The only difference for Titans fans is that they will have the security of knowing their team has a long term future on the Gold Coast," Mr Smith said.
"This is an important region for Rugby League and the Titans remain part of our long term plans for the game.
"This move will give the club a fresh start with the certainty that the players, staff and fans want."
Mr Smith said Rebecca Frizelle (Chair), and Directors Darryl Kelly and Paul Donovan will remain on the Board. Graham Annesley will continue as CEO.
"In very difficult circumstances the Board has made a great contribution and we look forward to continuing to work with them to stabilise the club," Mr Smith said.
"And, in time, the Board will be further strengthened.
"There are some issues ahead of us but we are determined to make this a strong, viable club.
"We have already made good headway at the Newcastle Knights and, with a strong Board and management team, the same can be achieved for players, staff and fans of the Gold Coast Titans.
"The NRL will consider longer term ownership options at an appropriate future point, but, for now, our priority is stabilising the club."