Now an exciting new alternative has emerged – a syndicate of businessmen from Newcastle and the Hunter who hope to underpin the deal with large-scale involvement of the Novocastrian community.

Negotiations have been a closely guarded secret because all parties are bound by confidentiality agreements.

But the Herald has been told the consortium comprises “concerned local individuals who want the community connection [with the Knights] re-invigorated”.

Their proposal is likely to involve the syndicate outlaying an initial start-up investment but relying heavily on mobilising fans with a membership drive to keep the franchise financially viable.

If successful, it shapes as a chance for the people of Newcastle and the Hunter to again own the Knights, as was the case from the club’s 1988 foundation season until 2011, when members voted in favour of a Nathan Tinkler takeover.

Tinkler lasted three years before the NRL intervened to revoke his licence, after racking up millions of dollars in liabilities and being unable to pay his players and staff their monthly wages.

The NRL, which has run the Knights since Tinkler’s demise in June, 2014, announced in August it was putting the club on the market and hoped to have found a new owner by December.

But after an extensive process that attracted 17 expressions of interest from parties as far flung as America, England, China and Papua New Guinea, the NRL revealed last week that none of the bidders had met all the necessary criteria.

In particular, NRL officials admitted they were disappointed with the level of interest from local entities.

In the lead-up to last week’s announcement, Knights chairman Brian McGuigan – who is on the “divestment committee” entrusted with overseeing the sale – said there had been interest from “all over the world” but he felt there would be a stronger connection if the club was locally owned. 

“Being a Novocastrian, I want to make sure they have local interests at heart … my preferred option – personally speaking – is for a local owner, who has his heart and soul and future in the Hunter,’’ McGuigan told the Herald on November 3.

“That’s a chance. 

“Second is people out of Sydney, who have Newcastle interests. Third, and way back, is international interests.’’

NRL officials were reportedly seeking a $10 million asking fee for the Knights, but have consistently maintained their priority is not the biggest deal, but the best outcome for the team, the region and the game.