The NRL has taken control of the Gold Coast Titans, with the club placed in voluntary administration.
The release from the NRL outlined that the club faced serious financial difficulties, prompting the NRL to take over.
Dave Smith was adamant that today’s announcement was a positive move for the club, despite the challenges of the past week.
Smith confirmed that the existing board would remain in place, with Graham Annesley remaining as CEO with the NRL the main shareholder in the club.
Smith said that they were working to resolve the position with credit and previous stakeholders.
Smith was adamant that everyone will be paid, and all players will be paid with a long term future for the club.
He admitted that the club faced serious problems, but was confident that this arrangement would secure a long-term approach to fixing them.
“It’s quite difficult for these NRL clubs to break even, let alone make a profit.
“This is the clear blue air the Titans board needed to take the club forward.
“It is an important day for fans, the club and its sponsors.
“The only difference for…