NRL chief executive Todd Greenberg is confident Newcastle can become a rugby league powerhouse again after the league agreed to sell the club to the local Wests Group.
The NRL confirmed on Saturday morning the Knights will likely have new owners by the start of November, after they saved the club from financial peril in 2014.
Under the deal, Wests will spend up to $10 million on a centre of excellence for the club, while they will also invest $2.5 million into junior rugby league in the Hunter over the next five years.
A plebiscite of Wests' 120,000 members will begin on Sunday and close in early August, as the group awaits their approval before proceeding with the purchase.
"When the NRL took over the Knights in 2014 we needed to secure the financial future of the club and then deliver the best possible ownership to run the club into the future," Greenberg said.
"Those goals have been achieved and there is now every opportunity for the Knights to become a powerhouse of the game in the years ahead.
"The focus is on building a strong Hunter region junior league pathway as well as providing world class facilities for the players so they can compete with the best in the NRL."
The Knights are on track for their third successive wooden spoon since former mining magnate Nathan Tinkler lost ownership of the club four years ago.
However, second-year coach Nathan Brown has taken the long road to fix the team's results on the field, and there have been clear improvement shown despite their 2-16 record on the field.
It's widely tipped Wests will be in support of Brown's plans, key given he is off contract next year and they will have full control of the board by the end of 2017.
Brown indicated he believed it would be a step in the right direction following Friday night's loss to the Sydney Roosters.
"It's not for me to comment on ... I suppose that's for the NRL and Wests. It'd be a great thing for the club," he said.
Meanwhile, Knights chairman Brian McGuigan was happy his board had delivered stronger governance throughout the three-year stint, while chief executive Matt Gidley promised the likely transition period between August 15 and November 1 would have little impact on players.
"Our focus is to ensure there is minimal disruption to the players, the club and the fans over the coming months," Gidley said.
"Our fans have been unbelievably loyal and supportive during a tough period but I think this agreement will signal the start of a new era for the Knights."
The move leaves the Gold Coast as the last club in full control of the NRL.
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