Absent Newcastle Jets owner Martin Lee has finally been stripped of his licence by Football Australia and the newly formed club-run Australian Professional Leagues.
In a joint statement, the governing bodies said "the termination is based on the entity’s failure to pay its debts as and when they were due, which placed it in material breach of the Club Participation Agreement."
The move comes less than a week after the Jets kicked off their season in both the A and W-League.
"A new licence will be issued to an entity owned and controlled by a consortium of existing APL club investors, who will operate the licence on an interim basis until a new investor is secured," the statement said.
The Jets themselves confirmed via a separate statement that the consortium will be "led by Sydney FC, Western United FC and the Western Sydney Wanderers FC."
"The consortium is focused on providing stability for the club and, in time, moving to an ownership model which is more representative of the local community," the Jets statement said.
The move will mean that the Jets will still compete in the A-League and W-League.
Players, management and staff today met with Football Australia, the players union (PFA) and the APL and were told that current players still would be offered contracts with the new entity.
Football Australia CEO, James Johnson, said the owners of the Jets had been given every chance to either sell the club or fix the financial issues but having failed to do so were left with no choice.
“There were clear failings to adequately capitalise Newcastle Jets FC to meet the minimum requirements set to run an A-League and Westfield W-League club, and to operate a company in accordance with Australian law,” Johnson said via a statement.
“Following the recent announcement of the unbundling of the Professional Leagues from Football Australia, it’s pleasing to see a group of existing APL club investors stepping in to assume control of Newcastle Jets FC in the interim.
“The Newcastle and Northern NSW region is a heartland of Australian football – an area with a strong participation base combined with a rich history of producing some of Australia’s finest footballers, including dozens of Socceroos and Matildas.
The new owners of the Jets have appointed Shane Mattiske, as the Executive Chairman of the Newcastle Jets.
Mattiske was previously the interim CEO of National Rugby League (NRL) in 2012 to 2013 and has also more recently served as the Managing Director at Nielsen Sports.
“Today is a very positive step in the history of a great Club which has strongly represented Newcastle, the Hunter and Northern NSW for two decades," Mattiske said via a statement.
“The uncertainty that has overshadowed the Jets in recent times has been removed and the Club now has a strong financial foundation to support its drive for further success in the A-League and W-League.”
“The Club needs all its supporters to stand up and strongly get behind their team.”
“We thank all those that have supported the Club through the recent period of uncertainty, particularly the Club’s players, staff, sponsors, members and all those in the broader Newcastle Jets family.”
As a sign of appreciation the club announced that this Friday’s A-League & W-League doubleheader will feature special pricing to recognise the fresh start for the club. All adult tickets will be $10 and Juniors or concessions will be $5.
Newcastle Jets captain, Nigel Boogaard admitted the issues around the club had been weighing on the players' minds.
“The news today is a big boost for the players and for the rest of the Club. While the players have remained focused on performing, the ownership discussions have been a distraction and I’m glad that we can all now look forward to this Friday’s game and beyond, knowing that the club is now on a strong footing," Boogaard said.