Price agreed, paper work completed as Jets sale nears conclusion

As revealed by the Newcastle Herald on May 2, a consortium comprising businessmen based in Melbourne and Sydney have agreed to a price to buy the club from the current owners - the chairmen of rival A-League clubs.

Lawyers from both parties have completed the sales-and-purchase agreement.

A source close to negotiations told the Newcastle Herald all that remains are for the "i's to be dotted and t's to be crossed".

Once the takeover is signed off, Football Australia has to determine that the consortium are "fit and proper" owners - bringing an end to a six-month sale process.

The Jets have been funded on a stopgap basis by the owners of rival A-League clubs for more than three years.

The likely new owners have indicated that they intend to retain key personnel, including A-League head coaches Rob Stanton and Ryan Campbell, and have identified Newcastle's junior academy as a priority.

The Jets have nine players contracted for next season, headed by player of the year Apostolos Stamatelopoulos, Ryan Scott, Dane Ingham and young guns Mark Natta and Clayton Taylor.

The players have completed commitments for the season.

Stanton is expected to confirm three new signings once the ownership takeover has been finalised.

The Herald understands that Kosta Grozos, Lachy Bayliss, Archie Goodwin and Cal Timmins have offers in front of them.

The ability to produce home-grown players will be more important after reports on Tuesday that the A-League central financial distribution to clubs is set to be cut.

This season each franchise received $2 million in grants, which was cut from $2.3 million. The money, sourced largely from the broadcast deal, helped cover the $2.9 million salary cap.