THE Newcastle Jets are in the hands of Football Federation Australia (FFA) after Nathan Tinkler's A-League licence was revoked.
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He placed the club into voluntary administration last week, listing debts of $2.7 million. It was this action that saw the FFA step in.
The FFA had given Tinkler, for the third time in four months, grace to pay this month's salaries and clear debts such as superannuation, rent and hiring fees. Instead, he called in insolvency specialists Shaw Gidley.
Tinkler's exit was the latest in a long series of financial hiccups for the club; it looks as though the Jets owe creditors at least $4.5 million.
FFA has confirmed it will issue a new license to the club, of which it will be the owner.
The team will remain in Newcastle but its name and colours will be determined in consultation with members. Player contracts for next season and beyond will be transferred to the new entity.
Coaching and administration staff will have their positions reviewed.
The game's governing body has indicated it does not plan to control the club long-term.
But it is unlikely to consider a sale until the organisation has been stabilised, which could take up to 12 months.