The NRL is about to sell the Knights to the powerful Wests Group, with a deal expected to be announced before the end of the week.
The Daily Telegraph reports as part of the deal, Wests will commit up to $10 million to a new centre of excellence and provide a cash injection into grassroots football in the Hunter.
Wests has a $143 million turnover and made a $23 million profit last year.
Six licensed clubs and two hotels are among the company's assets.
"We wanted to hold out for the right buyer for the club and for the game," an NRL source told the Telegraph.
"And we all want the Knights to be owned locally so there is community ownership of the club."
It's understood the new buyers back Nathan Brown to remain as coach.