The Sharks CEO Lyall Gorman has addressed a press conference following news this morning that chairman Damian Keogh was allegedly arrested and charged for possession of a prohibited drug.
It has been alleged that Keogh was found with cocaine by police, and will face court later in the month.
"He's stood down as Chairman at the moment. This story is only 16 hours old," Gorman said.
Gorman also confirmed that Keogh was not out in a work capacity when the incident occurred.
When asked if Keogh had a future at the club, Gorman was reluctant to take a definitive stance on the issue.
"It's early days and there is a whole judicial process that has to be worked through here," Gorman said.
"Out of respect for Damian and the businessman he's been for many years, we need to allow him the time and process to work through those things and defend them as he chooses.
"Those decision unfold over time."
On the topic of former player Ben Barba's issues with cocaine and the embarrassment for the club of another incident with the drug, Gorman said it wasn't good for their reputation.
"I've expressed our disappointment and clearly these things aren't good for the club or the game, but let's be clear, these are allegations and Damian deserves the right and has the right to go through a process of defending himself.
"Our goal is to support him in that and give him time to do what he needs to do."
When asked if he was apologetic, Gorman said that Keogh had expressed great remorse that he had let the CEO down.
"As well as if these allegations are proven to be correct, the impact it could have on the club and the game."