There are reports that Sharks chairman Damian Keogh has tendered his resignation after being arrested in Sydney for allegedly possessing a prohibited drug, which is believed to be cocaine.
"Given the challenging personal nature of this matter, Damian is not currently available for comment," the Sharks said in a statement on Saturday.
Keogh was found with a small resealable bag containing a quantity of white powder while at a licensed premises in Woolloomooloo at 7.50pm on Friday.
He was arrested an issued with a court attendance notice, and will face court on June 30.
Sharks CEO Lyall Gorman will hold a press conference in Sydney on Saturday at 12.30pm.
NRL CEO Todd Greenberg said that the NRL is aware of the incident.
"We are aware of an incident which involves the Sharks Chairman. We are awaiting further details from the Sharks about what has occurred," Greenberg said.
Speaking on Triple M Saturday NRL, Triple M and Fox Sports' James Hooper said that there is much to still be resolved about the matter.
"I spoke to the club a short time ago and Keogh did tender his resignation," Hoops said.
"The club have temporarily stood him down as they investigate the matter.
"I don't think Keogh has quit, I think he has temporarily stood down."