Toronto Wolfpack have confirmed they are in talks with potential ownership groups in the US and the UK regarding a takeover of the club.
League Express revealed on Monday that the backers behind the proposed New York franchise, as well as an unnamed UK rugby union club, were in discussions.
After Super League terminated their participation agreement, the Wolfpack provided an update.
“Toronto Wolfpack majority owner David Argyle recognises that in order to move the club forward he would need to transfer ownership of the club and write off his personal loans,” a club statement read.
“We are currently leading discussions around a take-over with potential ownership groups from both the US and the U.K. In these discussions the club have made it very clear that the new owners would need to honour all payroll commitments and future contractual obligations.
“We expect to develop these discussions further in the next 48 hours and will provide an update in due course.”