The resignation of Gold Coast chairman Paul Broughton has hastened a management restructure the Titans hope will save the debt-ridden NRL club from financial ruin.
Broughton, who along with chief executive Michael Searle helped set up the Titans franchise, quit his role on Wednesday, the club’s founding father the first victim of the web of financial troubles in which Gold Coast have run up reported debts of $25 million.
The Titans used Broughton’s resignation to issue a statement indicating their intention to overhaul their management structure.
Searle currently has no board to answer to, with Broughton’s role a largely honorary one.
“Broughton, who is regarded as the club’s spiritual godfather and has enjoyed a decorated 60-year career in the game, had last month signalled his intentions to retire from his appointment as honorary chairman at the end of either the 2012 or 2013 seasons,” the Titans said in a statement.
“However, Broughton has opted to bring that decision forward as a result of the club moving closer towards the appointment of an independent advisory board which will be announced in the near future.”
An ARL Commission official said the league would continue to monitor developments at the club, with a decision on whether they would bail the club out of its mess possible by the end of the week.
The most likely resolution would be the severing of ties between the football club and the property arm, which would free the Titans of much of their debt.
Searle said Broughton’s contribution to rugby league and the Titans should not be underestimated.
“He was instrumental in lobbying for the Titans to gain entry into the competition and carries an enormous amount of respect with everyone at this club from the players to the front office staff,” Searle said in a statement.