He's on the verge of buying his second national sporting club in Newcastle and Nathan Tinkler is by no means finished.

The mining magnate, worth an estimated $610 million, had a $100 million takeover of the Newcastle Knights approved in principle by the NRL club's board on Wednesday.

And the 34-year-old, who took over the licence of the Newcastle Jets A-League club in September last year, is already casting his eyes on other sporting codes.

"We're in a range of discussions with a range of sporting organisations, including the NBL," Tinkler Sports Group executive chairman Ken Edwards told AAP on Thursday.

"We'd like to think that Newcastle, within the next couple of years, could have a National Basketball League franchise based here again.

"We're in discussions with a few other sports as well that we'll be talking about over the next few weeks."

Edwards said the increased investment by Tinkler into Newcastle's sporting landscape came from his desire to give his hometown institutions to be proud of.

"Nathan wants to explore opportunities in all the major sporting areas, and some of the minor sporting areas, to ensure that kids have the opportunity to aspire to participate at the highest level," Edwards said.

"He sees that sport can play a major part in building a community, ensuring kids have something to aspire to, including healthy lifestyles."

Tinkler said in a statement released by his public relations agent that the buy-out of the Knights was based on his desire to make the club a powerhouse in the NRL.

He feels offering the club a guaranteed $10 million in sponsorship investment for 10 years would allow them to compete with rival "big-city" clubs.

"It is incomprehensible that in our region we struggle to financially support a rugby league club yet we export 40 per cent of the state's wealth," Tinkler's statement said.

"It is clear in our current format and structure we can't financially compete with the big-city clubs.

"The Tinkler Sports Group will provide best practice, security and stability, affordability, a world-class team on and off the field, which will make the Hunter the envy of the rugby league world."

Edwards said the Tinkler Sports Group was keen to have the purchase of the Knights confirmed before the start of the upcoming NRL campaign.

"That's certainly our hope, we certainly haven't been given a reason why it can't be," he said.

"We think it's the right thing for us and for the current board to have as a reasonable objective.

"We think that the fans, the players, the members would like to have this done before the season starts so that everyone can concentrate on the footy and not have to worry about the diversions or distractions of financial issues or matters."

To have the purchased approved, voting members must give the deal a 75 per cent majority in an extraordinary meeting expected to be held in early March.

"I think we've got time, if we held the members meeting in the weekend of the 4th of March, the season starts on 11th March so there's certainly enough time," Edwards said.

And Tinkler said he has no desire to make sweeping changes to the club, which he feels should remain as a community asset rather than a millionaire's plaything.

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