Nathan Tinkler promised Newcastle would become an NRL powerhouse as the mining magnate's Hunter Sports Group (HSG) finally completed its takeover of the club on Friday.

After two extensions to allow HSG to deal with the complexities of the handover, a $20 million bank guarantee and the payment of more than $6 million in liabilities were completed five days before the latest deadline of August 10.

An era of financial security looks to have finally arrived in Newcastle, a club outgoing chairman Robert Tew said had been "under-funded" since its entry to the competition in 1988.

"I am delighted the Hunter community will play an integral role in the development of the Knights to again become a powerhouse in the NRL," Tinkler, who was interstate on business, said in a statement.

"The signs are good as the first grade team is set for the finals.

"Our focus is on developing the young talent in the Hunter Valley to become Knights, while welcoming many of our former players back to Newcastle."

The finalisation of the deal came more than four months after 97 per cent of Knights members voted in favour of privatisation.

A-League club the Newcastle Jets owner HSG initially proposed a reported $100 million over 10 years.

The handover was meant to be completed within five weeks of the vote but HSG was granted extensions to June 30, when a $3.5 million payment was made in good faith, and then to August 10.

Relations between the club and HSG appeared to sour after the passing of the June 30 deadline, with HSG accusing the Knights of not fully disclosing their level of debt and of speaking out of turn to the media.

"We were all surprised by the complexities of the deal," HSG chief executive Troy Palmer told reporters on Friday.

"We would have liked to have it all finalised earlier but unfortunately there was a lot in it. And it needed to be done right.

"I think Nathan would be relieved, I am relieved and Newcastle is relieved.

"It was not never going to occur, we just needed to go through the process and see it done correctly."

Newcastle currently sit seventh on the NRL ladder and have signed seven-time premiership winning coach Wayne Bennett and internationals Darius Boyd, Timana Tahu and Kade Snowden for season 2012.

"I would like to know at the start of ever year that we have a genuine chance of winning the grand final," Palmer said.

"Whether we win the grand final or not I want make sure we are optimistic at the start of every season."

Tew said the club could finally consider itself fully funded for the first time in a 23-year history that yielded premierships in 1997 (ARL) and 2001.

"I am not so detached that I don't have a yearning for a community-based club, it is my background and how I was brought up in sport," he said.

"But I am pragmatic enough to realise the realities of professional sport in this country and the need for those sports, if they are to be successful, to be fully funded."

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