Embattled A-League club Newcastle Jets will continue on as a club but will undergo new ownership arrangements Football Federation Australia announced today. After meeting with the club's owner, Con Constantine, the FFA board decided that under the current ownership that the club would not be able to operate and has withdrawn Constantine's licence.

FFA CEO Ben Buckley confirmed that racing identity Nathan Tinkler, who owns Patinack Farm, would take over the Jets for the remainder of the season.

"We have signed an agreement with Nathan Tinkler which secures the Club's participation for this season," Buckley said today.

"The agreement also grants an option for him to acquire the licence for the long term.

"This is a fantastic result for the Hyundai A-League, the club and the people of the Newcastle area.

"Ever since our first discussion I could tell that Nathan was an extremely proud Novacastrian and I welcome his involvement in football.

"Starting immediately we will be working with Nathan to broaden the support base of the club and engage the entire football and business community of the Hunter region in a campaign to secure its future in the Hyundai A-League for years to come.

"We are very hopeful that the fans and the local business community will demonstrate their commitment to the Club and lead to Nathan taking out the licence on a long-term basis."

Nathan Tinkler said his aim was to save the club for the people and the development of the game in the region.

"My family and I have been supporters of the Newcastle Jets for years and we are delighted to be able to step in and support the club for the City of Newcastle," Tinkler said.

"I have no desire to own a football club but provide a nursery for the development of the game for the thousands of young football players in the Hunter region.

"I urge all of the Hunter community to get behind the Jets and show their support by showing up for the games and becoming members of the club.

"We are keen to get as many sponsors on board as possible. Newcastle deserves a top class A-League team and we are keen to help rebuild the club for the city.

"I have faith in the A-League and the concept of the national competition and I expect Newcastle will play a big role in that future."