A group of Newcastle businessmen have put forward a proposal for the Knights to become community-owned by raising at least $15 million in a share offering in the NRL club.
The plan was made public on Saturday under the banner 'Our Knights One Chance' with the chief ambition for the embattled club to follow in the footsteps of the NFL's Green Bay Packers and be owned by local fans.
The Knights have been in the hands of the NRL since 2014 when former mining magnate Nathan Tinkler relinquished his three-year ownership of the club.
The NRL last month announced it had rejected all bids to buy the Knights, who have struggled both on and off the field in recent times and collected this season's wooden spoon after winning just one game.
The group of seven local businessmen have asked for fans to register their interest in the proposal and if after three months there's sufficient support, they will look to sell shares in the club.