Media has since reported the curious passage for the Titans' NRL licence bid, from the application stage to gaining an NRL franchise. It was clouded with deception, fraud allegations and scandal, and continued until the sole director, Michael Searle, was removed—only recently—and the National Rugby League itself assumed ownership of the Titans NRL franchise.
Among a raft of entry conditions for franchisees, the NRL required a provision of a $15 million cash bond to ascertain and maintain a viability of the franchise. The bond, although assumed by the NRL to be in place, did not exist. It would appear that this deception by Michael Searle then extended to indicating falsely to the Commonwealth Bank that the NRL would contribute substantially—an amount of $4.6 million—to the construction of the centre of excellence. He also made other funding promises, such as a builders equity, which were not true.