Buoyed by success since taking over the Knights, who posted a remarkable $1.1 million profit after their first season with Wests at the helm, the thriving licensed-club juggernaut is eager to expand its empire.

Wests chief executive Phil Gardner said any such plans would be "predicated" on a new indoor stadium at Broadmeadow, which would be expected to replace the Entertainment Centre.

He said Wests would be willing to become the "anchor tenants" at such a stadium and viewed a men's NBL team and women's Super Netball team as viable entities.

Newcastle has not fielded an NBL team since the demise of the Hunter Pirates in 2006. Before the Pirates, the Newcastle Falcons were the city's basketball flagship for 20 years, from 1979-99.

Newcastle has not had a presence in the premier netball competition since the Hunter Jaegers disbanded in 2007 after a four-season existence, but international games staged since at the Entertainment Centre have attracted capacity crowds.

"If the government were to commit to a 10,000-seat arena, which as I understand is in discussion, we would certainly want to assist that to happen," Gardner told the Newcastle Herald.

"We would certainly be interested in being the anchor tennant, with a national league basketball side and a netball side, and we would like to be part of those discussions when the time comes.

"But it all starts with a new indoor stadium that seats 10,000. It won't work any other way."

Gardner believes NBL and Super Netball teams would be "relatively inexpensive" to run, especially in comparison to an NRL outfit.

"We think junior players in this area deserve a pathway, and that basketball and netball would complement the Knights," he said.

"The Knights are our core business, and we're absolutely focused on building them to the point where they can win premierships.

"But we think an indoor arena is so important for the region, and we will do whatever we can to help the government make sure it doesn't become a white elephant."

Gardner said Wests were unlikely to be interested in a Women's National Basketball League side, which he felt would be better suited to the new $25 million stadium that will be build at Hillsborough.

He also said Wests would not invest in a rival football code, such as soccer.

"But I think basketball has a wonderful opportunity, because it is a sport that is so well watched," he said.

"The NBL seems to be on the way back, after some tough years.

"And obviously the crowds they are getting to Super Netball have been outstanding.

"Wouldn't it be great to have a team here in Newcastle, so that our best players don't have to leave town to play at that level?"

Wests were interested in buying out the Falcons in the late 1990s, when they experienced financial difficulties, but were outbid by an Albury-based franchise headed by controversial businessmen Allan Endresz and Peter Cain.

They lasted barely a season before the Cannons were placed into voluntary administration and eventually folded.

"I think that if we [Wests] got it then, the Falcons would probably still be playing," Gardner said. "We offered them $200,000 for the franchise but they sold it to these people from Albury, and sadly that didn't last long.

"I'm confident we would have run it on its merits, but I suppose that's easy to say when you haven't done it.

"If another opportunity came up, we would certainly be interested."