Knights CEO Phil Gardner says the club could be more than $500,000-a-year better off in the wake of the NRL's decision to expand the competition to 17 teams in 2023.
The Australian Rugby League Commission yesterday confirmed a new franchise - The Dolphins - based at Redcliffe, would become Queensland's fourth NRL club ahead of other expansion hopefuls Brisbane Firehawks and Brisbane Jets.
Wayne Bennett, who was the Brisbane Broncos coach when they entered the competition alongside the Knights back in 1988, is widely tipped to take the reins of The Dolphins in their first season.
They are the NRL's first expansion team since 2007 when the Gold Coast Titans joined the premiership.
Gardner claims the expansion news is a real positive for rugby league.
"I think it's a good move for the game, it's a good move for development and a good move for Queensland," Gardner told the Newcastle Herald.
"There will be more money in the pot for everyone and it's hard to find a negative for it to be honest. I think the Dolphins' bid ticks every box. They are in the right spot to be a success and I think Brisbane deserves another side.
"I'm looking forward now to a further expansion to 18 teams when the timing is right."
Asked about the financial benefit for the Knights with another team joining the premiership, Gardner said the final figure will hinge on the yet to be finalised broadcasting deal with Channel Nine and how much the players will pocket.
"There is a bit to play out in relation to how much of the pie will go directly to the clubs," he said.
"We've got to agree on the Collective Bargaining Agreement for 2023 depending on what the player payments will be and the broadcasting deal with Nine still has to be finalised.
"But we have a guarantee from the NRL that no club will be worse off.
"The expectation is we will be getting more than we are now. That could be more than half a million dollars a year for every club but we'll have to wait and see where it ends up.
"The number that was mentioned was $8 million to the 16 clubs but there is a lot of water to go under the bridge yet."
The 17-team competition sees the NRL become a 26-round competition with every team continuing to play 24 games with two byes, with the total number of regular-season games increasing from 192 to 204.
ARLC Chairman Peter V'landys said it was a landmark moment in the game's history and would continue the push to grow the game in Queensland.
"Today is an exciting moment in the history of our game ... on behalf of the Commission I would like to congratulate The Dolphins on being granted the 17th licence," V'landys said in a statement.
"I would also like to acknowledge and thank the other bid teams for the work they put into their submissions. All three bids were of the highest calibre and highlight the strength of rugby league in Queensland."
V'landys said expanding the game in the Sunshine State was key to the long-term growth of the sport, with more fans, participants and commercial investment.
"Rugby League is part of Queensland's DNA and to have four teams based in Queensland will further strengthen our game as the No.1 sport in the state," he said. "Expansion is also a really important part of our participation strategy.
"It will be a condition of the licence that the Dolphins spend $2 million every year on participation and growing the women's game in Southeast Queensland.
"Our focus over the next year is revitalising our participation strategy and The Dolphins will be an important part of that in Queensland."
With reportedly around $70 million in assets and $20 million in cash reserves, the Dolphins will be one of the richest teams in the competition.
NRL CEO Andrew Abdo said the new team will not be given concessions in the manner in which the AFL set up GWS and Gold Coast, with the NRL instead insistent they will have the structures in place for early success.
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