The club says it is leading discussions around a takeover.
Toronto owner David Argyle has agreed to write off his personal loans – and entered into discussions with potential new ownership groups to take the club forward.
The statement issued by the Wolfpack this evening has acknowledged Super League’s decision to terminate their participation agreement.
It also reveals that Argyle “recognizes that in order to move the club forward he would need to transfer ownership of the Club, and write off his personal loans”.
The statement stipulates that any new ownership group would be required to meet payroll commitments and future contract obligations.
It reads: “Toronto Wolfpack majority owner David Argyle recognizes that in order to move the club forward he would need to transfer ownership of the Club, and write off his personal loans.
“We are currently leading discussions around a take-over with potential ownership groups from both the US and the U.K.
“In these discussions the club have made it very clear that the new owners would need to honour all payroll commitments and future contractual obligations.
“We expect to develop these discussions further in the next 48 hours and will provide an update in due course.”