Chinese consortium snap up Jets

The long-awaited sale of the Newcastle Jets is about to be realised with a consortium of Chinese owners expected to be confirmed tomorrow.

An official announcement early in the week will unveil the new owner as Martin Lee, president and chief executive of Ledman Optoelectronics, News Corp reports.

Former Central Coast Mariners coach Lawrie McKinna is set take over as the new CEO.

The Jets have been a financial drain on the governing body since they took control of the A-League club over a year ago.

Failed tycoon Nathan Tinkler was stripped of his licence in May last year, and subsequent takeover talks with the owner of Dundee United also collapsed.

Chinese investment in the A-League will be welcomed by the FFA, and is a likely to lead to some big player signings for the Hunter outfit which has struggled to be competitive in recent years.

Full report to follow.