A new company has been set up to take over the ownership of Gateshead Thunder Rugby League Football Club (GTRLFC) after winding up proceedings were issued against the club's previous holding company.

Gateshead and Newcastle Rugby Limited is set to be wound up following a dispute among shareholders, with directors Steven and Sarah Garside unable to secure a funding commitment from majority shareholder Neil McPherson. However, Thunder Rugby Limited has now been formed in order to safeguard the Championship club's future, although its membership of the Rugby Football League (RFL) is still set to be suspended.

GTRLFC chief executive Rod Findlay said: "This is the first formal step in protecting Gateshead Thunder's future. The more the staff work on the business plan, the more convinced we are that there is a future for professional rugby league in the North East. "Obviously we need a trading vehicle and we have now set up Thunder Rugby Limited. We have also applied for a bank account. We need to place ourselves in the best position to agree contracts for 2010 as soon as the RFL have given approval for the business plan."