The Melbourne Storm has been sold by News Limited to a private consortium gathered by New Zealand entrepreneur Bart Campbell.

It is the end of an era for the Melbourne Storm who have only ever been owned by News Limited since entering the premiership in 1998.

News Limited's ownership has yielded two NRL premierships including last year's but also saw the salary cap scandal which cost the club the 2007 and 2009 titles.

Campbell, a former barrister in the New Zealand High Court, has assembled the syndicate of new owners who will take over.

He is non-executive chairman of international sports management and sports marketing company TLA Worldwide.

Outgoing chief executive Ron Gauci told a news gathering that News Limited leaves the club in its best ever position.

"Rebuilding the club has been remarkable," Gauci said.

"We won the 2011 minor premiership, last year's premiership and the World Club Championship, because of the players, the football department, the coaches and the administration too.

"The club is now in the best position in its history and it's able to stand on its own two feet.

"After substantial due diligence, we were very confident in taking the Melbourne Storm to the market with a secure future.

"While it's sad for me personally, it's a substantial moment in the club's history."

Sorry, this video has expired Storm sold

Evans says Storm can go up another level

Mark Evans, the former chief executive of English rugby club Harlequins, has been chosen to take over as Storm chief from Gauci.

"It's a one club town and the trending numbers and average crowd numbers are moving in the right direction," Evans said.

"Last but by no means least, the playing side is world class.

"We think that the previous 15 years has been an incredible achievement, it needs recognition, but there's still more opportunities going forward.

"Hopefully without being overly arrogant or shouting it from the rooftops, we'd like to think that we will be able to help take it to another level."

The Storm's sale means the Brisbane Broncos are now the sole remaining NRL asset of the company which once ran the competition.

ABC/AAP