A $5 MILLION hole in the balance sheet of Football Federation Australia will be filled on Monday when the sale of the Newcastle Jets is confirmed to a consortium of Chinese owners.

The long-awaited sale, which for the first time welcome Chinese investment into the A-League, removes a major financial headache from FFA, as uncertainty continues to surround the financial security of the Brisbane Roar.

It’s believed the FFA will formally announce the sale on Tuesday to new owner Martin Lee, the president and chief executive of Ledman Optoelectronics.

Former Gosford mayor and Central Coast Mariners coach Lawrie McKinna is set to be the Newcastle Jets’ new CEO. Source: News Corp Australia

Former Central Coast Mariners coach and Gosford mayor Lawrie McKinna is set to be confirmed as the club’s new CEO.

McKinna will oversee what is shaping to be a major overhaul of the Jets, with former Melbourne City and Adelaide assistant coach Luciano Trani already installed as an assistant to head coach Scott Miller.

Several major player signings are expected to follow.

The new owners are believed to have been brought to the table through McKinna’s contacts in China and have been attracted by Newcastle’s history as a strong regional base in Australian football.

Though the divestment of the ownership by FFA has been foreshadowed for several weeks, the confirmation of the sale comes as a significant relief to chief executive David Gallop, having been forced to spend millions of dollars propping up the Jets since former owner Nathan Tinkler’s licence was spectacularly revoked after he put the club into administration.