PAPUA New Guinea's controversial deputy Prime Minister Belden Namah has emerged as a possible white knight in Gold Coast boss Michael Searle's last-ditch plan to save the financially-stricken Titans.
The development comes as Searle broke a two-month silence on the club's fiscal crisis yesterday, apologising to fans and revealing his and the Titans' future may hinge on securing fresh funds from a mystery backer.
Insolvency firm KordaMentha issued a creditors' report on the Titans' property arm on Friday, revealing the company, of which Searle is sole director, has operated at a loss since 2008 with debts as high as $26 million.
The report also questions whether the company traded while insolvent, an assessment Searle vehemently rejected yesterday.
"I would not wish this on my worst enemy," Searle told the Gold Coast Bulletin before he fronted around 800 fans at the annual Titans Charity Ball at Jupiters Casino last night.
"I think there will always be a team here on the Gold Coast. But will I be involved? Will it be the Titans? I don't know.
"I think that's something I'll deal with after we get the solution. That would largely be determined by what my fellow investors want me to do."
Searle would not disclose the identity of any backers, but The Sunday Mail understands leading PNG political powerbroker Namah has been approached to personally fund a Titans rescue package.
The NRL has been notified of the development. Namah is one of PNG's richest individuals, having outlaid 30 million kina ($14.3 million) in his campaign to unseat Peter O'Neill as his country's Prime Minister in upcoming elections.
According to well-placed sources, Namah is considering an initial $2 million investment and could provide as much as $10m to purchase a stake in the Titans.
Namah caused a political stir when he was ejected from Sydney's Star City Casino on April 16 last year after being accused of sexually harassing a male blackjack dealer in the high-rollers room.
Namah has vigorously denied any wrongdoing, with his lawyer Greg Sheppard saying the reports were "mistaken".
Searle opened up about his personal despair, saying he had endured some sleepless nights in his attempt to save the Titans from going broke.
He also revealed plans to implement an independent board if he could wipe out the Titans' estimated $25m debts.
"Sometimes you feel very lonely," he said.
"There's a broad principle accepted by all of us involved that when the new investors come in, that there will be a new independent board established that will represent the interests of the club.
"I'd rather do than talk about doing. If I got bogged down in trying to manage blow by blow every story, we'd be gone by now.
"I just do what I know what's best and I've got to get out there and sell the club and get a capital-raise."
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