The proposal from a Monty Betham-led and fan-backed consortium looking to buy the Warriors NRL club has been approved with both parties entering the due diligence stage.
The former Warriors captain heads a team of mystery investors prepared to lead a bid to purchase the Auckland-based club New Zealand businessman Eric Watson has owned in part since 2000.
Betham issued an update on social media today, confirming that Watson had approved the group's proposal, with due diligence expected to be completed by the end of the month.
Betham addressed Warriors fans through a Facebook post updating them on negotiations.
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Last Saturday, Betham and his team had an extended meeting with new Warriors chief executive Cameron George, executive chairman Jim Doyle and Don Stanway, who is Watson's legal counsel in New Zealand.
Betham's involvement comes after Auckland businessman Paul Davys last month led a high profile, but ultimately unsuccessful, bid to buy the Warriors.
Davys and Watson reached the due diligence stage before Watson last week turned down an offer of $15 million to buy the club.
Watson has remained in discussion with other potential buyers, with his asking price sitting closer to $20 million.