Mr Loftus was elected chairman at the club's annual meeting in September. The leagues and sports club's board and the Bulls started negotiations regarding the lease in April.

Taree City president Mal Dixon told the Times in August that he hoped the matter would be finalised within a matter of weeks.

However, the agreement has yet to signed although Mr Loftus assured there is no reason to be alarmed.

"Our secretary manager David Brann has been away for three weeks. He's back now and we'll start to get things rolling again to get a memoradum of understanding in place,'' he explained.

Mr Brann told the Times in October that he had to organise for the club's solicitor to speak with the newly elected board to outline the leasing arrangement.

"I don't think so,'' he replied when asked if he thought there would be any hiccups with the arrangement.

The club took charge of the complex - then known as the Group Three Leagues Ground, from Group Three Rugby League in the 1970s. It was then the headquarters of rugby league in this area.

Mr Loftus described the Neal Oval as 'a noose around the club's neck.'

"It costs the club $85,000 to maintain the two bowling greens and the Jack Neal Oval last year,'' Mr Loftus said.

Mr Loftus said there was little to no return to the club from the football ground.

He is keen for the ground to be upgraded. Mr Loftus was mayor when council and the club started negotiations that would have resulted in council taking charge of the Neal Oval. However, nothing eventuated.

Mr Loftus has revealed the club has had two poor years financially.

"Last year we lost $106,000,'' he said.

"When I was elected chairman I was asked if I was going to spend more time at the club. I replied that I'm not here to pick up beer glasses or count poker machine money.

"We have to make strategic decisions as a board to ensure the long term viability of the club.''

Mr Loftus hopes that matter doesn't become bogged down by bureaucracy.

"When I was first elected to council I couldn't even pronounce bureaucracy. By the time I'd finished I could spell it backwards,'' he said.

Mr Dixon said the club will seek a $1.5 million State government grant to improve the ground.

This will include a new grandstand, lighting, canteen, dressing sheds and fencing. He has already spoken to member for Myall Lakes Stephen Bromhead on the matter.

However, the club needs to have the lease finalised before any application can be lodged.

There are other avenues for funding, including the NSW Footy Facilities Fund as reported in the Times last Wednesday, and through the NRL.

Mr Dixon said an upgraded Neal Oval would benefit the city and wouldn't be exclusively used by his club or just for rugby league. The club is seeking a 20 year lease with an option for a further 20 years.