Balmain's ongoing involvement in Wests Tigers has been secured after the finalisation of an $8.5 million deal giving control of the joint venture to Wests Magpies.

With Balmain unable to repay a $5.4 million loan to the NRL due on March 31, there had been fears about the future of the 1908 foundation club at the elite level of the game but the Tigers will now continue as 25 per cent partners in their merger with Wests.

Under the terms of the NRL licence agreement for Wests Tigers, the Magpies had the option of buying Balmain's 50 per cent stake in the joint venture but as revealed by Fairfax Media two months ago the clubs had a pact to help each other out if one got into financial difficulty.

As a result, Wests have increased their stake to 75 per cent and allowed Balmain to retain a 25 per cent share.

In return, the Magpies will appoint five directors to a nine-person board – meaning they now officially have control of Wests Tigers.

Balmain will appoint two directors and there will also be two independent directors on the new expanded board.

A statement issued by Wests Tigers to announce the deal had been concluded made reference to the pact between the two foundation clubs when they merged in 2000 to ensure their survival in the NRL.

"Wests acknowledges Balmain's contribution to the joint venture since 2000 including their integrity in preserving their long history," the statement said. "Both Wests and Balmain are founding 1908 clubs which, together, will continue to build a proud future for Wests Tigers.

"Balmain acknowledges Wests Ashfield Leagues' role in securing the operational and financial viability of Wests Tigers over the past four years and for its generous offer to Balmain to secure its place as part of Wests Tigers in the NRL into the future."

On the surface, little will change as it is a condition of the club's NRL licence that the team be known as Wests Tigers and maintain the logo and colours of the joint venture.

The Magpies had no intention of changing anyway as doing so would have alienated not only Balmain diehards but fans who have supported Wests Tigers since the merger, some of whom have no affiliation to Wests or Balmain.

No decision has yet been made on the number of games Wests Tigers will continue to play at Leichhardt Oval and Campbelltown Stadium – the spiritual home grounds of Balmain and the Wests Magpies – and that will be one of the first major issues for the new board to consider.

However, Wests Tigers are now free of the influence of the NRL, who had overseen a restructure of the board in the past two years which included the appointment of three independent directors – Marina Go, Rosemary Sinclair and Lucio Di Bartolomeo.

Go will remain as chair of the new board but Di Bartolomeo has stood down, leaving Sinclair as the other independent director.

The Wests appointees have been announced as Wests Ashfield chief executive Simon Cook, chairman Mike Bailey and three other directors of the wealthy leagues club, Michael Liubinskas, Rick Wayde and Tony Andreacchio.

​Balmain's representatives on the board will be Danny Stapleton and James Myatt.

"Wests and Balmain wish to express their thanks to Lucio Di Bartolomeo who has now stood down from the Wests Tigers Board," the statement said. "Lucio's contributions over the past 20 months have been exceptional.

"The new arrangement brings the NRL's involvement over the last two years in assisting Wests and Balmain to restructure Wests Tigers to a conclusion. Both clubs thank the NRL for its role in reaching this agreement."