The U-turn came after the two billionaires met face to face and hammered out a peace deal with compromises on all sides to ensure the club's future in the competition.

Tinkler announced he was walking away from the club three weeks ago in a continuing row over the amount he paid for the club's licence, the way the A-League was run and the ongoing saga of injured former marquee star Jason Culina's contract.

Since then, Tinkler's Hunter Sports Group said they had offered a compromise deal where the licence deal was slashed to the same amount as Adelaide United's owners paid and Culina's costs were shared between the player, the club and the FFA.

HSG also wanted to pay $250,000 towards a study group to review the running of the A-League by comparisons with similar leagues overseas.

Its understood the FFA were willing to agree to the first two requests but dismissed the study group as it overlapped with the new joint committe set up to involve A-League owners in the running of the competition.

Now it appears the billionaires have settled their differences, which included an official end at last to the Culina row too.

Lowy and Tinkler met for talks over the weekend and today Lowy said the discussions were "characterised by goodwill brought to the table by both parties".

He added: “It was a good opportunity for Nathan and I to meet face-to-face and resolve the issues that had affected the relationship between FFA and HSG.

“FFA has made some concessions in good faith in order to resolve the matters.

“When Nathan first took on Newcastle Jets, I welcomed his commitment to running a strong and successful A-League club in Newcastle on behalf of the community of the Hunter region.

“Today, my confidence is renewed over Nathan’s personal drive to make the Jets and the Hyundai A-League successful.  We agreed on a way forward that addresses the issues HSG have raised and we are now going to get on with developing the game together in a key region for football.

“With more than 10,000 Jets members and an average crowd this season over 12,000 HSG has demonstrated its ability to engage with the community and to run a successful team and club.”

Tinkler said there was now an opportunity for FFA and HSG to work together in achieving shared goals.

“Frank Lowy flew to Brisbane to meet with me face-to-face and I took that as a sign of goodwill,” said Tinkler today. “It was a gesture I certainly appreciated.

“I welcomed the opportunity to meet and discuss these issues in person. We now have a way forward and I remain committed to ensuring Newcastle Jets is one of the most successful clubs in the Hyundai A-League.

“I am delighted to be able to support Newcastle Jets on behalf of football fans in the Hunter region and to continue to build a strong relationship with the community.

“When I first made this commitment I did it on behalf of the community and I am committed to further developing football and sport in a community I grew up in and am proud of.”