The Reds franchise has been separated from the Queensland Rugby Union in a bid to restore the side to its former glory.
The Reds won the Super 10 in 1994 and 1995, but have failed to reach another Super Rugby final since.
According to the Sydney Morning Herald, the operation of the Super 14 franchise has been temporarily separated from the main QRU organisation and called the Reds Business Unit, to be headed by former Wallabies centre and communications consultant Alex Pope.
Chairman Peter Lewis, elected last month amid a mood for change, said the QRU faced pressing issues, including a loss of almost A$200 000 (R1-million) last year.
The Reds, who at the end of the season will replace Jeff Miller as head coach with former Wallabies mentor Eddie Jones, have won just one game this year.
“We have an under-performing football team and we also have a pretty serious financial situation to deal with,” Lewis said. “We can now attack both of those issues simultaneously.”