They were originally setup to promote rugby league in the area - that included Wests Magpies football club. They once owned Wests Campbelltown but that club is now a seperate entity under the Wests Group which is not affiliated with Wests Ashfield. Campbelltown funds juniors in the Wests Macarthur competitions but no longer provides funds to Wests Tigers.
They own it as in they have a 90% share and Balmain has a 10% share in the club. Its a different model to Souths private ownership. They could however sell their share or any part of it to a buyer if they wished.
Pascoe as CEO is accountable to the Wests Tigers board. The board is made up of 5 Wests Ashfield board directors, 2 Balmain appointees and Lee Hag as Chairman. The Wests Tigers board could sack Lee and Pascoe if they wanted to. The only way the other 7 board members can be replaced is if they resign or are replaced by Wests Ashfield and Balmain.
So in essence Wests Ashfield board hold all the power and are pulling all the strings. And under their constitution its almost impossible to get voted off that board.