South Sydney Rabbitohs have signed a deal that will see Crown chairman James Packer take up a co-owner stake in the club.
He, alongside co-owner Russell Crowe will hold a 75 per cent stake.
Packer has taken up Peter Holmes à Court’s 37.5 per cent share of the Rabbitohs, with Holmes à Court giving his blessing.
“Today I am asking our fans, our members, to back a new team, Russell and James. I know they will help take the club to another level,” Holmes à Court said.
The Crowe-Packer partnership will secure the club’s funding in the future, giving Rabbitohs CEO Nicholas Pappas some peace of mind.
James Packer’s father, Kerry, was a Souths fan, but sadly couldn’t pass it on to his son, who has always followed the Sydney Roosters.
This year the Rabbitohs had a spectacular comeback, winning the NRL grand final after 43 years.
The club was saved from the brink of extinction and financial ruin with the help of Pappas and number one fan, Russell Crowe.
Holmes à Court and Crowe paid $3 million to acquire Souths back in 2006. There have been suggestions the estimated value of Souths at present would be about $20 million.
Source: News Limited