Just days after winning its first premiership in 43 years, National Rugby League side South Sydney is "set for another windfall, with James Packer preparing to buy a stake in the club," according to Stuart Honeysett of THE AUSTRALIAN. Packer "is finalising a deal that would see him buy out Peter Holmes a Court," who owns 37.5% of the club. Packer "is already the Rabbitohs’ major sponsor through his Crown Resorts but is reportedly ready to join Russell Crowe as a part-owner." In '06, Holmes a Court and Crowe bought a 75% stake in the club for A$3M ($2.6M).
Holmes a Court "was keen to offload his share" and Packer, a former board member at league rival Sydney Roosters, was a potential buyer. A Packer insider said, "James believes Souths has the potential to be the biggest and most successful football club in the country." Sports analysts said that the club was worth about A$20M, "which would put Packer’s outlay at" A$7.5M. Holmes a Court resigned from the club’s board in '10, still being owed $4.5M "after helping to keep the club afloat in two tough first years as an owner." Packer "will use his private investment company, Consolidated Press Holdings, to buy his share" (
THE AUSTRALIAN, 10/8). In Sydney, Chris Barrett wrote Packer "did not attend the grand final, having been required in China on business, but his anticipated entry into Souths is another huge boost for a club with designs on creating a modern-day dynasty." There has been persistent speculation that Holmes a Court, now based overseas, "has intended to part with his share of the Rabbitohs and it appears with the club on far more firm financial ground than when he bought in, and with a premiership trophy in the cabinet, he believes the time is right for him to walk away." Packer "is a lifelong Sydney Roosters fan, although his late father Kerry supported Souths," and his bond with Crowe has led him to first a major sponsorship of the Rabbitohs and now "what is expected to be ownership" (
SYDNEY MORNING HERALD, 10/7).
