National Rugby League side St. George Illawarra put a A$10M ($7.23M) price tag on a 50% "stake in the joint venture, as negotiations continue with the WIN corporation," according to Michael Carayannis of the SYDNEY MORNING HERALD. Discussions have "stepped up in recent weeks" between the Dragons and WIN TV Owner Bruce Gordon, in a bid to privatize part of the club. It is "the Illawarra share of the joint-venture that is up for sale," with St. George to maintain its 50% hold of the Dragons. The "key components" of the negotiations include:
- The price of the buyout and "how that may be paid." WIN "may opt to pay off the club's loan to the NRL."
- How many seats each side of the venture "will get on what may be a reduced board."
- Non-negotiable stakeholder agreements "including the name of the club and the logo."
- A "need for a unanimous decision when deciding allocation of matches."
- An "increased third-party presence -- on which St. George Illawarra have struggled to compete with the rest of the competition -- and more branding opportunities using the large reach" of WIN Corp (SMH, 12/9).
