Brydens Lawyers Principal Lee Hagipantelis "has tabled" a A$5M ($3.8M) bid to buy Balmain's share of National Rugby League side Wests Tigers, according to Brent Read of THE AUSTRALIAN. Hagipantelis, whose company is a major sponsor of the Tigers, last week "sent a formal proposal to the NRL and Balmain," which owns a 50% stake in the club. However, he said that he was "resigned to the offer being rejected after failing to receive a response from Balmain or the NRL." Hagipantelis said, "There were preliminary discussions. I spoke with both the NRL and Balmain, and it didn’t proceed." Asked whether he was still interested in buying Balmain’s stake in the Tigers, Hagipantelis said, "Not now. It’s not a question of disrespect. I put a proposal forward which, it would appear, did not find favor with either of them. I feel I have made a genuine effort to assist. It was graciously received and it was left at that." Hagipantelis is the first person to table a bid for Balmain's share in the Tigers, "which is due to hit the market on April 1 unless the club can find a way to repay" the A$5M debt it owes the NRL. Under his proposal, Hagipantelis "offered to pay Balmain's debt over a six-year period," with an initial payment of A$500,000 ($376,475) and subsequent annual installments of A$750,000 ($564,712) (THE AUSTRALIAN, 3/24).
