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Balmain Set To Retain Wests Tigers Stake After Deadline Extension

Former National Rugby League side Wests Magpies will "honour a pact made with Balmain when they merged in 2000 by agreeing to a deal that would enable their fellow foundation club to maintain a stake in Wests Tigers," according to Walter & Lane of THE AGE. With the deadline for "cash-strapped" Balmain to repay a A$5.4M ($4.1M) loan to the NRL due to expire on Thursday, "there have been doubts over the future of one of the game's oldest and most famous clubs," but Wests will "not allow them to die and is prepared to offer the Leichhardt-based Tigers a 25 percent stake in the joint venture." Negotiations between the two clubs are "continuing and are set to go past the March 31 deadline but it is understood they are close to reaching an agreement that would result in half of Balmain's debt being retired and the 116-year-old club having a further 10 years to repay the rest." In return, the Wests Group -- headed by the Wests Ashfield Leagues Club -- "would take control of the Wests Tigers board by appointing five of the nine directors." Balmain would have two seats on the board and "there would also be two independent directors." It is believed Balmain will "not only retain a 25 percent stake but also have an opportunity to buy back the other 25 percent if they get back on their feet." The NRL is "so convinced that the two clubs will reach agreement on a new deal that they extended the deadline" for the A$5.4M debt to be paid. Wests Ashfield CEO Simon Cook said, "I wouldn't be too hung up on the date. The talks are progressing and there won't be anything finalized on March 31st" (THE AGE, 3/29).

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