The financial future of National Rugby League side Wests Tigers "has been ensured" following an agreed A$8.5M ($6.1M) deal between the Wests Ashfield and Balmain clubs, according to FOX SPORTS. Cash-strapped Balmain needed to repay a A$5.4M ($3.8M) loan to the NRL by March 31, "however the deadline was extended while negotiations between the clubs continued." With Wests paying part of the debt, "the new deal sees an ownership restructure" -- Wests raises its stake in the club to 75%, while Balmain retains 25%.
There "are now nine positions on the Wests Tigers board with Balmain holding two and Wests five." The remaining two spots "are filled by independent directors." The new arrangement "brings the NRL’s involvement over the last two years in assisting Wests and Balmain to restructure Wests Tigers to a conclusion" (FOX SPORTS, 5/27).
LITTLE WILL CHANGE: In Sydney, Brad Walter wrote on the surface, "little will change as it is a condition of the club's NRL licence that the team be known as Wests Tigers and maintain the logo and colours of the joint venture." The Magpies "had no intention of changing anyway as doing so would have alienated not only Balmain diehards but fans who have supported Wests Tigers since the merger, some of whom have no affiliation to Wests or Balmain." No decision "has yet been made on the number of games Wests Tigers will continue to play at Leichhardt Oval and Campbelltown Stadium -- the spiritual home grounds of Balmain and the Wests Magpies -- and that will be one of the first major issues for the new board to consider" (SYDNEY MORNING HERALD, 5/27).
