Packer becomes Rabbitohs co-owner
Billionaire James Packer has joined Russell Crowe as co-owner of NRL premiers South Sydney.
Packer has purchased Peter Holmes a Court’s 37.5 per cent share in the Rabbitohs with the deal signed off early on Thursday morning, ensuring the long term financial viability of the club.
Rabbitohs and member co chairman, Nicholas Pappas, said in a statement released to club members: “I join with the Rabbitohs senior management team, our staff and our Members in welcoming James Packer to the Rabbitohs family.”
• How Jarryd Hayne turned a sport on its head
• Bunnies, Bulldogs and the human side of rugby league
Packer, chairman of Consolidated Press Holdings, said: “This is a very proud day for my family.
“My father had a long history and association with Souths and to now be a co-owner with Russell Crowe and the members is an honour and a privilege.”
Meanwhile, multi-millionaire Rick Penn has purchased his co-owner’s share in the Manly Sea Eagles, a move likely to have significant ramifications for the retention of key players and staff at the club, including star forward Anthony Watmough.
Penn now owns 90 per cent of the Sea Eagles, after buying out co-owners Quantum in a deal estimated at around $6 million late on Wednesday night.
Manly have been troubled by internal strife for several years now and the Penn buy-out is set to put an end to that.
The Penn family announced on Thursday they had agreed to terms with the Quantum Group to buy their stake in the Sea Eagles effective immediately.
“We want to thank The Quantum Group for their contribution to the Sea Eagles over the past three years and their major sponsorship prior to that,” Scott Penn said in a club statement.
“We acknowledge that the past couple of years off the field have been difficult, however we are committed to ensuring the Sea Eagles are a world-class organisation under consolidated ownership.
“There are a number of exciting initiatives which we will be announcing over the coming weeks to ensure our members are as excited as we are about 2015.”