SPECULATION is brewing among South Sydney Rabbitohs supporters that billionaire James Packer is negotiating a multimillion-dollar deal to buy part of the famous club. Under the mooted deal, Mr Packer would buy Peter Holmes a Courts 37.5 per cent stake and become a partner in the club with movie star Russell Crowe. The speculation is being pushed by a supporters group, Rebel Rabbitohs, which was deeply opposed to Mr Holmes a Court and Mr Crowe jointly buying 75 per cent of the club in 2006 for $3 million. The group claimed on its Facebook page that Mr Crowe had found a buyer for Mr Holmes a Courts $1.5 million stake. The whisper has been a loud one from one former captain of the Rabbitohs, the posting said. The prospective new owner is a lifelong Roosters supporter, Roosters member and former Roosters director. A spokesman for Mr Packers Crown Resorts would only say yesterday that Crown was proud and very excited to be Souths major sponsor in 2014. We are looking forward to a strong partnership on the football field but also with our indigenous and community programs, he said. South Sydney Rabbitohs chairman Nick Pappas said there was no truth to the rumour as far as the club is concerned. Crown took the opportunity to take up the $1 million sponsorship of Souths when its Sydney casino rival, The Star, decided not to continue its support. The sponsorship caused a rift for Mr Packer with Sydney Roosters boss Nick Politis. The gaming billionaire and Mr Crowe have developed a close relationship in recent years, with Mr Packers RatPac movie venture backing the actors Gallipoli epic, The Water Diviner. The posting on Friday caused a ripple of excitement among Souths fans, although its accuracy was met sceptically by some. I cant imagine James Packer moving on from the Roosters but his father was a diehard Souths supporter, said long-time member Joe Moussa, who owns Vinery Foods restaurant at Annandale. Souths legend George Piggins has recounted that Kerry Packer once told him that anyone who thought there was money in football clubs or racehorses was mad. The Crowe and Holmes a Court partnership got off to a rocky start at Souths when the club lost $6.9 million in the first two years of their ownership. The loss resulted in Mr Holmes a Court stumping up a loan of $4.5 million to the Rabbitohs, while Mr Crowe loaned $1.65 million. Mr Holmes a Court resigned as a director in March 2010 but was spotted watching Souths games during the finals series last year. Souths have managed to turn their finances around, recording a $4.2 million increase in revenues between 2008 and 2012. But they still recorded a $300,000 loss in 2012, despite boasting the biggest membership base in the NRL. They have no backing from a leagues club, after Souths on Chalmers at Redfern was placed in liquidation last year.
Posted on: Sun, 19 Jan 2014 06:34:05 +0000
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