James Packer is reportedly on the verge of finalising a deal to buy Peter Holmes a Court’s 37.5% stake in the South Sydney Rabbitohs, the NRL club that recently ended a 43-year premiership drought. The move would see the casino mogul partner with actor Russell Crowe in owning the club.
The multimillion-dollar deal, which could be announced within days, is believed to be facilitated through the Packer family’s private investment company, Consolidated Press Holdings. Crown Resorts, Packer’s company, is already the Rabbitohs’ major sponsor.
Holmes a Court reportedly believes the time is right to sell, as the club is now on firmer financial ground than when he bought his stake. A friend of Packer said he sees the Rabbitohs as having the potential to become the biggest and most successful football club in Australia.
The purchase would secure long-term financial stability for the club, which won its first premiership in 43 years last Sunday. The Rabbitohs remain one of the NRL’s most popular teams.
