South
Sydney are set to become the most powerful sporting
club in the country, after James Packer joined Russell
Crowe as a co-owner of the NRL premiers on Thursday.
Packer
has bought out Peter Holmes a Court's 37.5 per cent
share in the Rabbitohs, to assume ownership with Crowe
who took over following a membership vote in 2006.
The
club's financial clout will now be unrivalled in Australian
sport and rugby league's most popular club is set
to challenge AFL giant Collingwood as the nation's
most prominent sporting outfit.
A
former board member with the Rabbitohs' bitter arch-rivals
the Sydney Roosters, Packer happily confirmed over
a year of speculation in a Rabbitohs media release.
"This
is a very proud day for my family," Packer said
in the statement.
"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.
"I
am hopeful that working together with Russell, Souths
Chairman Nick Pappas and CEO Shane Richardson, we
can win more premierships for the fans, secure the
club's long term financial future and in time establish
Souths as Australia's number one football club; with
the biggest supporter base for all codes.
"Can
I put on record my gratitude to Peter Holmes a Court
for the outstanding work he has done at Souths over
many years and wish him well for the future."
The
other 25 per cent of the club is owned by South Sydney
Members Rugby League Football Club and the Rabbitohs
statement said the new ownership structure would not
affect the team's name, logo, colours, jersey and
choice of home ground."
Rabbitohs
chairman Nick Pappas said Packer's involvement with
Souths ensures the club's long term viability.
Packer's
casino venture Crown Resorts assumed the Rabbitohs
major jumper sponsorship at the start of this year
in a three-year deal.
"I
join with the Rabbitohs' senior management team, our
staff and our members in welcoming James Packer to
the Rabbitohs family," Pappas said in the statement.
"We
promised some years ago to deliver sustained on-field
success and the first chapter of that story was written
on 5 October 2014 with our 21st premiership.
"We
also promised to connect our great club with the highest
echelons of Australia's business community so that
its longevity could be ensured for decades to come."
