Billionaire businessman James Packer is on the verge of finalising negotiations to buy Peter Holmes a Court’s stake in the premiership-winning South Sydney Rabbitohs, it has been reported.
The move would mean the casino mogul, whose Crown Resorts is South’s major sponsor, would become partners with Russell Crowe and help bring long-term financial strength to the NRL’s most popular club, News Corp Australia and Fairfax Media reported on Wednesday.
Packer has been linked with a possible buyout of Holmes a Court’s 37.5 per cent stake in Souths for nearly a year.
The reports say a multi-million-dollar deal could be announced within days with Mr Holmes a Court believing the time was right for him to walk away, with the club on firmer financial ground than when he bought in and a premiership won.
It’s believed Mr Packer will seek to purchase his stake through the Packer family’s private investment company Consolidated Press Holdings.
A friend of Mr Packer said: “James believes Souths has the potential to be the biggest and most successful football club in the country,”
“He would love to play a part in building the club for the future.”
The Rabbitohs’ premiership win ended a 43-year wait for their fans.