Balmain Tigers’ future secured with funding agreement with NRL and Western Suburbs

THE future of foundation club the Balmain Tigers has been secured under a new funding agreement soon to be finalised with the NRL and Western Suburbs Magpies.

Tigers fans during the Wests Tigers v Melbourne Storm rugby league game at Leichhardt Oval, Sydney. Pic Brett Costello

The future of foundation club the Balmain Tigers has been secured under a new funding agreement soon to be finalised with the NRL and Western Suburbs Magpies.

Under the new arrangements, Balmain will hold onto a 25 per cent share of the Wests Tigers joint venture with seats on a revamped board of directors.

Western Suburbs will pay the NRL $2.5 million of Balmain’s $5 million debt and take a 75 per cent ownership of the joint venture.

The final make-up of the board will be determined later in the season although the Magpies will have a majority on the board to match the shareholding.

The future of the independents, including chairperson Marino Go, will be addressed later in the season. Some will have to go under the new structure to allow Balmain to get two votes back.

Wests would also want to appoint their own chairman.

Balmain officials are still in talks with NRL accountants over the $2.5 million they will owe once Western Suburbs has chipped in with half the amount owed to the NRL.

It is likely they will be granted a three-year extension to pay the money back once the future of the Victoria Road development site in Rozelle has been settled.

Western Suburbs officials had the opportunity — and funds — to take complete ownership of the Wests Tigers but always wanted Balmain to stay involved and to play future games at Leichhardt Oval.

Originally published as Balmain Tigers’ future secured with funding agreement with NRL and Western Suburbs