Peter Holmes a Court reveals his reasons for selling his South Sydney stake, while James Packer plans for a big future
RABBITOHS saviour Peter Holmes a Court has revealed why he sold his share in South Sydney to billionaire businessman James Packer.
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RABBITOHS saviour Peter Holmes a Court has revealed why he sold his share in premiers South Sydney to billionaire businessman James Packer.
The deal was formally brokered on Thursday afternoon with Packer and Russell Crowe now forming one of the most powerful sporting alliances in world sport.
It was another historic day in South Sydney’s long and famous history.
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After months of speculation and negotiation, Holmes a Court sold his 37.5 per cent share to Packer for what Souths claim was an “undisclosed sum.”
Well-placed sources though claim Souths was now worth around $20 million.
On Thursday Packer set out his bold plans, which includes making Souths “Australia’s No. 1 football club; with the biggest supporter base for all codes.”
Speaking exclusively with The Daily Telegraph from France, Holmes a Court told of his decision to leave Redfern after rescuing the embattled club with Crowe club back in 2006.
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“I want to see the club grow and Russell and James will ensure that. James will bring additional business nous to the club,” Holmes a Court said.
“As a member I am ready to back James and Russell as owners, who will work with the same successful management team, the same coach and core of playing staff, the same recruitment team to find the next generation.
“The partnership between James Packer, Russell and the members will be that. I ask our fans and members to back a new team, Russell and James. I know they will help take the club to another level.
“Our structure includes Russell’s force of nature support. I played a business role for a while, now James will bring that and more.
“The biggest challenge is to remain humble; to remain the people’s team. Are we up for it? Ask (CEO) Shane Richardson. He won’t let it go any other way.
“People ask me about getting out now, how does it feel, getting out at the top. I don’t think it is the top. The future so bright I have to wear welding goggles. League in Australia is an incredible competition. The best rugby in the world, of either code, and only now getting the respect it deserves.
“I am so proud of what we did, the most rewarding thing I have done in business.”
Packer’s Consolidated Press Holdings group purchased 50 per cent of Blackcourt League Investments Pty Limited, a company which purchased 75 per cent of the Rabbitohs back in June, 2006.
ScrumPac Pty Limited, a wholly owned subsidiary of Consolidated Press Holdings Limited, bought 50 per cent of Blackcourt. Crowe owns the remaining 50 per cent stake in Blackcourt.
Packer’s grand entrance will not affect the 25 per cent owned by South Sydney members, who control the club’s name, logo, colours, jersey and choice of home ground.
Holmes a Court can leave Souths a hero. His commercial input, commitment and financial support will never be forgotten by a club that finally snapped a 43-year premiership drought this year.
“I am so proud of what we did but I have said that if there was a way to take this club to a higher level, I would support it,” he said.
“The most important thing is remembering how far we have come. Few know how dire things were. Shane Richardson does, (chairman) Nick Pappas does.
“There will be 15 teams who are working today to make sure we don’t win against them next year.”
On Facebook, Holmes a Court added: “Together, we transformed the Rabbitohs from a low performing club that survived on charity to a high performing club that is a driver of positive change.
“This isn’t good bye, we’ll be cheering from New York and be back for some big games. Up the Rabbitohs, Glory Glory to South Sydney.”
Packer revealed his thoughts about buying into South Sydney on Thursday.
“This is a very proud day for my family,” he said. “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, Nick Pappas and 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 No. 1 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.”
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