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News Ltd down to ?

Discussion in 'Rugby League Forum' started by Matabele, Oct 5, 2007.

  1. Matabele

    Matabele Well-Known Member

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    I might need a bit of revision here, but when the great rift was healed back in 1998 one of the terms of the truce was that News Ltd would reduce its interests into one club only.

    At that point it had interests in Cowboys, Broncos and Raiders. The Storm was established under its umbrella.

    The share in Cowboys has been sold. I can;t recall where things are at with the Raiders.

    Now the news below.

    Bid to take over Broncos

    Two wealthy, high-profile supporters are on the verge of making a takeover bid for the Brisbane Broncos.

    While Brisbane Broncos CEO Bruno Cullen today categorically denied the club would be sold, it is understood an official offer will soon be made to purchase News Limited's 68 per cent controlling interest.

    The men, one of whom is believed to be John Geaney, are members of The Thoroughbreds - a powerful Broncos supporters group.

    "I have heard the rumours and I am aware they are gaining momentum," Cullen told brisbanetimes.com.au.

    "However, at the club's AGM in May this year, the club's chairman (Darryl Somerville) stated News Limited would retain its ownership.

    "Obviously in my role, I talk to News Limited executives on a regular basis - and nothing has changed."

    Geaney, who made his fortune in property development, already owns about 10 per cent of the club through his associated companies.

    If the bid is made, it would be the second occasion this year the Broncos have been the subject of a takeover attempt.

    Cullen today confirmed an official offer to purchase the club had been made in writing to News Limited about eight weeks ago.

    It's believed the offer - which was quickly rejected - was around $25 million.

    There are one million Broncos club shares currently listed on the Australian Stock Exchange. This morning, they were trading at 21 cents per share.

    When asked to put a total value on the club, Cullen - a board member of the Queensland Country Credit Union - said: "Around $40 million."

    The Broncos' number one ticket holder, Lachlan Murdoch, and wife Sarah Murdoch, are late scratchings from tonight's club presentation dinner.

    However, brisbanetimes.com.au understands Murdoch would have publicly put up the not-for-sale sign had he attended.

    News Limited, which owns 50 per cent of the National Rugby League (NRL), recently sold its controlling interest in the North Queensland Cowboys.

    Speculation has linked News Limited with a future sale of 2007 NRL premiers Melbourne Storm, of which it owns 100 per cent.

    However, it's understood Murdoch's personal love for the club - combined with a desire for News Limited to retain a controlling interest in a marquee club - would prevent a future sell-off of the Broncos.

    Private ownership of NRL clubs has been in the spotlight, particularly with the successful takeover of the South Sydney Rabbitohs by actor Russell Crowe and businessman Peter Holmes a Court.

    In other news, it's believed the Broncos are on the verge of announcing WOW Sight and Sound - a prominent electrical and hi-fi chain - as its new major sponsor.

    Energex's association with the club ended last season.
     
  2. ads

    ads Well-Known Member

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    I don't think they have any of Canberra - but I could be wrong.
     
  3. byso

    byso Well-Known Member

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    No they don't that was sold back 2 years ago
     
  4. Canteen Worker

    Canteen Worker Well-Known Member 2016 Tipping Competitor

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    If News are serious they should not have any stakes in any club whilst they run the comp. Mind you, it is time that League was not owned or run by a media company. Too many conflicts of interest.
     
  5. Jethro

    Jethro This space is for rent Staff Member Premium Member 2016 Tipping Competitor

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    Agreed, however, I would personally like to see them pull out of the administration side of things as well. I would have no problem what so ever if they were the major sponsor of the game.
     
  6. Canteen Worker

    Canteen Worker Well-Known Member 2016 Tipping Competitor

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    They have invested too much in Pay TV to just walk away and want to ensure they control things. Problem is that what is best for Pay TV is not what is best for long term development of the game. Take Saturday night and Night Grand Final fixtures for example.
     

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