This was posted from the other site, apparently from the Tele?
Balmain Tigers legend Ben Elias and a wealthy consortium have held secret meetings to discuss buying a 50.5 per cent share in the embattled Wests Tigers for up to $10 million.
The Daily Telegraph has been told Elias has completed due diligence about the ownership proposal with a high-flying Sydney businessmen, who want to remain anonymous until talks accelerate.
It is understood Elias has arranged to discuss his plan with Wests Tigers powerbrokers early next week where it would be determined whether the club would consider some form of private ownership.
Should there be interest from Wests Tigers, it is understood an offer could be lodged quickly, pending NRL approval.
When approached on Thursday morning about the stunning bid, a coy Elias only said: “I can confirm it. It’s a work in progress but obviously it’s very early days. But I won’t comment any further.”
Well-placed sources suggest a 50.5 per cent share in Wests Tigers could cost at least $8 million to $10 million.
The Elias-led consortium have no plans to change the club’s name, colours, emblem or shift Wests Tigers from its Leichhardt and Campbelltown heartlands.
The businessmen just want to try to make an offer to drag Wests Tigers from their current rut.
Under the club’s current ownership structure, Wests Magpies own 90 per cent with Balmain Tigers controlling the final 10 per cent.
Wests Tigers are debt-free and backed by the highly successful Wests Leagues Club at Ashfield.
Interest in acquiring more than half the club came after Elias and his consortium discussed the club’s flagging on-field results, which includes missing the finals for the past decade.
Convincing the club’s eight-member board to consider private ownership could be challenging but consortium members are known to be exceptionally wealthy.
Brisbane, Melbourne, South Sydney, Gold Coast, New Zealand and Manly are all governed under private ownership.
Two years ago, Manly’s primary owners, the Penn family, rejected lucrative offers for the entire club valued at $18 million.
The Rabbitohs in particular have flourished under the private ownership of Russell Crowe, James Packer and, previously, Peter Holmes a Court.
Wests Tigers sit equal last on the NRL competition table with one win from seven games. The Tigers play St George Illawarra this Sunday in Wollongong.
Elias, who played 234 games for Balmain, was on the Wests Tigers board when the club last won a premiership back in 2005.
He also played 24 State of Origin games for NSW and 14 Tests for Australia.
