I actually think the Dragons leagues club has "old Money" locked away probably in property. There's a reason why we keep hearing the mantra "the footy team needs to be financially independent of the leagues club" with the leagues club cutting back funding. Perhaps the Dragons side of the merger doesn't want to continue propping up the Illawarra side? And perhaps this is why we keep going to the NRL, hat in hand, for funding; "Pay up or we will demerge." This has implications with regards to broadcasting deals etc.
This is probably the case with Balmain/Wests merger, with one side having more money than the other. And I'm assuming this was also the case with Manly/Norths? Even considering the financial incentive given in the beginning, it's funny how the merged teams are struggling financially, while standalones, baring knights, are going fine, including the sharks.