So really half of each of the joint ventures died.
Illawarra
Norths
Balmain
Illawarra still exist and have teams in various comps. And I understand they have a non-voting member on the STGI JV board, they just aren't a $ stakeholder in the JV. They are essentially there thanks to the intervention of WIN Corp. WIN own part of the Steelers Leagues Club, are the long term sponsors of the Wollongong home ground and have numerous connections in the area, and therefore have a vested interest in keeping the 'Illawarra' in 'St George Illawarra'.
Look, it all comes down to money.
Many years ago, an old taxi driver drove me to St George Leagues Club. We got talking and he said some wise words, "these guys are tightarses". Didn't think much of it at the time but he was correct. Saints will do a lot in offering existing resources, but getting them to part with cash is another thing entirely.
But then, St George pitched in over $6 million to the Illawarra Steelers in order to make the Joint Venture happen.
A few years ago there was a media carry-on about how Saints were financially strapped after they borrowed money from the NRL, but St George Leagues Club was profitable (despite the rhetoric).
The Club will argue that loaning money to Illawarra and then years later borrowing money from the NRL was good business. When WIN Corp came along, not only did they pay back the Illawarra debt to St George but they also took care of the NRL debt. St George ultimately maintained 50% of the JV, while getting back their money, while clearing their debt, and all the while the club was showing a profit.
Now, if only they'd spend some of those clever bucks on getting a good coach. But alas, the tightarse factor comes into play. While the Club recognises the St George name is a good money spinner, they also don't want to go nuts with trying to buy a premiership. The members of the board are safe in their positions. It's business, and the fans are treated like customers. That's probably for another discussion.