http://www.theaustralian.com.au/spo...s/news-story/4c133a40e95abcf4f2baa7c0db0b912a
Heavy hitter behind Bears bid to buy Titans
One of Australia’s leading private equity figures has emerged as a key figure behind the consortium attempting to revive the famous North Sydney Bears emblem on the Gold Coast.
Peter Wiggs, whose company Archer Capital manages $2 billion in funds, is believed to be part of the consortium that is ready to bid for the Titans’ licence when the NRL puts it on the market in the coming weeks.
North Sydney Bears officials have remained tight-lipped on the identity of the businessmen involved in the consortium and declined to confirm Wiggs’ involvement yesterday.
However,
The Australian understands Wiggs, who lives on Sydney’s north shore and is a long-time Bears supporter, has indicated he is ready to lend his heavyweight financial acumen to the group.
Gold Coast businessman Harry Cheung, whose company Thousand Hand Technologies is a sponsor of the North Sydney side in the NSW Cup, is also part of the consortium.
The group of influential businessmen have been bestowed the intellectual property from the North Sydney Bears as they look to revive the famous moniker, which has been absent from the premiership since the club was forced out in 1999.
The NRL is yet to officially call for expressions of interest in the licence, which has been in the hands of the ARL Commission for more than two years.
However, the commission has made it clear it will divest itself of the licence once it completes the sale of the Newcastle Knights.
The Newcastle-based Wests Group is expected to take over the running of the Knights within weeks, before it assumes control of the licence from November 1.
Once the takeover has been ratified by members of the Wests Group — the vote has already begun — the NRL will move to the sale of the Gold Coast and its overriding concern will be ensuring the stability and security of a club that was at death’s door before the game’s governing body intervened.
Aside from the consortium attempting to revive the Bears, as many as three other groups are believed to be eyeing off the Titans. One of those involves former part-owner Darryl Kelly, who has made no secret of his desire to own a stake in the club again.
Chairwoman Rebecca Frizelle is also expected to be part of the Kelly consortium, which appears to be the clear frontrunner given the NRL has stated a preference for the club to retain a connection with the Gold Coast through its ownership.
The identities of the third and fourth groups interested in purchasing the licence remain a mystery, although it is believed they, too, have a connection with the Gold Coast.
The Bears have been circling the Titans for some time and have already met the NRL to outline their plans for the franchise. It is understood they face an immense challenge in attempting to convince the NRL of the merits of the consortium, which carries their colours and name, although the presence of Wiggs demonstrates the financial clout they will wield.
The bigger issue is the NRL’s reluctance to tinker with the branding of the club, which has already undergone a series of changes over its lifetime.
The hope is that the likes of Wiggs will make the NRL sit up and take notice. His company has already shown its interest in sport by purchasing a 65 per cent share in the V8 Supercars in 2011.
It is understood the Bears are also committed to the side playing the vast majority of their games on the Gold Coast, although it is likely at least one game each season would be moved to their spiritual home at North Sydney Oval.