Hollywood superstar Russell Crowe wants to sell his multimillion-dollar share of the South Sydney Rabbitohs in a bombshell development on the eve of the NRL season.
The Daily Telegraph can reveal Crowe has been seeking potential investors both in Australia and overseas to take up his 25 per cent ownership, estimated to be worth between $15 and $20 million.
Crowe shares the ownership of the club with billionaires James Packer, Mike Cannon-Brookes and Rabbitohs members, all with equal shareholdings.
The superstar actor, who brought glitz and glamour to an old working class club and the 2014 premiership to go with it, will be walking away with a handsome profit.
In 2006 he and businessman Peter Holmes a Court paid $3 million to buy a club on its knees and fighting for its survival.
He’s now looking for up to $20 million to be bought out.
It’s interesting that the Rabbitohs sale coincides with rumours in top-end real estate circles that Crowe is also keen to offload his residence on the Finger Wharf in Woolloomooloo for $40 million.
The Daily Telegraph has twice emailed Crowe for comment on the story but he has declined to respond, possibly because of confidentiality concerns in negotiations.
It is unusual in that he normally returns emails, even during his busiest times on movie sets.
It is understood a U.S. investor has shown recent interest and is carrying out a business appraisal and due diligence of the Rabbitohs’ operations.
There is also the option for Cannon Brookes and Packer to buy out his share.
In Packer’s case this is highly unlikely.
An old Roosters man, Packer only came on board in 2014 as a personal favour to Crowe when Holmes A Court bailed out.
There are fears Packer could actually sell his own share once Crowe goes.
This, however, will have little effect on Souths’ future.
The club is now financially stable, running self-sufficiently and regularly making profits under chief executive Blake Solly and chairman Nick Pappas.
They have made a profit for seven straight years, money that is reinvested into the club.
It’s a far cry from the days when Crowe had to loan millions of his own money for the club to survive.
News that he wants out is an outcome that will not shock Souths officials.
He has noticeably pulled back and been less visible at games in the tough recent years.
The Rabbitohs finished 16th last year, a season in which Crowe gave his approval for the sacking of coach Jason Demetriou.
The year before they spectacularly fell from the top of the ladder halfway into the season to miss the finals.
Incoming coach Wayne Bennett will be disappointed about Crowe’s departure.
He has spoken previously of his admiration for the actor.
“I can’t give him enough raps,” Bennett said, “football’s been my life since I was born and he’s as committed as anyone I’ve seen at a club.
“He’s done some wonderful things and he’s a great guy to work with.
“But what I admire most about him is that he’s so deep into the history of Souths. He believes it and lives it.”
This is not the first time Crowe has wanted to sell.
In 2012 he publicly announced his intentions to get out – but changed his mind.
This time it’s apparently for real.
Crowe spoke around the time that Souths won the 2014 grand final, breaking a 43-year premiership drought, of his passion for the club known as the ‘pride of the league.’
“I have loved the responsibility of bringing South Sydney back to being a competitive force,” he said, “South Sydney ‘til I die - one red eye, one green eye.”
Those questioning club values this puts souths at 60 to 80 million
Not sure if they have any equity In Heffron park so it’s mostly goodwill
Packer should leave too he’s been hopeless as an owner
It should’ve been sold to a sports marketing group like the guys who owned the kings who wanted to invest in the Perth bears
Or getting some oil money
