League would consider private investment, says V’landys

The National Rugby League will consider selling off a stake to private investors to ensure it has the financial capability to survive the coronavirus outbreak.

Leading the charge is American Andrew Kline, the founder and managing director of Park Lane, a firm that specialises in helping high net-worth individuals become owners of sporting franchises.

While sceptics scoffed at the prospect of iconic Australian sporting assets being traded, ARLC chairman Peter V’landys has revealed he is open to the prospect of selling an equity share in the NRL.

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He says if there is benefit to the game, they will absolutely look at it.

He also says at the moment with their current financial situation, they will be negligent if they didn’t look at any option like that.

V’landys says he will never relinquish a controlling interest in the NRL, although a minority stake could be up for grabs.

Never before has the NRL been at such a crossroads.

The COVID-19 outbreak has raised questions about its long-term viability following revelations it could be left with just $20 million in the bank by Christmas if the competition doesn’t resume.

While the governing body has flagged May 28 as a restart date, the coronavirus crisis has highlighted the fragility of its business model due to gross overspending, to the tune of almost $500,000 a day just to run its competition.

[Source: smh.com.au]


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