James Packer is set to join Russell Crowe as a co-owner of NRL club South Sydney as soon as this week, as the billionaire seeks to take advantage of the Rabbitohs' first premiership win in 43 years.
A former board member of bitter arch-rivals the Sydney Roosters, Packer is in line to buy Peter Holmes a Court's 37.5 per cent share in Souths.
The move would likely give the club unprecedented and unparalleled financial clout.
Crowe and Holmes a Court took 75 per cent ownership of the Rabbitohs following a membership vote in 2006.
The pair have since fallen out over the running of the club and Holmes a Court has rarely been sighted at Redfern in recent seasons.
However, the duo were captured by TV cameras embracing after Souths' 30-6 drought-breaking grand final win over Canterbury at ANZ Stadium on Sunday.
In a media release from the Rabbitohs on Wednesday, Holmes a Court confirmed he was in discussions to sell his share of the club.
"I confirm there are negotiations underway for the purchase of my 50 per cent share in Blackcourt, as I now reside overseas and am working on a new, almost as hard, challenge - writing my first book for Penguin," the release read.
"I am proud to have played a part in the team's great victory on Sunday and expect the club to go from strength to strength in coming years."
Blackcourt is the company which Holmes a Court co-owns with Crowe in the South Sydney Football Club, with South Sydney members owning the remaining 25 per cent, together with a preference share which controls the team's name, colours, jersey and home ground choice.
Packer has been linked with a possible buyout of Holmes a Court's stake in Souths for nearly a year. His casino-based interest Crown Resorts is the club's major sponsor.
The combination of Australia's richest man and Australia's best-know celebrity has the potential to turn the Rabbitohs into a national sporting giant rivalling AFL club Collingwood.
The Magpies boast over 80,000 members, well ahead of the Rabbitohs' 30,000.
But the Rabbitohs v Canterbury decider was the highest-rating grand final in rugby league history, out-rating the AFL decider between Sydney and Hawthorn in an indication of the untapped interest in the NRL.
Souths' title victory was their first since 1971 and the club is expected to make a profit of over $1 million for the second successive year.
However the club is still carrying a significant debt after losses totalling around $10 million in each of Crowe's and Holmes a Court's opening two years in charge at Redfern.
Under Souths' unusual ownership structure, Holmes a Court is owed a reported $4.5 million.
He is expected to make a handsome profit - as well as having that figure paid out - if Packer does buy him out.
Crowe and Holmes a Court paid just $3 million for their 75 per cent share of the Rabbitohs eight years ago.
Current estimates of the club lists its worth at around $20 million.
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