3 minute read
Tech guru Mike Cannon-Brookes has bought at 25 per cent stake in South Sydney joining fellow billionaire James Packer and actor Russell Crowe as club owners.
Technology billionaire Mike Cannon-Brookes has joined Russell Crowe and James Packer as a South Sydney co-owner after buying a stake in the NRL club.
Atlassian co-founder and co-chief executive Cannon-Brookes will own 25 per cent of the 2021 grand finalists, as will Crowe and Packer, giving the club an unrivalled presence off the field.
Souths members will retain the other quarter stake as well as a preferential share that controls the team's name, colours and jersey.
The Rabbitohs announced the ownership structure change on Monday.
Cannon-Brookes is also a minority owner in NBA outfit Utah Jazz - the first Australian minority owner of an NBA team.
A life-long fan of the Rabbitohs, he said he was excited about becoming an owner alongside Crowe and Packer.
"I'm excited and humbled to be a part of this iconic club," Cannon-Brookes said in a statement.
"The South Sydney Rabbitohs are special. Not only are we the oldest, loudest and proudest - we are an organisation people truly, deeply care about.
"I'm looking forward to partnering with Russell and James and bringing what I can to the table to help the club grow to even greater heights."
Rabbitohs chairman Nick Pappas welcomed Cannon-Brookes, who along with his wife Annie recently pledged $1.5 billion in investment and philanthropy to slow climate change.
"Mike is world-renowned for his business acumen and his philanthropy, both of which will provide great opportunity for the Rabbitohs," Pappas said in the statement.
"This is the big end of town we spoke about when our original investors first made their contributions in this form in 2006.
"Couple this with the passion and unwavering support of our 30,000-plus members, it's there for all to see that we are in great hands for the long term."
Souths will enter the new season without veteran coach Wayne Bennett, who has joined new Brisbane-based franchise The Dolphins for the 2023 NRL campaign.
Skipper Adam Reynolds has also departed after signing with the Brisbane Broncos.
