Nov. 19 (Bloomberg) -- Oscar-winning actor Russell Crowe wants to sell his 37.5 percent stake in the South Sydney National Rugby League team he helped to become a competitive force again.
Crowe, 48, will seek to sell his share in the 104-year-old team at the end of the 2013 season because of family and work-related reasons, South Sydney said today in a statement.
“There’s a personal equation here,” South Sydney Chief Executive Officer Nicholas Pappas said at a televised news conference. “He has a young family. His commitments with work has been excessive over the last 18 months. It’s a personal decision from him. I think that we’ve got to respect that.”
Crowe and business associate Peter Holmes a Court took a 75 percent stake in the team through their Blackcourt League Investments Pty Ltd. company in 2006 and have invested about A$11 million, according to the Sydney Morning Herald. The remaining 25 percent is owned by South Sydney club members.
Any new major shareholder would need to be ratified by club members before any sale could be agreed, Pappas said. Holmes a Court is yet to indicate whether he will keep a stake, he added.
The Rabbitohs, as South Sydney are known, said they expect to post a seven-figure profit in 2013. The winner of a record 20 premiership titles, the team got to within one victory of their first grand final appearance since 1971 in the 2012 season.
“There really is no better time from the club’s point of view for Russell to make his decision to step away from an official capacity,” Pappas said in the statement. “Of course, there is a process that our investors need to follow should they decide to dispose of their interest, and we look forward to that process unfolding at the end of the 2013 season.”
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