HomeFinanceCannon-Brookes Purchases One-Third Share Of Rabbitohs Owner, Blackcourt

Cannon-Brookes Purchases One-Third Share Of Rabbitohs Owner, Blackcourt

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Cannon-Brookes Purchases One-Third Share Of Rabbitohs Owner, Blackcourt

The South Sydney Rabbitohs have announced a one-third share of Blackcourt League Investments, the company which owns 75% of the NRL club, has been purchased by Atlassian co-founder and co-CEO, Mike Cannon-Brookes.

The purchase sees Cannon-Brookes join actor, Russell Crowe and businessman, James Packer, holding a one-third share in the company each.

The move will not change the ownership structure of the Rabbitohs, with the remaining 25% share in the club to remain under the South Sydney Members Rugby League Football Club (Member Co.), who hold a preferential share controlling the club’s core elements such as the name, logo, colours, jersey and choice of home ground.

Cannon-Brookes, who recently became the first Australian minority owner of an NBA team after joining the Utah Jazz ownership group, said: “I’m excited and humbled to be a part of this iconic club.”

“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,” he said.

Rabbitohs and Member Co. chairman, Nicholas Pappas, said Cannon-Brookes has a history of philanthropy, including pledging a $1.5 billion investment in slowing the Earth’s warming to 1.5 degrees by 2030.

“We welcome Mike Cannon-Brookes to the Rabbitohs with his investment in Blackcourt,” Pappas said.

“Mike is world-renowned for his business acumen and his philanthropy, both of which will provide great opportunity for the Rabbitohs.

“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,” he said.

Crowe also said: “This is a very strong move for the club.”

“It connects us to the front edge of emerging technologies and business and underlines the importance of our efforts in the community.

“Mike understands the resonance of sport in Australia, and James and I welcome his input going forward in keeping South Sydney ahead of the curve, and a game leading organisation, on and off the field,” he said.

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