After years of financial uncertainty due to ongoing issues at Balmain, the future of the Wests Tigers joint venture has been assured, with the Wests Ashfield and Balmain clubs reaching an $8.5 million deal.
The terms see Wests as now the dominant partner in the relationship, with a 75 per cent stake in the NRL club.
Balmain fans from the joint venture’s days as separate clubs need not fear the NRL team being rebranded as the Magpies, with a joint statement essentially assuring the club will continue Wests Tigers:
“Wests acknowledges Balmain’s contribution to the joint venture since 2000 including their integrity in preserving their long history. Both Wests and Balmain are founding 1908 Clubs which, together, will continue to build a proud future for Wests Tigers.”
Balmain had borrowed $5.4 million from the NRL, which was due to be paid back in March. However that deadline was pushed back with the understanding Wests were likely to come to their partner club’s rescue.
And while it’s taken the better part of two months, an agreement has been reached.
Importantly, it means the NRL is now no longer involved with the club, having spent the last two years overseeing structural change.
The new structure sees the Wests Tigers nine-person board featuring two Balmain appointees, five from Wests and two independent directors. Previously there were three independent directors, chosen by a committee comprising Wests, Balmain and the NRL.
The initial three independent appointees, selected in September 2014, were Rosemary Sinclair, Lucio Di Bartolomeo and Marina Go.
The new board is chairwoman Marina Go, James Myatt, Simon Cook, Michael Liubinskas, Rick Wayde, Tony Andreacchio, Mike Bailey, Rosemary Sinclair and Danny Stapleton.
The statement thanked departing board member Di Bartolomeo, saying: “Wests and Balmain wish to express their thanks to Lucio Di Bartolomeo who has now stood down from the Wests Tigers board. Lucio’s contributions over the past 20 months have been exceptional.”
It also acknowledged Wests’ role in stepping up to secure the future of the club.
“Balmain acknowledges Wests Ashfield Leagues’ role in securing the operational and financial viability of Wests Tigers over the past four years and for its generous offer to Balmain to secure its place as part of Wests Tigers in the NRL into the future.”
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