Tech billionaire Mike Cannon-Brookes buys stake in South Sydney Rabbitohs

[Mark from Brisbane]

Unlikely the Penn’s will ever allow another owner in BUT from a longevity perspective I reckon we need one or more like this.

https://twitter.com/i/web/status/1460051287874015232

 

[BOZO]

Tech billionaire and philanthropist Mike Cannon-Brookes has joined the list of celebrity owners of the the South Sydney Rabbitohs rugby league club, alongside Hollywood actor Russell Crowe and casino mogul James Packer.
The football team is the latest addition to the 41-year-old entrepreneur and investor's growing portfolio of assets.

"I'm excited and humbled to be a part of this iconic club," Cannon-Brookes said.

"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."

It's not the first foray into sport for the man who co-founded the Sydney-based software powerhouse Atlassian with Scott Farquhar, a fellow graduate from the University of NSW.

Last year, he bought a minority stake in National Basketball Association team, the Utah Jazz, in the United States, becoming the first Australian part-owner of an NBA team.

In a statement, Crowe revealed Cannon-Brookes was a long-time Rabbitohs fan.
"I'm sure that it hasn't gone unnoticed to South Sydney members and supporters that Mike wears a white Rabbitohs hat for special occasions," he said.

Crowe said having the software tycoon on board would give the club an edge when it comes to harnessing emerging technologies.

"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," he said.

Packer said he looked forward to working with his new co-owner.

"I am really pleased that Mike is joining us because I know how committed he is to the community," he said.

Cannon-Brookes regularly makes the list of Australia's richest people.

He and his wife Annie have been outspoken about climate change and last month pledged to spend $1.5 billion to limit global warming.
Rabbitohs co-chair Nick Pappas welcomed the latest investment in the club from what he called "the big end of town".

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

The football club has come through a rocky financial period.

Crowe and businessman Peter Holmes a Court bought the struggling club for $3 million in 2005 and invested a further $6 million in subsequent years.

In 2014, Packer bought Holmes a Court's stake.

Two years later, the club was in trouble again, with Packer and Crowe agreeing to dig into their own pockets to clear a $7 million debt.

At the time, the club's chairman said it left South Sydney in the "best financial position of its history".

Cannon-Brookes has bought one third of the company that owns 75 per cent of the Rabbitohs.

The remaining 25 per cent is owned by the club's members.

 

[BOZO]

I have always said ...
A clubs greatest asset is the people it invests in

 

[pt73]

Makes sense, most press photos of him have him wearing a Bunnies cap.

 

[master blaster]

Well we had one in Sam Rahme but the club didnt want anything to to with his offer. Here is a guy who was on the door of the club voluntarily and wanted to buy into the club. The guy had heaps of contacts that were willing to invest but the Penns said no way

 

[Shoe1]

We already have an owner. If at any time more investment was needed then I am sure there would be no shortage of interested investors.

I wonder who sold their stake in Souths. The article doesn't say. There were a few apart from Crowe and Packer.

 

[BOZO]

Well we had one in Sam Rahme but the club didnt want anything to to with his offer. Here is a guy who was on the door of the club voluntarily and wanted to buy into the club. The guy had heaps of contacts that were willing to invest but the Penns said no way

The difference here is Mike Cannon Brookes wanted to buy a share

This Rahme guy wanted to buy the whole club for 20 million

I would say no way as well . Our club is priceless

Who ever puts a price on our club would also put a price on their own Mother

The moral of the story

There are two things you dont put a price on

Your Mother and your Manly

 

[AlxFromNthNarra]

Becoming quite the celebrity club now.

Can only help grow the game into the US further, to a different crowd than Rusty offers.

Guess its good that its only a 25% share - however having total celebrity club ownership will lead us down the path of the EPL eventually with all their rich-as-fk entitled ownership, as the NRL governance becomes corrupted by exposure for and the 'donations' to the administration - can think of a few 'club re-namings' coming up if this continues......


Sydney ManCity Roosters?
Gold Chelseacoast Titans?
Brisbane Broncspurs?
Wests Tigersham United?
Liverpool Eels?
Newcastle Magpies?
Souths Rusty Pack'er Rabbitohs MCB?
Manlyster United Sea Eagles (or MUSE for short) anyone? :vomit:

 

[Leader of the Flock]

I question whether he’s a real vermin supporter, as he appears to have a full set of teeth, no visible tats and is “sans“ mullet and that’s just their female fans. He’d never survive in the “burrow” at their games.

He’s probably just another of Rusty’s fanboys, like James.

 

[HoldenV8]

I've always said that I wish a fan like Hugh Jackman would take a financial stake in the club, in the same or a similar way Russell Crowe has done at Souths.

However, I do get the Penn's thinking on such matters. Anyone else having a financial stake in the clubs ownership could potentially lead to conflicts about how things are done and about what things are done (such as when they and Quantum had the dual ownership, and we all know how that turned out. Good times early, but it all went pear shaped in the end). And fair enough if the Penn's want to avoid that.

 

[castle eagle]

im working on it!
might take me a few thousand years though

 

[Shoe1]

Super rich tryna buy street cred. I’m with him on the environment, but his choice of club is anathema to me. Also his beard and cap are annoying.

 

[master blaster]

The difference here is Mike Cannon Brookes wanted to buy a share

This Rahme guy wanted to buy the whole club for 20 million

I would say no way as well . Our club is priceless

Who ever puts a price on our club would also put a price on their own Mother

The moral of the story

There are two things you dont put a price on

Your Mother and your Manly

I was referring to a time when the rumours were going around that the Penns were considering selling their share in the club and he wanted in. So dont question my loyalty to the Club and team. I have been following Manly for over 50 years and so did my late mother

 

[SeaEagleRock8]

I was referring to a time when the rumours were going around that the Penns were considering selling their share in the club and he wanted in. So dont question my loyalty to the Club and team. I have been following Manly for over 50 years and so did my late mother

I'm sure he wasn't intending to question your loyalty. I've decided to try not to take Bozo's posts too literally (in fact, that way madness lies, as King Lear might say). Put it this way, he's a big fan of Max Delmege who sold his stake in the Sea Eagles but I'm sure he wasn't intending to insult Max either.

 

[40 years an eagle]

I wonder who sold their stake in Souths. The article doesn't say. There were a few apart from Crowe and Packer.

I imagine it is time for another cash infusion and the new guy is ponying up the same amount that the other 2 have shelled out in the past...making 3 equal shares of the 75% ownership.

 

[master blaster]

I'm sure he wasn't intending to question your loyalty. I've decided to try not to take Bozo's posts too literally (in fact, that way madness lies, as King Lear might say). Put it this way, he's a big fan of Max Delmege who sold his stake in the Sea Eagles but I'm sure he wasn't intending to insult Max either.

So am I a big fan of Max as well. I met him a few times and he was as humble as they come, but good point SE8,I was too quick to react but Sam is a huge fan as well and like I said he was always on the door at the club voluntarily because he loves the club so much and he had the money and the contacts and was readyto go if the Penns decided to sell

 

[Loobs]

Super rich tryna buy street cred. I’m with him on the environment, but his choice of club is anathema to me. Also his beard and cap are annoying.

haha yes indeed I saw him recently in the city, he is quite tall so wasn't sure it was him but can't be too many adults that look like him that also wear an autographed Rabbits hat everywhere. Not just a Rabbits hat but an autographed one. Weird choice for someone over the age of 8.

 

[Shoe1]

I imagine it is time for another cash infusion and the new guy is ponying up the same amount that the other 2 have shelled out in the past...making 3 equal shares of the 75% ownership.

I’m thinking did he buy out Holmes a court or Stokes?

 

[Loobs]

I’m thinking did he buy out Holmes a court or Stokes?

Perhaps they have sold off three 75% interests? That math probably adds up to a Bunnies supporter

 

[40 years an eagle]

I’m thinking did he buy out Holmes a court or Stokes?

In 2014, Packer bought Holmes a Court's stake.