St George Illawarra fans should welcome the prospect of WIN TV owner Bruce Gordon increasing his shareholding in the joint venture as it confirms the ambitions of the Dragons to compete with the NRL's big clubs.
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Gordon, who has been a leading supporter of the game in Wollongong since the formation of the Steelers in 1982, is in negotiations that would effectively have him take over Illawarra's 50 per cent share in the Dragons for a reported $10 million.
Such a figure equates to the Dragons being valued for the same amount as South Sydney when James Packer bought his 37.5 per cent stake for $7.5 million after the Rabbitohs' 2014 grand final win.
Under the proposal, which may take months to finalise due to its complexity, the name, logo, colours and where St George Illawarra Dragons play would be protected because any change requires a unanimous vote by a board comprising representatives of St George, Illawarra and WIN Corporation.
The reality is that Gordon and any other parties that St George Illawarra officials may have spoken to about investing in the club are interested in doing so because of the Dragons' iconic brand, which is one of the biggest in Australian sport, so it would not make sense for them to change those.
A 75 per cent vote of directors would be required to reduce the number of games at WIN Stadium or Kogarah below four each but the Dragons have demonstrated their commitment to playing at the club's traditional home venues by securing University of Wollongong as naming rights sponsor for Jubilee Oval.
The two-year deal highlights the synergies between the two regions, which have existed since St George entered the premiership in 1922, with Illawarra players travelling up the Princes Highway to wear the Red V for 60 years before the Steelers, and eventually led to the two clubs merging in 1999.
Now in the 18th year of the joint venture, St George Illawarra has played as many seasons as the Steelers did.
While Illawarra has continued to provide most of the playing talent for the Dragons, the involvement of Gordon would guarantee continued serious financial investment in the club from Wollongong.
In addition, St George Illawarra will have the backing of one of Australia's biggest media companies, with the WIN TV network comprising 24 television stations nationwide, and a shareholder in Gordon whose worth was recently estimated by Forbes to be $570 million.
More than 20 years after St George officials proposed a merger with Sydney Roosters because of concerns they could not compete with the Brisbane Broncos, the Dragons may finally be in a position to narrow the gap as Souths have done since selling 75 per cent of the club to Russell Crowe and Peter Holmes a Court in 2007.
With the other 14 clubs – besides Brisbane and Souths – suffering combined losses of $43 million last year, the days of football teams being propped up by wealthy leagues clubs are over and eight of the NRL's 16 clubs now have some portion of private investment.
The injection of cash from WIN would enable the Dragons to clear more than $6 million in loans from the NRL and provide additional capital to enable the club to become bigger and stronger.
St George Illawarra officials have already shown their intention to grow the club by taking their four biggest games each season to venues with greater capacities than WIN Stadium or UOW Jubilee Oval.
However, Gordon's influence would also provide access to greater sponsorship and marketing opportunities and bring independent business perspective to the board, while protecting the history and traditions of the club.
