A rival buyer to WIN Corporation has shown interest in taking a stake in the table-topping St George Illawarra Dragons as protracted negotiations for the joint venture to offload half of the club's ownership continues.
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Fairfax Media understands the Dragons, who have surged to the top of the NRL ladder before Tuesday's Anzac Day blockbuster against the Roosters, have fielded inquiries from another prospective stakeholder after a stunning start to the season.
The identity of the potential suitor is being kept under wraps, but it shows the Dragons' resurgence in 2017 is also gaining attention in corporate circles.
While it is still considered highly likely WIN will eventually assume a 50 per cent stake in the Dragons at this stage, the presence of another interested party will keep businessman Bruce Gordon's television network keen to ward off any challenges.
The imminent changes to club funding from 2018 means almost all NRL clubs should be sustainable once the next broadcast deal kicks in, making the acquisition of those on the market more attractive.
The Dragons and WIN have been trying to thrash out a deal for Gordon, a staunch advocate for Wollongong and its surrounding areas, to assume a stake in the club for more than a year.
WIN would assume the Illawarra Steelers' 50 per cent stake in the St George Illawarra Dragons.
The negotiations have been closely monitored by the NRL's head of club services Tony Crawford, who has been given a blueprint on how the Dragons' governance would change given the WIN deal. Under the proposal WIN will elect three board members and appoint a chairman with a casting vote to complement St George's three directors.
Illawarra would still have one board member without full voting rights.
Given how far advanced the negotiations are, it is only a small chance the presence of another party at the 11th-hour will provide a hitch to WIN's deal.
But the television network has had an upheaval of their core business in the last 12 months, including a split from the Nine Network and subsequent affiliation with the Ten Network which has slowed talks with the Dragons.
And it has been a complete about-turn in on-field performances which has helped pique the interest of another buy-out candidate.
The shareholding is one of the first points of business for new Dragons chairman Brian Johnston.
Gordon earlier this year told Fairfax Media in a rare interview he had also been discussing with the FFA about backing an A-League franchise based in Wollongong when expansion is on the table.
The Dragons are one of three clubs - the others being the NRL-owned Knights and Titans - who stand to have significant ownership changes before the end of the year.
Their on-field performances, despite struggling throughout last season, has certainly made them a more viable proposition from a commercial perspective.
A crowd of up to 40,000 is expected at Allianz Stadium for the clash with the Roosters which could result in the Dragons and Storm - who play the Warriors - soaring four points clear at the top of the ladder, and facing off on Sunday, should they both win on Tuesday.
