James Packer interview: Penrith’s saviour reveals why he bought into Souths

James Packer, the man who saved the Penrith Panthers from extinction, will be watching this Sunday’s NRL grand final from his Los Angeles home cheering for South Sydney.

In an exclusive interview with The Sydney Morning Herald, the South Sydney part owner has paid tribute to close friend Russell Crowe, crediting the Hollywood star as the reason he bought into the club back in 2014 to form one of the most powerful alliances in world sport.

“Souths are iconic – they have a wonderful history and traditions,” Packer told the Herald from the United States on Monday.

James Packer speaks to Russell Crowe at Lord’s cricket ground in London.Credit:Getty

“When the opportunity came up and the chance to work closely with Russell, it just felt right. A premiership would be extraordinarily rewarding for the team, club and supporters.

“The Rabbitohs are bigger than any individual and there are countless people who have played a role getting them here, but Russell is pretty special. I have seen first hand that Russell puts his heart and soul into the club, and I deeply respect and admire him for that.”

This Sunday’s NRL grand final at Suncorp Stadium will be South Sydney’s first appearance in the decider since Peter Holmes a Court sold his 37.5 per cent share of the club to the billionaire businessman following the club’s 2014 premiership triumph over the Canterbury Bulldogs.

A couple of years earlier, Packer dipped into his pockets to save the Panthers as a favour to long-time friend Phil Gould.

With Penrith in urgent need of $10 million, Packer agreed to have lunch with Gould, the newly appointed Panthers general manager at the time, and then chairman Don Feltis.

The Panthers’ $100m loan from ING bank had been sold to a New Zealand corporate raider called Torchlight, which had immediately called in the debt.

They weren’t demanding the $100m up front, but wanted 10 per cent straight away. It’s when Packer came through to keep the club alive.

“Phil is a great friend and he told me the Panthers needed my support, I was happy to help them through a tough spot, but I wouldn’t overplay my role.”

James Packer and Phil Gould in 1996 – a tumultuous period for rugby league in Australia. Credit:Fairfax Media

Feltis told the Herald last year that Packer didn’t hesitate to offer the financial assistance to keep the Panthers afloat.

“It was the first time I’d met him and he said: ‘Don, we’ll give you the $10 million. That’s no problem’,” Feltis said.

“Just like that. We didn’t have to sign anything. There was no interest or anything. He gave us $10 million and a few months later we gave his $10 million back to him. We owned Nepean Shores [retirement village] at that time, and we sold Nepean Shores for $11 million and paid Packer back his $10 million.

“He only did it because of his friendship with Phil Gould. Him and Phil are pretty close friends. I don’t think James would have given us that money if he hadn’t been mates with Phil.”

You could understand why Packer, when waking up in the early hours of Sunday morning to watch the grand final, would have a soft spot for Penrith. But there’s no questioning where his allegiances lie, regardless of how significant a role he played in Penrith becoming the powerhouse they are today.

“Two proud and successful clubs, I wish them both luck,” Packer said. “But I’ll be cheering for Souths.”

While Packer is financially invested in the club, which was recently evident in the form of a $1m donation to assist Souths Cares, he does not have the same hands-on role as Crowe.

He has two delegates on the board that he allows to take care of affairs on his behalf, placing trust in the club’s executive team to handle the operational side of the business.

Despite the on-field success of the Rabbitohs in recent years, Packer is delighted with the club’s work off the field.

“I like that Souths gives back to the local community,” he said. “Russell and I are proud of the work of Souths Cares and the strong support and leadership of the board and CEO Blake Solly.”

As for the man with the clipboard?

“Wayne [Bennett] has proven that he really is a master coach,” Packer said.

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