NRL 'secures' $250 million lifeline from British banks
The NRL's short-term future looks safer after a stunning rescue package from the British banking sector.
Rugby league has been plunged into a financial crisis due to the shutdown brought about by the global COVID-19 pandemic.
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The NRL has been locked in discussions with Channel Nine, following a stunning swipe from its broadcast partner, which accused footy bosses of squandering millions of dollars through years of "mismanagement".
ARLC chairman Peter V'landys and NRL CEO Todd Greenberg have been exploring ways to navigate through the current financial crisis, with the shutdown posing serious concerns for the long-term future of the game.
It appears as though some of those concerns have been allayed, with reports the NRL has agreed a $250 million dollar loan deal from a group of London banks and financial institutions.
The Australian reports the funds could be distributed to clubs worst affected by the current financial crisis "within weeks" and could come with federal government support.
The report states that London firm Oakwell Sports Advisory brokered the $250 loan deal which would make the NRL less reliant on the huge chunk of revenue it receives from its broadcast partners, such as the Nine Network.
It goes on to state that future income for the code until at least 2022, including broadcast and sponsorship deals, would be used to secure the loan.
News of the NRL's agreement follows "constructive and co-operative" talks between V'landys and Nine chief executive Hugh Marks on Tuesday.
It remains unclear what a restructured season will look like and what broadcast revenue the NRL can expect to receive this season.
However V'landys said it was made clear that Nine is committed to the game, which has been reeling from the effects of the coronavirus pandemic.
NRL locked in discussions with broadcasters about future
"There's a lot of detail still to be sorted out. There's no doubt about that. There's a lot of hard work to go under the bridge," V'landys told AAP on Tuesday afternoon.
"But at least it's done in good spirit and in good faith ... He (Marks) put his position to me, I put my position to him. We're not that far apart.
"We're a little bit apart, and that's what you do in negotiation and you try and get to the position where everyone's happy with.
"We couldn't have gotten more than what we did today out of the meeting."
NRL chief executive Todd Greenberg is expected to meet with Fox Sports management, who tip in $200 million a year, on Wednesday.
V'landys, Marks, and Foxtel boss Patrick Delany will sit down on Thursday.
It is then that details of the re-jigged competition are expected to be thrashed out, while Nine is likely to raise the prospect of exclusively airing its fixtures.
The NRL will be desperate to finalise discussions as soon as possible as it attempts to resume its competition in late May.
The league's innovations committee is pencilled in to meet on Friday, however it could be postponed if the broadcasters fail to agree on a revised season.
with AAP
