Russell Crowe set to take over Souths league club

Russell Crowe

SYDNEY - South Sydney football club has backed a plan for Russell Crowe and business partner Peter Holmes-a-Court to become the club's new owners.

The Rabbitohs' board backed the pair's A$3 million ownership bid last night, it was reported in an Australian paper.

After a two-and-a-half-hour meeting, Chairman Nick Pappas said the board agreed to "take the offer to the next level".

"There was good discussion and different points of view, but in the end everyone decided that this was the best way to go forward," Pappas said.

A delighted Holmes-a-Court told the paper that "step one" of the pair's dream was now complete.

"Step two will be to prepare a detailed proposal for the lawyers," he said.

"Step three will be to explain that detail to members, so that's definitely the end of my holidays," he said.

An in-depth version of the plan is likely to take a fortnight to prepare, Holmes-a-Court said.

The plan still needs to be approved by lawyers and by at least 75 per cent of Souths' members.

If lawyers give the plan the okay, an emergency general meeting is expected by March for members to vote.

The pair originally offered A$3 million for a 35 per cent stake in the Rabbitohs, but the proposal has since undergone secret changes at the board's request, the paper said.

- AAP