St George Illawarra Dragons have announced a new ownership structure with WIN which sees them take on the responsibility for the Illawarra component of the joint venture.
Lengthy discussions have finally come to an end with the Dragons, Illawarra Steelers and WIN coming to the agreement to change the ownership structure, the shareholders and the Board of Governance of the club.
A new shareholder agreement means a matching funding arrangement between the St George District Rugby League Football Club and WIN will be established, along with the repayment of the Dragons loan from the NRL.
The Steelers will continue to remain involved through a seat on the board meanwhile the structure of said board will be changed.
Dragons Chairman Brian Johnston said he welcomes the agreement as it'll allow the Dragons to remain an iconic club.
"Today is a momentous day in the history of the St George Illawarra Dragons as we welcome WIN as a partner in our club," Johnston told the club's website.
"The Gordon family through WIN bring a great passion for the Dragons and have been a supporter of rugby league for decades, first with the Steelers in 1982 and then the Dragons.
"This is an exciting launching point for the next stage of the Dragons. This arrangement ensures a bright future for our club, particularly as a Pathway and Development Club, in that our male and female pathways from grassroots to NRL remain strong and continue to grow.
"The continuing involvement of the Illawarra Steelers is a welcome and valued part of the ongoing structure."
The new partnership will help enhance the commercial aspect of the club while WIN owner Bruce Gordon said it'll help the Steelers represent the region strongly.
"WIN has long partnered with the Steelers to bring world class rugby league to the Illawarra and we want that legacy to continue," Gordon said.
"We have worked closely with Peter Newell, Bob Millward and Sean O'Connor in particular throughout that time.
"The change of ownership allows us to underpin the amazing heritage of the St George Illawarra Dragons with strong commercial strategy while locking in the pathways for junior players to rise through the ranks of the Steelers to the NRL."
The Steelers desire to improve financially has been there for a while now, withย Steelers Chairman Peter Newell suggesting being apart of the board will provide someย sustainability.
"Today's announcement underlines the close association between WIN, the Gordon family and the Steelers as an iconic Wollongong name now joins another iconic name in St George, in presenting the greatest game of all at home and away," Newell said.
"The Steelers, with the help of our St George colleagues and including WIN, have worked for the past two decades to fulfill our charter of keeping world class rugby league in Wollongong.
"It has been a challenging quest at times, and I am pleased the game at the elite level under the Dragons brand will continue to proudly go forward in our district with two committed joint-venture partners.
"Importantly, all parties share a commitment to ensuring local juniors have the opportunity to represent our district at the highest level."
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