It has been reported expansion prospect the Brisbane Jets have secured a five-year, $20 million sponsorship deal.
The news, reported by The Courier Mail comes after the Jets and Firehawks attempted to merge their bids for inclusion in the NRL, only for it to fall apart.
It's understood the Jets are the most cash-ridden of the expansion bids, a race the Redcliffe Dolphins are reportedly leading by a long distance.
The Dolphins have a $100 million asset base and the Firehawks' hold $25 million in cash reserves. However, Jets chief Nick Livemore told the publication he believes the new deal places the western-corridor bid firmly on track to claim that 17th spot in the NRL competition.
โWith this commercial deal, we will have money from day one,โ Livermore said.
โI cannot disclose the identity of the parties due to confidentiality, but we have a signed five-year agreement in place worth $4 million annually for our major sponsorship and other corporate arrangements.
โOur sponsorship deal would kick in the moment we are handed the licence.
โWe have $20 million in commercial investment, so the talk about the Jets having no money is a fallacy.
โI accept we are not the richest franchise right now, but I can guarantee if the NRL gave us the licence, we would not be a drain on them.
โBut, ultimately, we have the funding and the development catchment in the western corridor to stand on our own two feet.โ
It has been reported the Jets have up to $12 million in start-up capital, as well as the NRL's annual $13 million grant. Ultimately, this could see the Jets arrive at the NRL with $25 million to launch Brisbane's second team.
While many of the competitions top clubs are bankrolled by Leagues Club's, the Jets' bid doesn't rely on that being their primary source of income.
It may be a sticking point, given the Dolphins and Firehawks both will be, however, Livemore told the publication that the Jets' bid will bring something different to the table and bank off the successful model of other NRL clubs.
โThe three most financially successful clubs in the NRL โ the Broncos, South Sydney and the Melbourne Storm โ are not bankrolled by Leagues Clubs,โ Livermore said.
โIn effect, we would be replicating the frontrunners, not the cellar dwellers.
โWe donโt possess the financial strength of the Firehawks and the Dolphins but that doesnโt mean we canโt be a viable NRL club.
โThe leagues club model is archaic.
โWe are really proud that the money we have raised is not generated by taking money from everyday Australians putting money into poker machines, which happens under the leagues club model.
It's understood the NRL are aiming to make a decision by October as to the 17th NRL licence.
