The NRL's mission to invest in the Betfred Super League has been dealt a significant blow, with ARLC chairman Peter V'landys admitting they are struggling to make the financial figures work.
The NRL has spent the past 12 months exploring the possibility of investing and taking authority over the English Rugby League competitions, with the Super League facing significant financial challenges.
With traditional revenue streams continuing to shrink, many, if not all, Super League clubs have become increasingly reliant on millions of pounds in owner investment each year.
“There's no secret that they've got financial problems over there, and if they don't fix them, they'll have a massive train crash,” V'landy's said last month on SEN.
Those concerns were highlighted just weeks ago when St Helens' financial position was revealed, with the Super League heavyweight posting an operating loss in excess of £3 million.
The NRL, meanwhile, has recently secured an incredible $5.3 billion broadcast deal, putting the Australian game in a significantly stronger financial position.
Super League is also currently negotiating its own broadcast deal with Sky Sports, which could have a major impact on the competition's financial future.
The proposed NRL investment has been viewed as an opportunity to 'save' the competition; however, negotiations have now hit a roadblock.
It is understood ARLC and NRL officials travelled to the UK last week to hold discussions with the Super League and their clubs around a potential intervention and the needs of the competition.
UK broadcaster Sky Sports is understood to be reluctant to come to the party with a deal that satisfies the NRL's investment strategy, while suggestions have emerged that DAZN, which now owns Foxtel, could potentially support a Super League 'rescue package'.
V'landys has now admitted the financial figures are proving difficult to make work, casting doubt over whether the NRL's proposed investment will eventuate.
“Look, we're trying to make the figures work at the moment, but unless the figures work, we won't do it,” he told the Daily Telegraph.
“We're having trouble making the figures work, that's the truth of it.
“I don't know what will happen. I find it very tough (to proceed with a purchase).
“We need to talk further with Super League. We haven't put a proposal into them yet.
“We understand the importance of the international game, so we're not giving up.”
Should the deal get back on track, there would be significant value for the NRL in gaining a greater influence over the English game.
Rabbitohs CEO Blake Solly recently outlined his support for the proposal, arguing that a stronger Super League could benefit the international game while providing the NRL with access to a major market.
“I think there's huge value in it,” Solly said on SEN's Kick Off.
“First and foremost, it protects the international game and ensures that there's a competitive England or Great Britain team.
“The UK is a massive market. It's 60 million people, it's sports-loving, there's obviously an opportunity to grow rugby league there as well.
“If it's well capitalised, the Super League competition at the moment, whilst on the field is under pressure, has probably never had a better set of owners of the clubs that are wanting to work and wanting to invest to grow the sport.
“I think it's a great opportunity for the NRL and there's also just some efficiencies in the NRL and Super League being owned and managed by the same company and hopefully we can work on a global calendar that just grows the sport.”
Solly also acknowledged that any agreement would require more than simply financial investment, with the Super League having to relinquish some control.
“Then it's gonna be a philosophical point for them to cede some of that control and influence and allow Peter (V'Landys) and his team at the NRL to shake it up and probably do the things that the game's needed there for a decade," Solly added.
Sounds like a PVL negotiating tactic to get the price down.