The red and black are officially back.

The ARL Commission has finalised an $85 million deal with the Western Australian government to confirm the Perth Bears as the NRL's 18th team, setting the stage for a landmark joint venture that will see the North Sydney Bears return to top-flight rugby league in 2027 after a 26-year exile.

The announcement marks a pivotal step in the NRL's long-held expansion agenda, creating a national footprint that strengthens the code's standing against rival codes and positions Perth as a strategic stronghold for broadcast, grassroots and international growth.

The formal unveiling is expected Thursday at HBF Stadium, the club's future home, which will soon undergo a $200 million redevelopment to become a state-of-the-art venue akin to Sydney's CommBank Stadium.

Of the $85 million agreement, $65 million will be directed to local grassroots league development, while $20 million will fund a Perth-based Centre of Excellence - an elite training and high-performance hub designed to accelerate talent production and development in WA.

"This could be one of the real success stories of the future," said ARLC chairman Peter V'landys, speaking with Newscorp.

"Perth is a goldmine for the NRL. It gives us a national footprint to a degree, and the time zone works really well with our global and expansion strategies."

The Perth Bears will function as a joint venture between Perth and the North Sydney Bears, combining a new market's potential with a deeply embedded historical brand.

It's a reunion that many long viewed as sentimental fantasy, but one that V'landys and his commission have now brought to life.

"There's a lot of people who support the Bears, and they have a ready-made supporter base,” V'landys said.

"It's a perfect marriage if it happens with Perth."

Coaching candidates are already circling, with Brad Arthur believed to be the preferred option.

Others linked to the role include Sam Burgess, Jason Demetriou, Justin Holbrook and Josh Hannay.

Whoever takes the reins, they'll inherit a franchise with serious ambitions, and a powerful foundation to build from.

"To be honest, there were days when I wondered if we would ever be back," said North Sydney director and former Origin forward Billy Moore.

"But to think the red and black will be back in the NRL in 2027, it's a historic moment for rugby league."

Moore described the joint venture as no mere brand revival but a blueprint for success.

"This is not a shotgun wedding. One hundred per cent we can make it work," he said.

“There's two histories but one future. There's two cities but one team. I have one word for this franchise: juggernaut.”

"I believe within 10 years of entering the NRL, we will be in the top five clubs across all metrics, from crowds to ratings, to junior base, to corporate support and performance. This will work. This will be big. The Perth Bears will be a juggernaut."