When Peter V'landys recently claimed that he had looked at R360's business model and believed it was “set to fail,” or “something out of a cornflakes box” many in the sporting world took that as reassurance.
But those comments may prove dangerously optimistic.
Behind R360 stands a level of financial muscle and strategic expertise that dwarfs anything the NRL can currently muster, and the game's powerbrokers should be on high alert.
On Wednesday, V'landys has come out swinging by threatening ten-year bans for players and agents that negotiate with R360 and now is showing a different tune altogether and is showing some serious concern.
R360 is being touted as a new global rugby venture, backed by significant investment from the UAE-based firm 885 Capital, founded by Sudeep Ramnani and Jai Mahtani.
Early reports suggest that 885 Capital is part of a consortium positioning R360 as a world-class, commercially driven competition designed to attract elite players from New Zealand, the Pacific, and the UK, much like the Indian Premier League did with cricket.
And the financial brains behind R360 aren't lightweights.
Among them are John Loffhagen, the lawyer who helped shape both the IPL and LIV Golf, Martin Gilbert, chair of fintech giant Revolut, Albachiara, a specialist in sports investment, and Dekyi Yangtso Chawla, cofounder and board member of Reward360, a loyalty and engagement firm based in Bengaluru, India.
This combination of financial power, global reach, and business acumen gives R360 an edge that could completely reshape the rugby league landscape.
The project has the potential to do what no one else has done, take rugby beyond the traditional boundaries of Australia, New Zealand and the UK and turn it into a true global entertainment product.
If the success of the IPL and LIV Golf are any indicators, R360's approach could completely alter the balance of power in the sport.
The IPL didn't just change cricket, it reinvented it, pulling top players from around the world into a short, high-paying competition that placed entertainment and profit above old loyalties.
The same could happen with rugby league. While cricketers often enjoy longer careers than league players due to the physical demands of each sport, the financial incentives that R360 could offer would make even the shortest career incredibly lucrative.
A tax-free salary in the UAE, combined with global sponsorship opportunities, could make the NRL's current contract system look outdated overnight.
Imagine a player like Payne Haas or Reece Walsh being offered $2 million a year — tax-free. That kind of offer would be impossible for an NRL club to match under the current salary cap and taxation system.
For a young player with a short career span and the constant risk of injury, a few seasons in an R360 competition could be enough to set them and their family up for life.
The NRL's business model, by contrast, is heavily reliant on gambling revenue and broadcast deals. Most Australian clubs survive thanks to poker machine profits and the steady flow of money from television networks. That might look healthy on paper, but it's a fragile ecosystem.
The truth is that the NRL's prosperity is built on a foundation of pokies, punters, and broadcast partners, not on global growth or sustainable private investment.
If gambling reform were ever introduced in Australia, something that's becoming an increasingly hot political issue, that entire system could be upended. Without poker machine revenue, many clubs would be forced to drastically reduce spending or risk collapse. The game's dependence on betting sponsorships also raises uncomfortable questions about ethics and long-term viability.
By comparison, R360's financial model doesn't depend on such narrow revenue streams. Backed by private equity, global investors, and corporate sponsors who see value in expanding rugby internationally, the new competition could operate without the same vulnerabilities that weigh down traditional sporting bodies.
And it's not just about money — it's about vision. The NRL has long focused on protecting its heartland — Sydney, Brisbane, and regional Australia, but has struggled to meaningfully expand overseas.
Attempts to push into the US market have been tentative, even the NRL's much-hyped Las Vegas double-header was more of a promotional stunt which was aimed at cracking the US gambling market and not a genuine long-term growth strategy.
R360, on the other hand, seems to be thinking on a global scale from day one. If it can attract a few marquee names, establish broadcast deals across Asia, the Middle East, and Europe, and create a glamorous, fast-paced product that appeals to younger fans, it could capture the imagination of a whole new audience.
That's the kind of innovation that sports like rugby league desperately need but have rarely embraced. For too long, the NRL has relied on tradition, loyalty, and TV money. But loyalty doesn't pay the bills, and players today are increasingly motivated by financial security and lifestyle.
A top-tier player choosing between $900,000 in Sydney, before tax, and $2 million tax free in Dubai is no contest. Even mid-level players could double or triple their earnings, and with the added bonus of living in a global hub with world-class facilities and year-round sun, the decision becomes even easier.
The NRL's leaders may dismiss R360 as a passing fad, but history is full of examples of established sports underestimating their challengers. Cricket boards scoffed at the IPL until it completely redefined the sport. Golf's traditional tours dismissed LIV Golf — and then watched as some of their biggest stars defected.
R360 could be rugby league's version of that same revolution. And if it succeeds, the NRL's dominance in the Southern Hemisphere may never look the same again.
The question isn't whether R360 will pose a threat — it's whether the NRL can adapt quickly enough to survive it.
