James Packer talks about his new $7.5m Rabbitohs deal, his dad, Rusty and on-field bravery

The ink has dried on the $7.5 million deal that is set to transform the NRL, with James Packer today confirming he is the new co-owner of the premiership-winning South Sydney Rabbitohs.

In an exclusive interview with 9NEWS finance editor Ross Greenwood, the mogul outlined his dreams for Souths, his admiration for departing player Sam Burgess and how the death of his father Kerry brought him into contact with movie star and financial partner Russell Crowe.

“Russell spoke at my father's funeral ... Russell and my father were very close friends,” he said.

“My dad always liked Souths - the opportunity came up and I think what Russell has done with Souths is one of the great stories.”

That relationship has now crystalised into joint control of Australia’s most famous football clubs.

Click the play button to watch Ross Greenwood’s full, exclusive interview with James Packer.