Packer and Crowe waive massive Souths debt
James Packer (L) and Russell Crowe. (Getty-file)
South Sydney owners Russell Crowe and James Packer have waived a $7 million loan to the club, putting the cardinal and myrtle in its best ever financial position.
The announcement that the Rabbitohs' glamour owners had forgiven the debt came at the South Sydney Members District Rugby League Football Club annual general meeting on Sunday.
As a result, the club announced it was in a positive net position of more than $6 million, giving it much-needed stability for the future.
Rabbitohs chairman Nick Pappas said the club was now in its best ever financial shape.
Pappas and Nikolas Hatzistergos were retained as the members' representatives on the Souths board.
Television personality Ray Martin and former player and coach Darryl Neville were given life memberships.
