Jets land $20m deal as they go it alone in expansion bid
THE Brisbane Jets have assured the NRL they will not be a financial burden on the code after brokering a $20m commercial deal to ignite the battle for the NRL’s 17th licence.
The Jets have pulled off a five-year sponsorship contract, worth $4m annually, as they jostle with the Dolphins and Firehawks to become Brisbane’s second team.
Just 24 hours after the Jets rejected a merger offer from the Firehawks, the Ipswich westerncorridor bid has finalised a multimillion-dollar corporate deal that scuppers any concerns about their financial viability.
By their own admission, the Jets are the poorest of the three bids, with the Ipswich consortium lacking the fiscal muscle of the Dolphins’ $100m asset base and the Firehawks’ $25m in cash reserves.
But Jets chief Nick Livermore says their $20m commercial deal puts their bid firmly in the frame to win the 17th licence should the NRL choose to expand for 2023 or 2024.
“I cannot disclose the identity of the parties due to confidentiality, but we have a signed fiveyear agreement in place worth $4m annually for our major sponsorship and other corporate arrangements,” he said.
“Our sponsorship deal would kick in the moment we are handed the licence ... so the talk about the Jets having no money is a fallacy.
“I accept we are not the richest franchise right now, but I can guarantee if the NRL gave us the licence, we would not be a drain on them.”
Livermore said his team went into talks with the Firehawks with an “open mind”. “But, ultimately, we have the funding and the development catchment in the western corridor to stand on our own two feet,” he said.
It is understood the Jets told the Expansion Assessment Committee at last Monday week’s formal presentations they have up to $12m in start-up capital. Factoring in a $13m grant from the NRL, given annually to each of the 16 clubs, the Jets could arrive at the premiership starting blocks in 2023 or 2024 with $25m to kickstart Brisbane’s second team.