Mining magnate Kevin Maloney to sponsor Waratahs
THE NSW Waratahs are poised to enter a lucrative commercial arrangement with mining magnate Kevin Maloney.
Maloney, who was a strong supporter of the Queensland Reds and Sydney club Southern Districts, is cashed up following the sale of his mining services company The Mac Services Group to US company Oil States International for about $340 million.
While The Mac Services Group is still supporting the Reds, Maloney is no longer sponsoring them.
It is understood the Maloney family's private investment company, Tulla, is set to sponsor the Waratahs for between $300,000 and $400,000.
"We are very close to working an arrangement out with the Tulla Group," Waratahs chief executive Jason Allen said. "We haven't finalised it yet.
"Kevin has been a great supporter of the Waratahs. It will be great to have his support for the next couple of years."
Maloney has emerged as a significant figure in Australian rugby in recent years. He was part of a consortium, VicSuper15, that had the inside running to secure
the Super Rugby licence for Australia's fifth team in Melbourne, but withdrew because the terms of the agreement were unacceptable.
The licence was subsequently secured by a consortium led by media buyer Harold Mitchell.
The Rebels remain Australia's first and only privately owned rugby team.
Maloney then financially supported the Reds, sponsoring head coach Ewen McKenzie and his staff.
It is not an overstatement to say that without Maloney's support, the Reds would probably not have won the Super Rugby title last year.
The ARU is strongly encouraging Australia's four other Super Rugby teams _ the Brumbies, Western Force, Reds and Waratahs _ to seek private ownership.
Asked whether Maloney's financial support of the Waratahs could lead to a private equity
stake in the franchise, Allen said: "That's a hot topic at the moment."
