Friday 2nd March 2012 1 Comment
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Former global logistics boss Owen Glenn has set up a joint venture with Eric Watson which will split ownership of the former financier’s property, bloodstock and league assets.
The 50-50 deal, announced at SkyCity Casino in Auckland today, will take full ownership of the New Zealand Warriors franchise, as well as property and bloodstock assets in Watson’s Cullen Investments, a spokeswoman for Glenn told BusinessDesk.
Watson’s bloodstock assets are mainly a breeding business and include substantial shares in stallions Captain Rio and Faltaat, while the real estate assets are spread across New Zealand, the US and the UK, according to Cullen Investments’ website.
The two high-profile businessmen will inject a “multi-million dollar sum” into rugby league to help its development, and Glenn told media he’s “going to be a very active shareholder.”
“Through this partnership we are ideally positioned to work towards our goal and will do all we can to succeed in this area,” Watson said in a statement.
Watson emerged as a white knight for the Warriors, buying a stake in 2000 when the club was on the verge of financial collapse.
Last year, Watson merged his Bendon underwear manufacturer with Australia’s Pleasure lingerie, keeping an undisclosed stake in the business.
The Warriors’ ownership was previously split between Watson and Hanover Finance partner Mark Hotchin. Watson held about three-quarters of the club, while Hotchin’s KA No 3 Trust, which was one of the trusts frozen by the Financial Markets Authority, held the remainder.
Watson largely avoided the fall-out of his share in failed lender Hanover, with partner Hotchin fronting the business and wearing much of the public outcry.
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