Sharechat Logo

Owen Glenn buys into Eric Watson's bloodstock, property, Warriors assets

Friday 2nd March 2012 1 Comment

Text too small?

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.

  General Finance Advertising    

Comments from our readers

On 2 March 2012 at 6:09 pm kevin said:
ho-hum tax write offs the rich get richer
Add your comment:
Your name:
Your email:
Not displayed to the public
Comments to Sharechat go through an approval process. Comments which are defamatory, abusive or in some way deemed inappropriate will not be approved. It is allowable to use some form of non-de-plume for your name, however we recommend real email addresses are used. Comments from free email addresses such as Gmail, Yahoo, Hotmail, etc may not be approved.

Related News:

Pacific Edge Limited (NZX: PEB) Placement Upsized Following Strong Demand
24th September 2021 Morning Report
23rd September 2021 Morning Report
Pacific Edge Limited (NZX: PEB) Dual Lists on ASX; Announces Capital Raise to Accelerate
Tower Limited (NZX: TWR) Updates Guidance
South Port New Zealand Limited (NZX: SPN) 2021 Annual Report
22nd September 2021 Morning Report
Kathmandu Holdings Limited (NZX: KMD) FY21 Annual Results Announcement
Stride Property Ltd & Stride Investment Management Ltd (NZX: SPG) Update on Demerger and Office Fund
21st September 2021 Morning Report