RFL Weighs £50m NRL Loan Plan After Clubs Reject Investment Offer

The Rugby Football League is exploring a revised funding arrangement with Australia’s National Rugby League after Super League clubs rejected an initial investment offer last week. The Guardian reports that discussions now include a possible £50 million payment-in-kind loan, although the proposal is not settled and may not become the preferred route.

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The alternative is set out in a Rugby League Commercial document titled Project Magic, according to the report. The owners of the 14 Super League clubs are due to discuss it at a meeting on Tuesday. RFL chief executive Nigel Wood is understood to have circulated the document last Wednesday, one day before clubs voted against the NRL’s original proposal.

Talks between the two competitions have continued since meetings in Las Vegas in January. NRL chief executive Peter V’Landys is expected to visit the United Kingdom next week as the parties seek a way forward. The rejected offer involved the NRL investing £7 million annually for five years in return for a 10% stake in Super League, with that money distributed among clubs.

Project Magic outlines a different structure. Rather than selling an equity stake and passing funds directly to teams, the RFL would retain the proposed £50 million loan centrally to finance growth initiatives. The 10-year plan includes targets to expand Super League to 18 or 20 clubs, establish a joint direct-to-consumer streaming service with the NRL for markets outside their home territories, and create a fully professional women’s competition.

The document also assigns proposed spending across several areas. The Guardian reports that £13.5 million would go toward improving clubs’ commercial capabilities, £10 million toward the player pathway and £5 million toward broadcasting services. An RFL source told the newspaper that the loan is no longer the governing body’s preferred option, but remains significant enough to put before owners.

Any agreement still faces considerable uncertainty. Some larger clubs are reported to support an NRL partnership, while smaller clubs have concerns about being left behind and some owners favor a smaller direct cash injection over centrally controlled borrowing. The Guardian also reports that NRL sources have characterized the original position as firm, while the Australian competition is seeking governance changes that include an independent commission to run the sport in the UK.