Billionaire James Packer has joined Russell Crowe as co-owner of NRL premiers South Sydney.

Packer has purchased Peter Holmes a Court’s 37.5 per cent share in the Rabbitohs with the deal signed off early on Thursday morning, ensuring the long term financial viability of the club.

Rabbitohs and member co chairman, Nicholas Pappas, said in a statement released to club members: “I join with the Rabbitohs senior management team, our staff and our Members in welcoming James Packer to the Rabbitohs family.”

Packer, chairman of Consolidated Press Holdings, said: “This is a very proud day for my family.

“My father had a long history and association with Souths and to now be a co-owner with Russell Crowe and the members is an honour and a privilege.”