South Sydney fans welcome James Packer’s money but some question his intentions.

The billionaire gambling mogul agreed to take over Peter Holmes a Court’s 37.5 per cent club share on Thursday.

Many were quick to welcome the commercial opportunities Packer’s involvement could bring to the club.

Others, such as diehard fan Jim Hanna, are wondering what satisfaction the lifetime fan of the Bunnies’ Sydney derby rivals, the Roosters, can get from his multimillion-dollar investment.

“We’re not sure what James Packer’s interest is,” Mr Hanna told AAP.

“What’s he in it for?

“They’re (sports clubs) not particularly profitable investments and I can’t understand what he’d gain financially.

“It’s not like he’s a fan like Russell (Crowe). Russell wanted to save the club.”

Hanna says he thinks Packer wants to use the glamour surrounding the club and its other co-owner, film actor Crowe, to surround his international gambling business.

Club great and former captain Mario Fenech has a far less sceptical view.

“Packer’s takeover is a fantastic thing,” he told AAP.

“I understand the feelings of people scratching their heads but in saying that it’s an opportunity that James has seen and he took it.

“He would not come on board unless he feels that he’s going to get value for his money.”

Packer’s late father, media magnate Kerry Packer, was a Rabbitohs supporter.

In the club statement to its members following the deal, former Roosters board member Packer said it was an “honour and a privilege” to co-own a club associated with his father.

“He’s right. It is an honour and a privilege,” Hanna said, and advised Packer, “Don’t change anything.”

The thought of a billionaire co-owning rugby league’s working-class club would have sent chills down the spines of Rabbitohs fans 15 years ago.

But that was before Crowe and Australian businessman Holmes a Court saved the club from extinction and led it to its first premiership in 43 years.