Brisbane Broncos Limited (ASX:BBL) have confirmed they are exploring the prospect of buying a potential $60 million stake in the Supercars Championship as the NRL's richest club looks to diversify its sporting brand. The Broncos are one of the most recognisable brands in Australian sport and the NRL financial powerhouse is looking to shift sporting gears by going beyond the Steeden to embrace Supercars. Broncos bosses have begun due diligence on buying a stake in the Supercars Championship as part of a two-pronged consortium that includes five-time MotoGP champion Mick Doohan.

The Broncos are keen to spread their investment wings in Supercars via the NRL club's -majority owner News Corporation (NasdaqGS:NWSA), publisher of The Weekend Australian. Broncos chairman and stockbroking mogul Karl Morris is a key player in negotiations. Archer Capital Pty Ltd. owns a 65% stake in Supercars, with the remaining 35% belonging to the championship's teams. Speculation about Brisbane's involvement in a Supercars venture has gathered steam in the past week, with the Broncos breaking their silence to confirm their interest in Australia's premier motor-racing championship.

"We are exploring an investment opportunity," a Broncos spokesman said. "We are currently in a non-binding, confidential and indicative stage of the process and accordingly are not in a position to make any further comment at this point in time." The Broncos are recovering -financially in the wake of last year's Covid crisis. According to ASX documents, Brisbane has recorded a half-year before-tax profit of $3.17m, up from a meagre $20,000 in the corresponding period last year following the temporary suspension of the 2020 NRL season.

The Australian Racing Group and Mark Skaife/TLA Worldwide (Aust) Pty Ltd. partnership are considered the two frontrunning bids, with both meeting the $60m price tag desired by Archer Capital for its -majority share. Archer Capital paid $180 million for its 65 % controlling stake in 2011.