Brisbane minority shareholder Phil Murphy is ready to sell his 22% stake in the Brisbane Broncos Limited (ASX:BBL). He wants to explain why in his own words. It's the least Murphy deserves given his loyal and enduring support to the club.

The Weekend Australian contacted Murphy on May 7, 2021 amid chatter he was ready to offload more than 21 million shares in the club. Murphy insisted that was not the case. Overnight, he had a rethink.

"Over a long period of time there have been suitors out there who have made approaches to me regarding my Broncos shares," Murphy said. "I have, from these past approaches been adamant that I would not sell my shares, although on occasions replying that in life if an offer for anything out there is just too good to refuse, then it would probably be wise to consider it. "Following your phone calls yesterday I have thought about your questions and I am expressing to you that the reality is that I have been absolutely overwhelmed with my Oxmar Properties development business, particularly the last six months and most certainly I see no early finish to this staggering growth in land sales and also the economy.

"Which means that I am very time poor and have to prioritise. This has led me to consider surrendering my availability and interest in many of the things that I love and cherish, most notably my large interest in the Brisbane Broncos. On viewing other good people such as (board member) Tony Joseph needing to walk away, I too admit that if the right offer comes along then my time will also be up." Murphy has given leading player manager Jim Banaghan the keys to the castle.

Banaghan has become a point of contact for interested parties and has already received at least two expressions of interest. His plans to sell his shares have the potential to have significant repercussions for the Broncos and their owners News Corporation (NasdaqGS:NWSA).  Should someone attempt to buy the entire stake, they would be forced to launch a takeover bid. That would leave News Corp.

with a decision to make, although they have shown no appetite to divest their share. "I have been approached to look after Phil's shareholding," Banaghan told Weekend Read.