The National Rugby League has signed the largest broadcast deal in Australian sporting history.
Seven years. $5.3 billion. In 2026, the two highest rated programmes on Australian television have both been NRL broadcasts. Overall, the league also is the most watched programme across the APAC region.
But the broadcast deal is only one part of a much bigger business story.
NRL revenue grew from $391.4 million in 2016 to $845.6 million in 2025, an increase of 116%.
During that period, the league rejected every private equity approach it received. While CVC invested in the Six Nations and Premiership Rugby, and firms such as Arctos and RedBird built portfolios across global sport, the NRL kept full control of its competition.
Instead, the Australian Rugby League Commission (ARLC) which runs the NRL started buying hotels.
Since 2022, it has spent $110 million on five properties, most of them close to rugby league stadiums and strongholds, building another source of income without selling a stake in the league.
Then comes expansion.
Perth and Papua New Guinea are both entering the competition, but through completely different financial models.
Perth is backed by state government funding and temporary ARLC ownership.
PNG is supported by $600 million of Australian government funding and sits inside a much wider strategic relationship between Canberra and Port Moresby.
The NRL has become one of the most fascinating businesses in global sport.
365247 breaks it down…
The Finances
NRL revenue has increased in nine of the last ten years, with the only decline coming during the pandemic.