For some reason the shares have reached a record high of 58 cents recently (currently trading at 57 cents) at the very same time that the team itself is languishing in second-last spot on the NRL table.
It has been worse, a lot worse. Records going back to 1999 aren’t inspiring. It traded then for 12 cents.
But it’s not all bad. There are signs of a turnaround and it may be that the appointment of Ben Ikin as head of football is a factor in the rise.
Ikin’s appointment tallies nicely with the start of the latest spike from 47 cents to 57. He was appointed on June 28 and the shares began rising on June 30, so if he isn’t the cause he can at least claim it.
But the team also had a rare win on the weekend when they upset the Cronulla Sharks to move ahead, at least temporarily of the bottom-dwelling Canterbury Bulldogs – the team who surrendered the wooden spoon last season to a late Broncos swoon.
The benefits of the rise go directly to the Murdoch family through the ownership of Nationwide News, which controls 68 per cent of the Broncos. Phil Murphy of BGM Projects owns 22 per cent.
The issue with the Broncos’ shares is that they are tightly held. About 95 per cent of the shares are held by 20 entities so the shares rarely trade and that has an impact on the price.