The Rugby Football League (RFL) is actively seeking a new financial path after the rejection of a £35m investment deal proposed by the Australian National Rugby League (NRL). According to documents obtained by The Guardian, the RFL has developed an alternative strategy titled 'Project Magic,' which shifts the focus from a direct investment model to a loan-based structure.

The proposed 'Project Magic' plan aims to secure a £50m loan package for the sport. This document was reportedly circulated to the 14 Super League club owners by RFL chief executive Nigel Wood last Wednesday. The owners are expected to convene this coming Tuesday to deliberate on whether to pursue this loan-based approach or seek other alternatives to stabilize the league's finances.

While the initial NRL offer was framed as a guaranteed investment, the new proposal suggests a significant pivot toward debt-based financing. The shift reflects the ongoing tension between the RFL and the NRL regarding the terms of financial partnership and the long-term control of the sport's commercial interests. The move to a loan package suggests that the league is prioritizing immediate capital over the equity-sharing model previously discussed with the Australian organization.