Successful property guru buys into the Brisbane Broncos The Brisbane Broncos at Suncorp Stadium in Brisbane. Picture: Wallis Peter Source: News Limited ONE of Brisbane's most successful property developers Phil Murphy has become the second largest stakeholder in the Broncos following a $2.53m purchase. Murphy, owner of Oxmar Properties responsible for developments at Narangba and Hervey Bay, last week bought an 11.73 per cent state in Brisbane Broncos Pty Ltd from John Geaney according to Australian Stock Exchange documents. Geaney had been a major shareholder for the past 12 years but had been looking to sell his stake in the club as he moves closer to retirement. The purchase price equated to 22c per share, well below the current market value of 26c, with Murphy's 11.5m shares valued at $2.99m. News Corporation, publishers of The Courier-Mail, is the largest stakeholder of the Broncos with a 68.87 per cent share holding. Murphy and Geaney refused to discuss the transaction yesterday, while Broncos club chairman Dennis Watt was also unavailable for comment. Murphy has had a long association and support for the Broncos and is known to be close with former premiership-winning prop Shane Webcke. Webcke is used in promotional material for Murphy's development company and has a long association with many former Broncos players. Those who know Murphy describe him as a quiet, reserved and very nice man. Despite acquiring the second largest share holding in the Broncos club, it is unlikely anything will change in the structure of the club. The Leagues Club is thriving as chief executive Paul White continues to build the business into a multi-million dollar profitable company. But the challenge for the Broncos comes on the football field where coach Anthony Griffin's men tumbled to 12th place on the NRL ladder in 2012 for the worst season in the club's proud 25-year history. Griffin has signalled a new direction for the future sacking two staff members last week and there could yet be more changes in the coming weeks as the Broncos aim to rebuild to a premiership force.