You say zero growth prospects, while I tend to agree with you somewhat, however who knows what price they could be in time. The first two companies I ever owned were Mincor (which I was pretty much underwater from that day forward and still lost money despite Twiggy's takeover) and the Broncos. Much for the same reason as you, I just wanted to own a part of the Broncs. I purchased four hundred something dollars worth, at I think roughly 8c a share (I can't remember the log in details for the broker as I can't even recall the last time I logged into the account). That purchase is worth over $5k now and they have been paying divs along the way too. Their most recent dividend came close to paying for the '90's World 7's jersey they just put out.

It also doesn't hurt that they just received the first installment of the $4m that the NRL is paying to each club thanks to the Government funding the PNG inclusion in coming years. Thanks taxpayers!

BBL is absolutely a low-liquidity stock @JohnnyM as shown below a few minutes before the close this arvo:

Big moves on low volume, and a wide trading range today - from as low as 91 cps up to $1.025, and last traded at the low end of that range when I took that snapshot off Commsec just now.

That will likely have changed and will probably look different after the CSPA at 4:10pm, but the company's share price is gapping up and down due to the clear daylight between many of the bids and offers, plus the low numbers of shares on both sides (bids and offers) as shown above.

Interesting that there is a floor of sorts at 90 cents, however that's for just under $90 K worth of shares, so a $100K sell order at market takes that out and more. That said, the total value of all trades in BBL today was only $2,231, so this is a very lightly traded company that exhibits huge price volatility due to that and the low liquidity, as you have pointed out.

Not a company I follow because I wouldn't know how to value the company with any real sense of comfort - I reckon plenty depends on how the team performs year to year, and even week to week. Winning teams attract much more interest than losing teams, and winning teams have a higher brand value, generally speaking, so any business ventures that are associated with the team are likely to do better if they are a very popular team that mostly wins games and wins premierships.

Google assures me that the Broncos franchise was established in 1988 and has been one of the most successful and popular teams in Australian sports, winning six league premierships and qualifying for the league finals series in all but seven seasons in its history.

Yet I still wouldn't know how to value them. Looks more like a trading stock than an investment to me, but BBL is not within my circle of competency (a.k.a. wheelhouse). I do hold similarly lightly traded companies where I have high conviction that they'll be worth considerably more in the future than the market value attributed to them today, but those are industrial and services companies mostly where I've followed them for years and believe I understand the drivers of the business and their management.