Nathan Cleary has reportedly turned down a tax-free PNG Chiefs package worth up to $8.4million over three years and is expected to sign a contract extension with Penrith.
The incoming NRL club offered the 28-year-old $2million a season tax-free from 2028, plus potential third-party endorsements worth $800,000 annually, according to News Corp.
The proposed playing contract totalled $6million, with endorsements adding another $2.4million over three seasons.
Cleary is instead expected to agree to a two-year Panthers extension worth approximately $1.7million a season, keeping him at the club until the end of 2029.
It is understood the deal includes a further two-year player option, which could extend his stay through 2031.
PNG’s proposed playing salary was $300,000 a season higher than his reported Penrith salary, before allowing for the tax-free arrangement.
Nathan Cleary has reportedly rejected a PNG Chiefs package worth up to $8.4million over three seasons
Cleary, pictured with partner Mary Fowler, is expected to sign a two-year Penrith extension worth approximately $1.7million a season
Cleary is recovering from a compound left fibula fracture and dislocated ankle suffered during Penrith’s preliminary final loss to Newcastle
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Including the potential endorsements, the Chiefs’ offer totalled $2.8million annually, or $1.1million more than his reported Panthers playing salary. That comparison excludes any separate endorsements Cleary earns while at Penrith.
Nine reported Cleary informed the Chiefs on Wednesday evening that he intended to remain with the Panthers.
His existing contract runs until the end of 2027. From November 1, he was permitted to negotiate with rival clubs about joining them for the 2028 season, when PNG enters the competition.
The contract developments come as Cleary recovers from injuries sustained during Penrith’s preliminary final loss to Newcastle.
He suffered a compound fracture of his left fibula and a dislocated left ankle in a hip-drop tackle by Phoenix Crossland.
Cleary also entered the match carrying a fracture in his right foot. He underwent two operations following the Panthers’ finals exit.
His management confirmed in October that contract negotiations with all clubs had been put on hold while he concentrated on his recovery.
Cleary has since had his casts removed and moved into walking boots, with a return targeted between rounds one and four of the 2027 season, depending on his recovery.
The halfback won four consecutive premierships with Penrith between 2021 and 2024, having also played in the club’s 2020 grand final loss to Melbourne.
He received the Clive Churchill Medal in the 2021 victory over South Sydney and again in 2023, when he scored the winning try in Penrith’s 26-24 defeat of Brisbane.
