Entrepreneur and racing identity John Singleton is back on board to help the Central Coast Bears be the next franchise to get an NRL licence.

Singo has agreed to a $2 million deal, with an official statement expected from the Bears today. 

He has been a great supporter of a rugby league team in the Gosford region, but was left with a bitter taste in his mouth after his last efforts in 2008, when he pledged $50 million to help the Bears to become part of the franchise were rejected by the NRL.

His ownership of the Bluetongue Stadium means he will become a shareholder in the franchise if it is granted an NRL licence, and will become the home of the Bears. 

The Bears are up against Brisbane, Central Queensland, Perth, Ipswich, Wellington and Papua New Guinea for entry into the league.