A meeting of the South Sydney board scheduled for Thursday night was postponed after businessman Peter Holmes a Court decided he would delay presenting his proposal for privatising the famous rugby league club.

Holmes a Court said speculation that club patriarch George Piggins was seeking to call an extraordinary general meeting of members to have the club's board removed was the reason for the delay.

"The reason for this course of action is that there have been a number of reports in the last 24 hours indicating that Mr George Piggins and certain other members of the club intend to call an extraordinary general meeting of members of the South Sydney Rabbitohs in order to propose a resolution that the current board that was elected by the members be removed from office," Holmes a Court said in a statement through his lawyer David Morris.

The statement added that Holmes a Court has no information as to the accuracy of the reports.

Piggins denied he was involved in any new moves to unseat the board, saying: "No we're not.

"I will be supporting (former Souths Juniors chair) Henry Morris if he elects to stand at the next general meeting.

"I suppose some people are just thinking that because we're putting an extraordinary general meeting (of football club members) on that we're opposing the board," he said.

"At this stage it doesn't say that on the brief that we're doing."

Holmes a Court will meet Souths chairman Nick Pappas on Friday morning "to discuss the board's decision on the events of the last 24 hours", but speculation is mounting that the businessman and his partner in the bid, actor Russell Crowe, may pull the plug.

Holmes a Court told a Sydney radio station on Thursday morning that there had been times he didn't think his plan was worth pursuing.

"I think in any deal you get to a point where it doesn't make sense to go forward," he said.

"I'm surprised ... about this development.

"It's hard to really get an understanding of it. It's an attempt to prevent our proposal being seen by members.

"That's not that scary."

Holmes a Court has refused to make public the details of his proposal, except to say that the management and financial control of the embattled foundation club would be handled by his business, with the name, logo, playing colours and location of the club remaining in the hands of football club members.

"The details of the proposal are confidential and nobody knows them, not even George Piggins," he said.

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