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Eagles deal gets the nod

Discussion in 'Rugby League Forum' started by fLIP, Jul 25, 2008.

  1. fLIP

    fLIP UFO Hunter

    +784 / 15
    MANLY Sea Eagles owners Scott Penn and Max Delmege look set to save the battling league club after members voted for the $15 million takeover.

    The owners of the Sea Eagles Corporation the Penn and Delmege families now have approval to buy the majority share in Manly League Club's title holding in an attempt to clear the debts. About 90 per cent of the Pittwater Rd club's 20,000 members voted in favour of the takeover at a general meeting on Tuesday night.

    It is expected the settlement will not be finalised until March next year. The $15 million cash injection will be used to clear $10 million in debts, buy a 2000 sq m property next to the club and finance a major renovation.

    Mr Penn said the company was keen to align both the football club and the league club.

    "This move will further cement the relationship," he said.

    Club chairman Bob Reilly said: "This proposal enables us to have an immediate future."
  2. The Wheel

    The Wheel Well-Known Member

    +1,723 / 71
    Not sure whether this will make the club viable again in terms of providing significant dollars to the Footy Club but first thing that should be done is get some business accumen on the board.

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