I may be simple but.....

[Stevie]

can someone explain to me how this whole sceanrio works , re the football club & the sea eagles pty Ltd in terms of who can do what , who has what power , who controls & owns what ? why do Penn & Delmege have less power than the board etc etc many thanks

 

[Dan]

Like the senate, two parties hold 80% but the decision is with the 1 part that owns 20%, they have the deciding vote.

However Penn & Delmege can band together now and use their majority votes.

The FC is in trouble now that it has to cover 20% of it's own losses, not surprisingly they have slit their own throats

 

[Matabele]

To take that analogy further (it is a good one) , the Senate (with 20%) are blocking the owners from a certain course of action, so the owners have taken them off their teat.

The Senate will die a slow death unless they accept thier mistake and go cap in hand and apologise. Either way, the Senate's own actions have exposed the Senate as an ass.

 

[Stevie]

well explained thanks Lads

 

[Dan]

I should clarify how it works

40% by itself is not a majority
both 40% holders together have a majority, depending on what the majority vote needs to be, they may have their own bylaws on this.

But usually if one 40% stake holder wen one way, the other another and the 20% sided with one of them, than that would be a majority vote.

 

[Stevie]

ummm Dan can you fix the thread title Typo hahaha mispelling simple says it all really

 

[Dan]

I thought it was intentional

 

[clontaago]

You may be simple but... nothing

 

[Stevie]

I thought it was intentional

nah im not that clever :lol:

 

[The Wheel]

Like the senate, two parties hold 80% but the decision is with the 1 part that owns 20%, they have the deciding vote.

However Penn & Delmege can band together now and use their majority votes.

The FC is in trouble now that it has to cover 20% of it's own losses, not surprisingly they have slit their own throats

I am not sure that is entirely correct, the f/c has a preferential share that maintian their control over such things as name/colours/home ground etc. ie Scott/Max cannot move the club to the central coast without f/c approval

 

[Matabele]

in theory .....

 

[Ryan]

Are you saying a drying up of funds would force the football clubs hands Mata?
Are you then saying that Penn / Delmege would actually do that to this club?

 

[Fro]

No He is just playing Devils Advocate, poorly I might add

 

[Dan]

Ryan the FC is not the leagues club or anything really they were the team company before. There is no harm with full control going to Delmege and Penn