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I may be simple but.....

Discussion in 'Rugby League Forum' started by Stevie, Dec 19, 2007.

  1. Stevie

    Stevie Active Member

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    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 :D
     
  2. Dan

    Dan Administrator Staff Member Administrator 2016 Tipping Competitor

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    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
     
  3. Matabele

    Matabele Well-Known Member

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    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.
     
  4. Stevie

    Stevie Active Member

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    well explained thanks Lads
     
  5. Dan

    Dan Administrator Staff Member Administrator 2016 Tipping Competitor

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    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.
     
  6. Stevie

    Stevie Active Member

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

    Dan Administrator Staff Member Administrator 2016 Tipping Competitor

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    I thought it was intentional :)
     
  8. clontaago

    clontaago Well-Known Member

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    You may be simple but... nothing
     
  9. Stevie

    Stevie Active Member

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    nah im not that clever :lol:
     
  10. The Wheel

    The Wheel Well-Known Member

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    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
     
  11. Matabele

    Matabele Well-Known Member

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  12. Ryan

    Ryan Well-Known Member

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    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?
     
  13. Fro

    Fro Well-Known Member

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    No He is just playing Devils Advocate, poorly I might add :)
     
  14. Dan

    Dan Administrator Staff Member Administrator 2016 Tipping Competitor

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    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
     

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