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Just wondering....!

Discussion in 'Rugby League Forum' started by Eagleheart, Jun 5, 2016.

  1. Eagleheart

    Eagleheart Well-Known Member 2016 Tipping Competitor

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    I came across this article from a while back now (see below) and was just genuinely wondering if any thing has been done to improve facilities at the Leagues Club and Brookvale Oval, like what Penn said in 2009. I just cant seem to find any mention of any construction or improvements done at the Leagues or Brookvale Oval in the past 7 or so years......?? I certainly could not see any from my numerous visits to both.


    Big win for Penn family
    • by: By Dean Ritchie
    • From: The Daily Telegraph
    • April 22, 2009 12:00AM

    THE Penn family last night outlaid $7.5 million to buy Manly Leagues Club and score a thumping victory over co-owner and rival Max Delmege. At a general meeting, members voted 164-18 (90 per cent) in favour of selling the Leagues Club premises to the Penns.

    The Manly Leagues Club board will now start work on refurbishing the club's run-down Pittwater Rd premises immediately after receiving a $2.1 million loan from the family.

    The Penns claimed a win over a faction led by Delmege and local businessman Phil Franks, who opposed the sale, claiming members could obtain a stronger financial deal.

    Penn chairman Rick Penn said his company also had an option of outlaying another $7.5 million to buy the adjacent car park.

    Delmege was part of an original joint venture with Penn but the deal collapsed when Delmege withdrew.

    Manly Leagues Club, pending Warringah Council approval, will remain on the ground floor with commercial offices in the above floor.

    It is understood that the Leagues Club had debts of $10 million and was on the brink of complete financial collapse.

    This deal will allow the Leagues Club to now settle its bank debts.

    The Leagues Club will lease back the premises at $540,000 per annum.

    Should they purchase it, Penn could lease the carpark for an additional $300,000 a year.

    "It gives Manly some certainty and we can now move forward," Penn told The Daily Telegraph.

    "This also shores up the future of the Sea Eagles.

    "Everyone is now on the same bus. We have a common ownership to keep the Sea Eagles in Brookvale.

    "We want the Leagues Club to be successful and for Manly to be a big family. We have given $7.5 million to the Leagues Club and loaned them another $5.6 million. They have $13.1 million and the carpark is still theirs.

    "This has also guaranteed the Leagues Club's tenure in its current location for another seven years."

    Manly's future looks bright with the Leagues Club now safe and the redevelopment of Brookvale Oval ready to proceed.

    "We want to make Brookvale a centre for families and fans - we want to improve facilities at the Leagues Club and Brookvale Oval," Penn said.

    Manly chairman Bob Reilly applauded the members' decision.

    "This certainly gives us a decade of stability," Reilly said.

    "In that time I hope we can put together, with the new renovations, a very good business plan and gain a healthy revenue stream."

    http://www.dailytelegraph.com.au/sport/big-win-for-penn-family/story-e6frexni-1225701519053
     
  2. globaleagle

    globaleagle Où est mon chapeau Premium Member 2016 Tipping Competitor

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    @HappilyManly will know!

    But I thought they just sold the land off for a big chunk of good ole casharoonie!
     
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  3. Bearfax

    Bearfax Well-Known Member

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    Its all computer generated imagery. Looks good on a TV though
     
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  4. ManlyArmy

    ManlyArmy Well-Known Member 2016 Tipping Competitor

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    Pretty sure the land where the club is have been sold, and the Leagues Club will be merging with another club on the Beaches
     
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  5. Eagleheart

    Eagleheart Well-Known Member 2016 Tipping Competitor

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    Ahhh o.k. thanks @ManlyArmy, was really not sure what had happened. So the land may have been sold with the Leagues Club on it? Hmmm but what about Penn wanting a successful club and for Manly to be a big family.............?

    Anyway, was just trying to work out some of the back story re our current owners. And what has happened with the Leagues club/land etc.
     
  6. Loobs

    Loobs I am not really Scott Penn Premium Member

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    Leagues Club has a lease till like 2017 or something then you'll have to find somewhere knew for swimming lessons for the kids. That's all it's used for now right?
     
  7. Little Grubber Kick

    Little Grubber Kick Active Member

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  8. Ralphie

    Ralphie Well-Known Member Premium Member 2016 Tipping Competitor

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    Because the project did not proceed?
     
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  9. Chip and Chase

    Chip and Chase True Supporter Staff Member Administrator Premium Member 2016 Tipping Competitor

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    Eddie Hayson has reneged on the deal.
     
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  10. Little Grubber Kick

    Little Grubber Kick Active Member

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    hah well sure sounds like it, thought it may have been news to HM
     
  11. HappilyManly

    HappilyManly MWTS Premium Member 2016 Tipping Competitor

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    Not news to me.
    Just a delay as all these large projects go through a cycle of submission and resubmission to bypass the existing Council limitations.

    Currently there are at least 1,000 new Units being built in the DY CBD redevelopment, which is 1km up the road.

    But the fact remains, that a community asset was sold whilst a family member was on the LC Board and the resulting development will not be an asset of the LC. :cool:
     
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  12. Eagleheart

    Eagleheart Well-Known Member 2016 Tipping Competitor

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    So just to get it clear in my little brain. Did the owners buy the Leagues Club with a clear indication that they would NOT sell the land/club etc for profit, (did they say this or write this anywhere directly). And that they would as mentioned in the 2009 article genuinely work on improving facilities for both the club and oval?

    And if back in 2009 the members sold the club to the owners, what was the reasoning behind this? Was it forced and if the club went bankrupt could that have affected our team?

    I really appreciate every ones help on this, just trying to understand what has happened. And why Brookvale Oval has been so overlooked for so many years for redevelopment. And what happened or is happening to the leagues club? Thanks.
     
  13. HappilyManly

    HappilyManly MWTS Premium Member 2016 Tipping Competitor

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    Don't know what was promised for the LC and Car Park Land. All I know us that it was sold to a related party at 7mill, who then quickly came up with a develoment partnership that is 16.5mill.

    The obvious question is why didn't the LC explore the option of a develoment partnership where they would retain the land asset and share in the 9.5 mill profit ?
    The land is gone now, so nothing members can do about it.
    If you are an LC Member, you can request a viewing of the minutes @:cool:

    Brookie is Council owned and is a completely separate issue. The 10&10 million Federal & State Government grant is available for upgrading Brookie.

    The delay here is that a Penn Group proposal for a giant mixed commercial and residential development, where the grant money is augmented by the Penn Group, but the development is fully owned by the Penn Group, was knocked back by Council.

    The new East Hill Stand plan, which would be covered by the grant, is meant to be resubmitted to Council.
    This question should be raised with the Franchise CEO, Joe Kelly.
     
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    Last edited: Jun 6, 2016
  14. Eagleheart

    Eagleheart Well-Known Member 2016 Tipping Competitor

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    Thank you for your info @HappilyManly, really appreciate it.

    It is indeed an interesting question as to why the LC did not ensure they were a part of the deal where they would retain the land asset and share in the 9.5 mill profit?
     
  15. Mark from Brisbane

    Mark from Brisbane Living the dream Premium Member

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    Bulldozers come to mind!
     
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  16. Eagleheart

    Eagleheart Well-Known Member 2016 Tipping Competitor

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    Yes, it could have been quite tricky to share in the profit with out also having to do something about the actual LC building.

    So even if the LC got some money from the sale hypothetically and had to move/merge or bulldoze the LC building as it stands. They may have had some dollars left maybe to buy a part of the Sea Eagles? And they may have been able to get an income stream from the land rental or other to fund the ongoing needs of the that part ownership of the team? Or is that too much of a stretch?

    Anyway, I have lots of questions, so it is good to have some answers. :eek:
     
  17. manlywarringah

    manlywarringah Well-Known Member Premium Member 2016 Tipping Competitor

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    I wonder how the people would've voted originally if they had've known about the Penns cashing in the way they have?

    I remember reading where the ?Chinese developers were going to keep the leagues club operating on the ground floor when they built their development. Seemed a bit of a stretch at the time.

    What is happening with the future of the leagues club now? Penn was sprouting how great this was for the future of the club back then?
     
  18. HappilyManly

    HappilyManly MWTS Premium Member 2016 Tipping Competitor

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    Communicating with Members is not a priority for any Manly area of business :(
     
  19. Dan

    Dan Administrator Staff Member Administrator 2016 Tipping Competitor

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    @HappilyManly "community asset" is drawing a very long bow. That's about the biggest stretch of a term I've heard.

    An extremely dated and poorly laid out poker machine nest is about as far from an asset as you can get. The land is also not a community asset it's land and entitled to be swept up for private ownership.
     
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