Leagues Club sells shares

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The Wheel

https://membership.seaeagles.com.au/
Premium Member
Broke club bail-out
Rugby League

9 Dec 11 @ 04:06pm by Jon Geddes

THE Sea Eagles have undergone a big shake-up with Penn Sport taking over shareholding in the Manly Leagues Club, giving them another seat on the board.

The development is part of a deal in which Penn Sport has come to the aid of financially struggling licensed club.

The change came about after Manly stalwart Peter Peters seriously considered resigning from his position as deputy chairman of the leagues club yesterday.

But in light of the Penn bailout, he decided to stay.

“We have just helped out the (licensed) club financially,” Penn Sport chairman Scott Penn told The Manly Daily.

“With the refurbishments they have done it takes a bit of time to get the uplift in trading. Things have been a little bit tight so we came to a financial arrangement today “

That means Penn Sport will take over the leagues club seat on the Sea Eagles board with the final details now being worked out.

That will give them three spots on the seven-man board.

“I think it is a positive outcome for everyone,” Penn said.

“It’s really important that we have a strong and viable leagues club. They have undertaken a significant renovation and we are wanting to work with them to make sure they maximise the return on that.”

But Penn said the Sea Eagles board still had some work to in regards how they moved forward as a group.

“We will do that next week so we can enter the new year with a fresh start,” he said.

“The most important thing is that we all just get on the same page.

“We all have got the best interests of the joint at heart.”

Peters says he can now see some light at the end of the tunnel and is delighted by the outcome.
 
I'm not really up to speed on all the political stuff (& just quietly I am quite thankful for this) but this sounds like pretty big news.
 
Looks like Penn will end up owning both the leagues club and football club eventually
 
Things look a bit better. We now have a
Majority shareholder who has more than 2 votes. The leagues club looks great I'm sure things can improve for them
 
tookey said:
Looks like Penn will end up owning both the leagues club and football club eventually

Would have thought the leagues club was owned by the members and could not be privately owned.
 
Penn bought the site from them a couple of years ago, I guess he has just bough the controlling stake the leagues club had in mwse.
 
So what happens if poopoo goes down (or up) again and the votes are 4-3 every single time?
Keep in mind that's an 'if'. I really do hope they're all working together as one now in the right direction
 
He's just dropped in a cool $630,000...he can have any seat he likes IMO.
Hopefully lessons have been learned over the last cpl of years (especially the last 6 months),and they actually pull together as a unit.
 
There needs to be more than a change in decor at the Leagues for it to get out of it's financial hole.

It has been going down hill for a long time, and will have to offer something more than grog and pokies to get people back, which currently it doesn't.

There are a few much nicer venues around the area, and outside of game day it is a ghost town.

Not sure what the answer is though.
 
Brookie4eva said:
There needs to be more than a change in decor at the Leagues for it to get out of it's financial hole.

It has been going down hill for a long time, and will have to offer something more than grog and pokies to get people back, which currently it doesn't.

There are a few much nicer venues around the area, and outside of game day it is a ghost town.

Not sure what the answer is though.
I went to an 'Austen Tayshus' show at the auditorium in 2007. Needless to say Sandy Gutman wasn't too impressed with the Leagues Club. His solution? Fly a plane into it. Works for me. The whole joint needs to be rebuilt completely, if its ever going to compete with a venue like the DY RSL.
 
Clearly Penn will take the Sea Eagles to Gosford so he can redevelop the Leagues Club land as a housing development for Clr Kersch and her poodles.
 
gee, this guy has some dough!! He keeps bailing us out. At least the League club is finally out. He owns that as well anyway! If we can URM onboard we could end up like the Broncos.
 
Penn certainly has some dosh and he seem to love his Eagles.

I hope the pessimist are proved wrong and he has no intentions of moving the club to Gosford. In the mean I'll just thank him for getting behind the club and believing what he thinks is best to keep the Mighty Sea Eagles a viable prospect for many years to come.

Good luck to him and I wish him and his family a very Merry Xmas.

P.S If I was a multi millionaire I wouldn't mind owning the most successful football club in the modern era.
 
The Leagues Club food has always been below par and the renovation didnt really include a food eating/dining area - strange stuff
 
The Wheel said:
The Leagues Club food has always been below par and the renovation didnt really include a food eating/dining area - strange stuff

Restraunteurs always go broke, eventually - even the famous ones like Bilsons who went into receivership You wont make money by selling nice (cheap) food, but it will help bring clientele and from numbers in the premises the avenue for revenue sprouts.
 
Team P W L PD Pts
3 3 0 48 6
4 3 1 28 6
3 2 1 10 6
4 2 2 39 4
3 2 1 28 4
3 2 1 15 4
3 2 1 14 4
2 1 1 13 4
2 1 1 6 4
3 2 1 -3 4
3 1 2 0 2
3 1 2 -5 2
3 1 2 -15 2
3 1 2 -22 2
3 1 2 -36 2
2 0 2 -56 2
3 0 3 -64 0
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