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News: League Club has $1.3M for Sea Eagles

Discussion in 'Rugby League Forum' started by ManlyBacker, Jan 27, 2010.

  1. ManlyBacker

    ManlyBacker Winging it Staff Member

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    <p>Manly Warringah League Club has overcome threats to its existence over the past two years to record a substantial $1.45 million profit for 2008-09 financial year.</p>


    <a href="http://www.silvertails.net/news/4512-league-club-has-13m-for-sea-eagles.html">Read the full article</a>
     
  2. DSM5

    DSM5 Well-Known Member 2016 Tipping Competitor

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    Totally confusing.  Dire straights one year, flush the next.  What's to believe?  And does the footy team benefit?
     
  3. The Gronk

    The Gronk Well-Known Member

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    Well the Penn's bought a truck load of land off them last year didn't they?

    Might be helping the bottom line?
     
  4. Berkeley_Eagle

    Berkeley_Eagle Current Status: 24/7 Manly Fan 2016 Tipping Competitor

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    I smell a HUGE signing for 2011
     
  5. Ryan

    Ryan Well-Known Member

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    We already have Tony Williams :)
     
  6. Berkeley_Eagle

    Berkeley_Eagle Current Status: 24/7 Manly Fan 2016 Tipping Competitor

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    We already have Tony Williams :)
    [/quote]

    have some faith Ryan, 2008 we were not supposed to be any good either and look what happened then
     
  7. Ryan

    Ryan Well-Known Member

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    Too big a turn around versus player turnover imo.
    Almost like a bikes power to weight ratio.

    We are going from a 250 to a 400
    Others are going from a pee wee 80, to an 1100.
     
  8. DSM5

    DSM5 Well-Known Member 2016 Tipping Competitor

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    Enough Ryan.  Get off the bike. 
     
  9. Berkeley_Eagle

    Berkeley_Eagle Current Status: 24/7 Manly Fan 2016 Tipping Competitor

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  10. Ryan

    Ryan Well-Known Member

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    Meh
     
  11. PONTIAN SEA EAGLE

    PONTIAN SEA EAGLE Well-Known Member

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    Doesn't suprise me after all the money my mates & i blew at the leagues club on the pokies on grand final night.
     
  12. Matabele

    Matabele Well-Known Member

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    New ownership hey?
     
  13. Ryan

    Ryan Well-Known Member

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    Don't confuse them.

    EDIT: Sorry guys - not directed at most on this site....
     
  14. Jatz Crackers

    Jatz Crackers Moderator Staff Member

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    Don't confuse them.

    EDIT: Sorry guys - not directed at most on this site....
    [/quote]

    Crickeys dude. Whats up lil buddy. You havent been this fidgety since last off season.
     
  15. Ryan

    Ryan Well-Known Member

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    On a plane Friday - to Danners wedding....as nervous as all giddiup mate !
     
  16. Jatz Crackers

    Jatz Crackers Moderator Staff Member

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    Surely they dont have an airport up there so say gday as you drive past.

    Speech ! Speech !
     
  17. vidmar

    vidmar Well-Known Member

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    The article is not actually correctly headed as if you read it the mention of 1.3 million is not dollars rather it is shares - giving the leagues club equity.

    There has been a long history of the Leagues Club providing a grant to the football side but with private ownership now being the case it makes sense that they get something (equity) in return for the Leagues Club members.

    As the money paid for the shares will be for additional shares this means the money will go directly to the Sea Eagles to help them operate (rather than shares being bought from 2 majority private owners and the money going to them)

    There are no new owners (the club is owned by the 20,000+ members) of the Leagues club but a new board plus the sales of the premises to clear the debt and of course the huge interest payments would both have been significant factors in seeing the Leagues club return a profit.

    There could be a perception of "new ownership" of the Sea Eagles but as they already have a seat on the board it won't see any changes at present to the make up of the Sea Eagles board.

    The positives to take from this article is that a profitable Leagues Club means that it will continue to be able to contribute financially to the team whilst also gaining equity for a member based entity.

    Good news.
     
  18. ManlyBacker

    ManlyBacker Winging it Staff Member

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    The Manly Daily didn't post the article on their site from yesterday's paper so I did an abreviated version, factually taken from the article done by Avedissian. It is hard to get a line on the financials as they haven't been posted on the LC site as yet.

    I stand by the article heading because Bob Reilly says that they have that amount available for MWSE. Whether it will be accepted by MWSE under the proposed terms is another matter. Vid, has the Board ratified Bob's proposal that the LC grant be converted to equity shares?

    I have no problem at all with the money being directed into equity, but there are always pros and cons that aren't instantly clear. Despite the legal structures stopping a merger of the LC and FC it is obvious to me that that should be the way it is headed. If that isn't possible then the LC could grant the funds to the FC and they can then use the funds to inject equity into MWSE and increase their percentage holdings.

    Where I sit the aim has always been to take back a larger percentage of ownership in MWSE by as broad a fan/investor base as possible. If MWSE doesn't go public, then equity based injections from either the FC or LC seems an appropriate strategy. That is not to say that I would currently have an issue with there being only one owner either.
     
  19. The Wheel

    The Wheel Well-Known Member

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    This sounds like good news for all, The Leagues club will hopefully additionalbenefit from the refurbishment once complete going foward.
     
  20. vidmar

    vidmar Well-Known Member

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    MB - thanks for posting the article and I wasn't being critical re the $1.3 Mill reference.

    The message that was sent to Leagues club members from Bob Reilly in October last year explained the following:-

    "The Board therefore decided on 3 key principles for the future:

    1. A base grant of no less than $200,000 should be confirmed for every year
    2. Should profitability allow it, the League Club will provide more to the Sea Eagles – up to 50% of total League Club profit (as
        opposed to over 100% over the last 16 years!)
    3. Any funds over and above the base grant of $200,000 per year should be in exchange for shares in the Sea Eagles"

    My understanding is that the Sea Eagles board have accepted this offer and are comfortable in the equity aspect for the Leagues Club.

    I'm just back from a crazy travel schedule so am catching up and once I've cleared my in tray I'll check and get back to you re this and also travel plans for next Sunday for Redfern?
    Cheers
    Vid
     

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