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News: Penn Sport to purchase Manly-Warringah League Club

Discussion in 'Rugby League Forum' started by DVS Matt, Mar 17, 2009.

  1. DVS Matt

    DVS Matt Well-Known Member 2016 Tipping Competitor

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    Penn Sport to purchase Manly-Warringah League Club premises for $7.5 million
    The Manly-Warringah Rugby League Club Limited has agreed terms with Penn Sport for the sale of the Club’s premises at 563 Pittwater Road, Brookvale for $7.5 million.

    Club Chairman, Bob Reilly, said the sale, which will need to be ratified by members next month, provided the club with a springboard for the future.

    “The deal will allow us to retire all outstanding bank debt,” Mr Reilly said.


    <a href="http://www.silvertails.net/news/Sea-Eagles/penn-sport-to-purchase-manly-warringah-league-club.html">Read the full article</a>
     
  2. Cameron

    Cameron Cambo Premium Member

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    the club needs two things

    a kids room so young familys can go there have a meal and mum and dad can relax or have a bet while the kids are entertained.

    and secondly a nightclub opened from thursday - sunday night.
     
  3. The Wheel

    The Wheel Well-Known Member

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    Top quality food would be good start  - the crap they serve up at the bistro you wouldn't give to your dog
     
  4. Dan

    Dan Administrator Staff Member Administrator 2016 Tipping Competitor

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    i think that would require a license change.

    The need to pretty much gut the whole place, make it less of a maze, rabbit warren and pokie den and open it up, include some nicer proper outdoor areas
     
  5. Zep

    Zep Active Member

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    i think that would require a license change.

    The need to pretty much gut the whole place, make it less of a maze, rabbit warren and pokie den and open it up, include some nicer proper outdoor areas
    [/quote]
    for the first time i understand why it it Ray "Rabbit" Warren.... i am bit slow..
     
  6. ManlyBacker

    ManlyBacker Winging it Staff Member

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    Once again Penn comes swooping in to pick up the deal from heaven. It was only July last year that the 20,000 members voted to allow the purchase of the club for $15 million. Now it is being flogged off at the bargain price of half of that. The rich get richer and the supporters get the picture.
     
  7. DSM5

    DSM5 Well-Known Member 2016 Tipping Competitor

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    Cliffy, the club needs only one thing mate, a fair price. 
     
  8. Zep

    Zep Active Member

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    i might be confused, this is only the premises and not the actual land itself?
     
  9. ManlyBacker

    ManlyBacker Winging it Staff Member

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    I may be wrong, but I am sure the radio interview with Scott Penn (put up in a post by Cliffy) Scott said that it included the land, with an option on the car park
     
  10. Matabele

    Matabele Well-Known Member

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      In the current economic circumstances is anyone offering better?

    The Leagues club shouldn't have hitched their wagon to a fading star when the going was good. 
     
  11. byso

    byso Well-Known Member

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    Friggin hell. Penn Mr 50%  He bought the Football club shares for half, now the Leagues club for half.
     
  12. Guest

    Guest Guest

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    A smart bussinessman.  Maybe he can run the country instead of Rudd the dud?

    Don't forget he is going to have to spend millions of dollars to renovate it.  Also they would have sold to a higher bidder if there had been one.

    Wasn't Delmege saying that he was going to buy it on his own? 
     
  13. Matabele

    Matabele Well-Known Member

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    A smart bussinessman.   Maybe he can run the country instead of Rudd the dud?

    Don't forget he is going to have to spend millions of dollars to renovate it.  Also they would have sold to a higher bidder if there had been one.

    Wasn't Delmege saying that he was going to buy it on his own? 
    [/quote]  Delmege has said a lot of things recently.

    But there seems to be a gap between word and action/facts. 
     
  14. ManlyBacker

    ManlyBacker Winging it Staff Member

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    A very good question. Were any other purchaser options canvassed, was it put to public tender to realise the best price or was it all done in a carpark??? Pardon my cynicism.

    Obviously the sale to a staunch sea-eagle supporter like Penn, who is already close to activities within the club, has many, many benefits. But he must be feeling ecstatic with the huge discounts he has been enjoying lately.
     
  15. Canteen Worker

    Canteen Worker Well-Known Member 2016 Tipping Competitor

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    Penn is still pouring millions into the club, which is great. Is anyone else offering to do so??
     
  16. Guest

    Guest Guest

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    A very good question. Were any other purchaser options canvassed, was it put to public tender to realise the best price or was it all done in a carpark??? Pardon my cynicism.

    Obviously the sale to a staunch sea-eagle supporter like Penn, who is already close to activities within the club, has many, many benefits. But he must be feeling ecstatic with the huge discounts he has been enjoying lately.
    [/quote]

    They have been offering the club and car park to developers for several years now woth no takers.  The problem is that Warringah Council won't rezone the club premises to allow high rise so no-one is interested because they can't mnake a buck out of it.
     
  17. Matabele

    Matabele Well-Known Member

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    A very good question. Were any other purchaser options canvassed, was it put to public tender to realise the best price or was it all done in a carpark??? Pardon my cynicism.

    Obviously the sale to a staunch sea-eagle supporter like Penn, who is already close to activities within the club, has many, many benefits. But he must be feeling ecstatic with the huge discounts he has been enjoying lately.
    [/quote]  On the flip side - perhaps they've (the Leagues Club) done a due diligence and seen the writing on the wall.  Leagues clubs all over the place are taking a bath financially, let alone a tired old hack plonked in the midst of a high end demographic.

    Regardless, this move should put a hush on the conspiracy theorists saying the Penns want to take the club to the Central Coast.  Why would Penn do that when the club's 12 biggest trading days are probably off the back of Manly home games?
     
  18. ManlyBacker

    ManlyBacker Winging it Staff Member

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    That land is worth a lot more than $7.5 million. The economic crunch has meant that it will be lean times for business in Brookie, but if it was converted to a gigantic car yard the sky would be the limit in terms of value. Col Crawford, Bill Buckle or Titan Ford would probably kill each other to grab it.

    The reality is that the club should reconsider seriously an amalgamation with the Mounties or other clubs. Don't get me wrong, this purchase is, without doubt, possibly the only short term solution for the club premises as they stand today.

    And when you and CW came charging in defending the Penns I would be pleased if you refrained from peppering the debate with a string of questions. Make a statement or don't bother. :)
     
  19. gomanly

    gomanly Member

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    They should absolutley not amalgamate with another club, the Penn option is the best option, if he buy's the car park as well it is my understanding the total sale price would be $15 million.
    As far as what to do with the club - a few sticks of dynamite to get the ball rolling and start again.
    Max Delmege made a good point on 2ky about a month or so ago he asked, Why is it Brookvale Hotel about 400m down the road is doing a roaring trade and they have about 30 pokies, and the leagues club is who have 200plus machines is failing?
    Cliffy, a night club in brookvale will not happen nor would it work.
     
  20. Matabele

    Matabele Well-Known Member

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      They did apparently and it fell through.  Keep in mind Mounties have been in this mix for several years.  They now own Harboard Diggers I think.

    Interesting that you'd rather have it sold to the sponsors of the eels than a part owner of the football club.  Makes me wonder about your oft-vaunted impartiality. 

    (Not a question mark appears in the above). 
     

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