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Ownership Changes Afoot For Manly Sea Eagles

Discussion in 'Rugby League Forum' started by bones, Aug 19, 2013.

  1. bones

    bones Bones Knows Premium Member 2016 Tipping Competitor

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    John Stenholt - 19 Aug 2013

    The ownership structure at NRL club Manly is set to change by the beginning of the 2014 season, possibly bringing to an end the majority ownership of the Penn family. A Fairfax Media report last week said a consortium of past and present sponsors could buy out the Penn family, led by Manly chairman and health entrepreneur Scott Penn.

    The family owns close to 50 per cent of Manly, with the remainder held by the Manly District Football Club (about 13 per cent) and the Australian Securities Exchange-listed hot water system manufacturer Quantum Energy.

    Scott Penn told The Australian Financial Review he expected a change in ownership either late this year or in early 2014, but would not reveal whether that meant his family would sell its shares or would actually buy out the other shareholders.

    There have been past disagreements between the Penn family and the Quantum representatives on the Manly board, though Mr Penn said the parties were working towards an ownership resolution. “There is constant dialogue between us and both recognise we have get to an outcome on this,” he said.

    Manly received a $10 million funding guarantee from the federal government earlier in the election campaign to assist in the $30 million redevel­opment of the club’s Brookvale Oval home ground.

    Penn says he hopes to garner further funding support later in the campaign – Tony Abbott committed to more funding last election campaign and has matched the $10 million government funding this time – and also from the NRL and NSW state government.

    “The exciting thing for the game and where we have seen significant change is that the NRL and the government are making stadiums a priority. So hopefully they will step up too.”

    Mr Penn said Manly is on track to break even for the 2013 season, from revenue of between $15 million and $16 million. The club lost slightly less than $1 million in 2012, with Quantum having to contribute $441,000 of that shortfall, according to a consolidated statement of cash flow that Quantum lodged with the ASX in July.

    The Australian Financial Review
     
  2. HappilyManly

    HappilyManly MWTS Premium Member 2016 Tipping Competitor

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    Interesting times ahead :cool:
     
  3. Dan

    Dan Administrator Staff Member Administrator 2016 Tipping Competitor

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    interesting that the answer seems to be more owners rather than less haha. Oh well if it is dysfunctional it doesn't translate to the footy fields and as long as keep winning then there is no need for complaint for us punters
     
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  4. manlyfan76

    manlyfan76 Parra Trolls are the best. Premium Member 2016 Tipping Competitor

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    Or as rothfilth hopes for us: Its the end of the world as we know it.
     
  5. swoop

    swoop Well-Known Member 2016 Tipping Competitor

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    I think REM said it first.
     
  6. tookey

    tookey Well-Known Member 2016 Tipping Competitor

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    There goes most of the daily telegraphs stories for next year if we have a united board
     
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  7. Jatz Crackers

    Jatz Crackers Moderator Staff Member

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    This might stop the leaks. Which in turn might stop the boats.
     
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  8. manlyfan76

    manlyfan76 Parra Trolls are the best. Premium Member 2016 Tipping Competitor

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    Boats? what about Julian Assange? #StopTheLeaks
     
  9. swoop

    swoop Well-Known Member 2016 Tipping Competitor

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    Is the policy of turning back the boats include costings for the towbars to be retro fitted on all navy ships?
     
  10. Hamster Huey

    Hamster Huey Space Invader Premium Member

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    Well, there's still the ongoing drug assertions to run with.

    And we once bought a couple of Souths players 40-odd years ago.

    Plenty for RothFooled to work with still.
     

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