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Paul Kunt at it again the sky's falling in.

Discussion in 'Rugby League Forum' started by Cameron, Feb 4, 2012.

  1. Cameron

    Cameron Cambo Premium Member

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    http://www.dailytelegraph.com.au/sport/nrl/quantum-leap-drains-energy-from-manly/story-e6frexnr-1226262197318?sv=a9bf2af567724a5326a7f5f83e137258

    I'm on iPhone could a mod make this an article.

    Kent neglects to mention Penn Health helped the leagues club out of debt by buying their MWSE shares.

    He also fails to mention we are now spending the full cap for NYC.

    I think it's only a matter a time before we have 1 majority share holder (penn health) and 1 minority (football club).

    I'm also interested to see how the leagues club goes now its not servicing a massive loan.
     
  2. Nthn NSW

    Nthn NSW Active Member

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    What a Krunt
     
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  3. lismore_fan

    lismore_fan Well-Known Member

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    A lot was suggested but a lot was not said!
    Mr Kent looked for answers to his pathetically probing questions. When answers were not received by the author, he basically made them up, relying on inuendo rather than fact.
    Poor jounalism, Paul.
     
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  4. Berkeley_Eagle

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

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    MANLY'S troubled off-season continues to worsen after it was revealed the club's part-owners, Quantum Energy, wrote off their 35 per cent investment in the club as worthless within months of buying them.

    Quantum, a renewable energy company and a previous sponsor at Brookvale Oval, bought out previous owner Max Delmege in November 2010. Australian Shareholders Association chief executive Vas Kolesnikoff wondered why Quantum executives were investing in a company so "troubled" after almost $3 million was written off the books so quickly.

    He also wondered why an energy company would buy into an NRL team in the first place. "I'd expect them to answer whether it's a good use of shareholder's funds and what's going on now," Mr Kolesnikoff said.

    "Why is an energy company investing in a footy team?"

    Quantum officials were unavailable for comment yesterday.


    In an interview last week Sea Eagles chief operating officer David Perry could not explain why Quantum - a publicly listed company, with a responsibility to shareholders - would buy into the financially troubled Manly Sea Eagles NRL club.

    "Max (Delmege) sold the shares to Quantum, I don't know what circumstances they were under," he said.

    "I'm not sure Quantum, what their expectations were as far as the football business.

    "There's probably an upside, an optimism that rugby league is coming into a golden era.

    "Maybe the time of investing was a good opportunity. They just have to get through some tough times. Most clubs are confident that can happen."

    Play Kennards Hire NRL Tipping 2012

    This seems unlikely.

    Quantum paid $2.837 million for 35 per cent of Delmege's share, through his company Surfside, in 2010.

    Within months the money was written off as an "impairment" - in other words, they basically declared the investment worthless under the Tax Office's legally required impairment test on assets.

    It raises several questions.

    Why would a company whose business is renewable energy buy a rugby league club? And what do its shareholders have to say about this?

    Quantum's operating profit has fallen from $40.6m in 2009 to a $6.1m loss in the last financial year - a span of just two years, and the same timeframe they bought into the club.

    The NRL contacted the Sea Eagles yesterday but remain unconcerned.

    "How they account for their business is a matter for them and the Securities Commission," NRL spokesman John Brady said.

    "The company is involved and doing everything it should be doing in terms of the club.

    "If the owner was failing in any of its obligations it would be a different situation."

    There are other troubles for the NRL team.

    The Sea Eagles are also set to take a hit from their Leagues Club, with dwindling grants finally giving way to no grant budgeted for this season.

    "Last year it was probably $150k for the front of the jersey for NSW Cup and hospitality," Perry said. "This year they're not in the budget for anything."

    Indeed, said Perry, "They've got their own financial challenges." Which is one way of putting it.

    Last year Manly Leagues Club was on the verge of shutting down. About 100 jobs were set to be lost.

    Quantum made an offer to bail the club out.

    But when the buy-out was discussed it was "said emphatically", according to one source, "that if they did purchase the shares it wouldn't be put in the club, but go off the loan agreement". This was hardly agreeable. While it reduced the debt, it gave the club no money to meet debts.

    Manly's financial troubles have filtered down through the club and are believed to have been one of the reasons Des Hasler walked out to join Canterbury.

    The Sea Eagles ran last in both the under-20s and NSW Cup last season with a payroll of about $300,000, down from $720,000 when they won the NRL premiership in 2008.
     
  5. HappilyManly

    HappilyManly MWTS Premium Member 2016 Tipping Competitor

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    Good to see that Manly continues to be the itch that all Manly Haters can not scratch :p

    The worst ground,the worst finances,the worst Board conflicts...
    All equate to the most successfull Team:D

    #2VB2B
     
  6. mickyj

    mickyj Member

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    Really they should put us out to $26 to win the comp again so I can get a nice Xmas bonus again ;)
     
  7. jbb/james

    jbb/james Well-Known Member

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    Not implying anything here, but ive always wondered and posted on here previously why would quantum buy into Manly, especially when they are still have a jersey sponsor. It never has and probably never will make sense. It always looked like a giant wank to me, where a CEO wanted to be a FC owner and used shareholders money to achieve that. While they were operating $$$$$$ i could see the Tax advantages but otherwise..........

    Or maybe we have just underestimated Max as a salesman

    And while Kent is a tosser of extraordinary standing.( sorry just like to finish on a high note)
     
  8. Moondog

    Moondog Grey-beard loon Premium Member 2016 Tipping Competitor

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    Pointed out to Poor Kunt that while under 20's and NSW Cup teams did'nt perform the first grade team seemed to go ok, also pointed out that Biff from Blacktown is an idiot. They don't seem to want to post my reply though.
     
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  9. The Wheel

    The Wheel Well-Known Member

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    I dont really see the point of the article Kunt is an illiterate fool = he nust have taken us winning last year pretty hard
     
  10. Nicola Eagle

    Nicola Eagle Member

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    Fingers crossed team remains successful.

    Otherwise we will be relying on Penn's for more and more each year. It might filter down to not being able to offer decent contracts to players then we will be fielding our NSW cup team, out of the worst ground losing even more at the gate.

     
  11. Clay

    Clay Well-Known Member

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    Im not too worried about money at this stage. If the independent commission are fair dinkum as they have said they will be bridging the gap between grant and cap. But we wont have any money for Brown paper bags.

    We should be trying to get some overseas oil investment, surely someone over there would like NRL. Then we could be the next Man City or PSG
     
  12. Darren

    Darren Well-Known Member

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    that waste resource management company that sponsors us is loaded and he wanted to buy in!! If we can get them and Penn we will be fine. Plus, as mentioned the new grant!! Just a worry if it is only Penn!! League club will lose their push on the board now, surely??
     
  13. Phantar

    Phantar Well-Known Member

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    Anyone stop to think that maybe the Scott 'The Prince' Penn might be behind this story? Perhaps (given that recent events could call into question the strength of the uncle/nephew relationship) Uncle Peter is no longer his 'conduit of choice' to the Bellylaugh, so he is using Paul Kent instead, rather than Uncle Peter's friends - Messrs Rothfield and Ritchie. After all Kent is a well-known Manlyphobe and therefore someone who, on the face of it, has an axe to grind with Manly-Warringah anyway.

    And of course Quantum have an association with Delmege, do they not?

    Just putting it out there...
     
  14. Peter C

    Peter C Well-Known Member

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    All other supporters have taken us winning the premiership really hard, and they really come out of the woodwork whenever there is any negative news about Manly, especially when finances are concerned,that's when all of those Bears supporters flood the newspapers with their "Bring back the bears slogans".
    The reality is that, any investment in any rugby league team, excluding Brisbane, is good money down the drain.
    Even Brisbane, with it's huge monopoly, huge crowds and obvious favouritism by both the NRL and channel 9, can only return a dividend of 2%,and it's share price has hardly moved over the past five years.
     
  15. Brissie Kid

    Brissie Kid Well-Known Member

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    I'm lost. So a company wasted money on a football team. The football team got paid. How is that any concern for the football club? How is that evidence the football club is in difficulty?
     
  16. Phantar

    Phantar Well-Known Member

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    It matters not to the wingnuts that either write for or read the DT, BK.
     
  17. Cameron

    Cameron Cambo Premium Member

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    Lol he's blocked me on twitter don't think the former reserve grader like a good serve of the truth.
     
  18. Darren

    Darren Well-Known Member

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    it's amazing Cam that they can dish it out but strangely enough don't handle getting it back. Surely he knows that he constantly writes negative pieces about the club it would alienate supporters.
     
  19. Brissie Kid

    Brissie Kid Well-Known Member

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    All these negative Manly stories from the Telegraph since grand final day. Was it Manly winning that day that triggered this? Or was it something else?
     
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  20. Phantar

    Phantar Well-Known Member

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    It didn't help that a certain individual (or individuals) within the Club, thought it their duty to pass on distorted information to their friends at that paper.
     

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