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Takeover bid set to rock Manly Eagles

Discussion in 'Rugby League Forum' started by Berkeley_Eagle, Oct 31, 2011.

  1. Berkeley_Eagle

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

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    Takeover bid set to rock Manly Eagles

    EXCLUSIVE by Dean Ritchie The Daily Telegraph October 31, 2011


    MANLY's boardroom is bracing for more bloodshed with waste and recycle company United Resources Management poised to launch a hostile $5.5 million takeover bid for the club.

    Sources close to URM told The Daily Telegraph their company was seeking to become the club's major shareholder by buying out Penn Sport, which owns 40.72 per cent of the Manly Sea Eagles.

    There were also rumblings that another major Manly shareholder, Quantum, was at loggerheads with Scott Penn, Manly's chairman.

    Penn Sport has constantly said it would remain with Manly "long-term" but a $5.5 million offer - more than double what Penn Sport originally paid to buy into Manly - may tempt the company to walk away from Brookvale.

    There were suggestions Quantum wanted to oust Penn as chairman but that would require a 6-1 vote through the club's constitution and Penn Sport has two votes at board level. But the two votes are not enough for the Penns with rival shareholders Quantum Energy, Manly's football club and Manly Leagues club "ganging up" with their combined five votes to defeat the Penns on most issues, including the sacking of 40-year official Peter Peters.

    Quantum and former co-owner Max Delmege hold a 37.24 per cent stake in the club, Manly football club 13.11 per cent and Manly Leagues club 8.9 per cent.

    It seems the board is fractured beyond repair. Penn is overseas and was unavailable for comment last night. Penn Sport executives are privately concerned the constant boardroom bickering could be damaging the company's brand name.

    The next chapter will arrive in a few weeks at the football club elections with under-siege chairman Bob Reilly facing a monumental battle to retain his position after his key role in Peters' demise.

    Peters has signalled he may now run against Reilly at the football club elections next month and also in the leagues club elections next February. The drama comes as Manly had three valuable employees quit over the past few days. Dave Warwick, coaching and development manager, has left for Canterbury, Alicia Keogh, events and game-day operations manager, has joined the RAS Showgrounds while Jessica Ivers, the club's digital media manager, also resigned.

    Keogh and Ivers were huge supporters of Peters. And the problems don't end there.

    Manly staff members are stunned at how little time rookie COO David Perry spends at the club's Narrabeen base. It seems Perry spends much of his time working at Penn's North Sydney offices - angering Quantum. One well-placed staff member said: "I don't know what he looks like."

    Manly players are firmly behind Des Hasler for 2012, despite some board members wanting the coach sacked immediately. Players Jason King and Glenn Stewart told club officials Hasler must remain at Brookvale next season. Any board decision to punt Hasler would cause a player mutiny.

    With elected board members already facing extinction at the coming elections, none would have the gumption to upset the premiership-winning playing group.




    http://www.dailytelegraph.com.au/sport/nrl/takeover-bid-set-to-rock-manly-eagles/story-e6frexnr-1226180814997



    Please keep the topic civil
     
  2. HappilyManly

    HappilyManly MWTS Premium Member 2016 Tipping Competitor

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    We live in interesting times :)
    URM(ANLY) sweep out of the backroom sounds promising.
    IMO those who do not put the long term wellbeing of Manly first, should go now.
     
  3. wombatgc

    wombatgc Well-Known Member 2016 Tipping Competitor

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    I hope someone's got the fire-hose ready...there's going to be blood on the walls when this one kicks off in a cpl weeks.:s
     
  4. DSM5

    DSM5 Well-Known Member 2016 Tipping Competitor

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    All good really. Looks like somebody wants us. To bad about a few of the resignations, but that happens all the time. Only crocks and idiots stay forever.
     
  5. SeaEagleRock8

    SeaEagleRock8 Sea Eagle Lach Staff Member Premium Member 2016 Tipping Competitor

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    $5.5 mil?? I wish someone was that hostile towards me.
     
  6. bob dylan

    bob dylan Well-Known Member Premium Member 2016 Tipping Competitor

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    This could be really great news.
     
  7. Brissie Kid

    Brissie Kid Well-Known Member

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    Typical tabloid beat up. The real story is that companies want to buy into Manly and its success. That my friends is great news!!!!
     
  8. Moondog

    Moondog Grey-beard loon Premium Member 2016 Tipping Competitor

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    Adrian Proszenko
    October 30, 2011

    THIS is what you call a power lunch. Manly's heaviest hitters got together for a think tank at Hugos on Friday afternoon to thrash out the future direction of the premiers.

    Former Sea Eagles players Steve Menzies, Darrell Williams and Matt Nable wined and dined with Manly chief operating officer David Perry, co-patron Kerry Sibraa, leagues club boss Bob Reilly, prospective stakeholder Anthony Johnston and Quantum executives, including Drew Townsend.

    Club chairman Scott Penn was away for the weekend and did not attend. As revealed in The Sun-Herald a fortnight ago, United Resource Management boss and club sponsor Johnston is interested in buying a key stake in the club. The gathering was his first chance to meet many of the club's powerbrokers. The club's ownership structure remains a hot topic after Penn hinted at constitutional change to give the majority shareholders a greater say at board level.
    Advertisement: Story continues below

    ''It was a very positive lunch,'' one attendee said. ''There was a steely determination from all involved to move forward and be successful. We agreed that any internal squabbling will be kept to a minimum and to the boardroom.''


    This report sounds a lot more positive
     
  9. swoop

    swoop Well-Known Member 2016 Tipping Competitor

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    Sounds good to me.
     
  10. Volley

    Volley Well-Known Member

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    Why don't Quantum splash some cash if they want Penn gone so badly? Ohh that's right, they don't have any.
     
  11. lsz

    lsz Well-Known Member Staff Member 2016 Tipping Competitor

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    I love how we all now believe the telegraph....

    No matter what happens can we all agree the structure of the club is fundamentally flawed and needs to be investigated?
     
  12. Matabele

    Matabele Well-Known Member

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  13. WAMF

    WAMF Well-Known Member

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    The DT agenda continues.
    I wonder who Dean Ritchie is getting his info from?
    I wonder who the only quote in this 'Exclusive' comes from? As expected there is no source named in relation to the 'I don't know what Penn looks like' quote. Surprise surprise.
    What about the staff that left the club while Zorba was Media Mgr?
    I seem to recall we were pretty much without a membership manager from the time Aaron Markie resigned to the time Larissa came on board. Is that because of Zorbas punting too?
    How many more times will Dean Ritchie allude to Zorba running for a seat on the Leagues club board while failing to mention he is already on that board?
     
  14. OneEyedEagle

    OneEyedEagle Well-Known Member 2016 Tipping Competitor

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    I don't think any of us will really know the inner workings of what is going on between owners and the club unless we are actually part of the inner circle of discussions/negotiations.

    For certainty, whatever the papers are pushing I (we) should only take with a grain of salt.

    One thing is for certain is that I think it will get a lot worse before it gets any better and there may even be a fair bit of bloodshed even before a football is kicked next year.

    I just hope for the good of the club, colours and fans and other sponsors they come to a quick resolution that secures our future and keeps us in the competition as a power house.
     
  15. Berkeley_Eagle

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

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    So is Penn the Bad guy in all the squabbling over the years, a big head syndrome perhaps, correct me me if I'm wrong
     
  16. Dan

    Dan Administrator Staff Member Administrator 2016 Tipping Competitor

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    Quote was about Perry and not Penn, it's worth reading an article completely and comprehending it before passing judgement on it
     
  17. lsz

    lsz Well-Known Member Staff Member 2016 Tipping Competitor

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    Berks depends on which propaganda you believe in

    I am not sure how any person who has tipped in money into the club can be a "bad guy"

    Essentially we need a single owner of the club with some rights (such as colors, logo) retained by a supporter representation.

    The current model, whilst set up with good intentions, is fundamentally flawed.
     
  18. WAMF

    WAMF Well-Known Member

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    You've obviously never made an error. No need to be snide.
     
  19. Berkeley_Eagle

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

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    I'm sure he has the best intentions
     
  20. WAMF

    WAMF Well-Known Member

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    I fail to see how this is a bad new story. We have a business interested in buying the 'brand'. This can only be good for the clubs longevity.
     

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