I've been a member for three years and now eligible to vote etc, but I'm doubting the benefits. Why is it important, Mark?
Serious question.
Does the organisation have any real 'teeth' to influence Pennmanship?
No but still has sharp fingernails.
A lot of the club's history is tied up in the FC, ex players and the like.
The FC remains the spiritual holder of the torch, but with Quantum selling out the Penn's now hold a majority holding. Were the Penn's to sell it's hard to imagine why they would split that majority holding.
That being the case the FC does not have power on the board.
But it does still have an entitlement to sit on the board, and it still has the preference share.
The objects and purpose of the FC are to:
(a) assist generally in the promotion, development, conduct and propagation of the game of rugby league in the Manly Warringah district or elsewhere;
(b) oversee and assist the Junior League, including where necessary, to mediate and/or arbitrate disputes involving members of the Junior League or organisations affiliated with the Junior League or members thereof;
(c) propagate the game of rugby league by acquiring and holding shares in the Manly Sea Eagles; and
(d) do all things necessary and convenient to achieve those objects.
I have an automatic renewal and I'm happy to stay as a member of the FC.
And don't forget, the FC stake and board positions may still become crucial at some time in the future, though it may not look likely right now.
For various financial reasons, Penns might decide to sell part of their holding. As I mentioned above, it's
hard to see why they'd do that but certainly not impossible. In which case we could be back where we were with multiple owners and the FC minority holding carrying considerable weight.