Don't rewrite the history, unless you are ZtH
https://en.wikipedia.org/wiki/History_of_the_Manly_Warringah_Sea_Eagles#2000s
Penns didn't value Manly enough to write the cheques needed to stave of bankruptcy - it was only Max Delmege who gave his monies.
Initial share holdings in 2004 were - Delmege -3,500,000, Manly Football Club -2,000,000, Penn Sports -100,000 (a full 1%
), and FC Members 4,400,000
It was not till 2006 that the Penns fully committed to Manly by increasing their shareholdings in the franchise.
Norths would be in the NRL if Singo loved them more practically ie. with actual monies that they required