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Two businessmen buy 22 per cent stake in Sea Eagles worth $5m

Discussion in 'Rugby League Forum' started by BOZO, Dec 29, 2015.

  1. BOZO

    BOZO Well-Known Member 2016 Tipping Competitor

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    THE cashed-up Silvertails are officially back after two prominent Sydney businessmen splashed out $5 million to acquire a 22 per cent share in the Manly Sea Eagles.



    In a massive financial fillip for the NRL club, Gary Wolman and Andrew Michael have bought 25 per cent of the 91 per cent shareholding of Manly’s majority owners, the Penn family.

    It is a deal which absolutely secures Manly’s long-term survival and places the club’s value upwards of $22 million.

    In a double dose of good news for the Sea Eagles, The Daily Telegraph can reveal the club will run out on to the field in 2016 with one of the richest jerseys in the NRL.

    The new-look playing strip with major sponsor Coco Joy on the front is now worth around $2.9 million.

    Sea Eagles chairman Scott Penn on Monday confirmed the move and revealed how the money will ensure Manly remain one of the NRL’s most glamorous clubs.

    “We have bought a couple of minority shareholders into our shareholding,” Penn said.

    “The club needed more money and we also wanted to diversify experience on the board to make sure we had some really strong new talent at the table, who also have their own networks. It will be great for sponsorship, great for bringing new people to the club.”

    The Penns will continue to have full control of the famous Brookvale club.

    Wolman and Michael will now take seats on the major seven-member Sea Eagles board. They will be part of the five-man Penn faction, which also includes Scott Penn, his father Rick Penn and Kerry Chrysiliou.


    The Manly District Football Club own nine per cent of the club and have the remaining two seats. Wolman and Michael now each own 11 per cent of the entire club after purchasing 12.5 per cent of the Penn stake holding.

    “It is fantastic. We need to make sure we have the right team off the field, the right team on the field and we have the right board,” Scott Penn said.

    “This is an important step in trying to take the Sea Eagles to the next level and to continue to professionalise the club.”

    Penn would not disclose how much the deal with Wolman and Michael was worth but it is understood to be around $5 million.

    Wolman is a wealthy entrepreneur through plastic manufacturing while Michael is joint owner of a highly-successful apparel company. They are both highly-respected commercially.

    The development comes as Manly enjoy an amazing off-season recruitment drive. Manly has endured the biggest clean-out — on and off the field — in the club’s long and successful history.

    The Sea Eagles have recruited brilliantly, buying Lewis Brown, Nathan Green, Isaac John, Apisai Koroisau, Darcy Lussick, Tim Moltzen, Nate Myles, Matt Parcell, Martin Taupau and former rising rugby union star Tom Wright for next season.

    Manly is already being discussed as a top four contender for next season. The acquisition of Wolman and Michael only adds to the club’s credibility and power.
     
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  2. HoldenV8

    HoldenV8 Well-Known Member

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    We're baaaaaack ;)
     
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  3. MadMarcus

    MadMarcus Local Lunatic 2016 Tipping Competitor

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    Good to see another Wolfman involved in the club.
     
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  4. mave

    mave Well-Known Member Premium Member 2016 Tipping Competitor

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  5. HappilyManly

    HappilyManly MWTS Premium Member 2016 Tipping Competitor

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    Don't get how 2 new Owners, who now become independent Board Members, will not result in the same stalemates on issues ? @:rolleyes:

    But I've known Andrew since he was a kiddie and his Dad would be smiling own at him and his beloved Manly :)
     
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  6. The Wheel

    The Wheel Well-Known Member

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    Great stuff more business acumen and capital coming into the club - excellent work again by Scott, Zorba and co
     
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  7. manlyfan76

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

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    I have always thought that three (equal) owners would be the best model. great news that the Penns are giving up some ownership. If i win lotto on Sat i may buy 12% also.
     
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  8. manlyfan76

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

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    So what happens if the two new guys vote with the FC board?
     
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  9. manlyfan76

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

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    Id imagine you are 100% right, penns are very smart, with this 5 million id suggest the Penns would be lucky to have spent barely any of their own cash on Manly so they are doing something smartly.

    Is coco joy a three year deal? 2.9 mill is small for three years but ok for two, great for one year.
     
  10. Sheikheagle

    Sheikheagle Well-Known Member

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    Omg I am getting sick of these positive stories.
     
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  11. The Wheel

    The Wheel Well-Known Member

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    I think article is saying that the jersey sponsorship in total is $2.9 mill pa (i.e. Back, sleeve etc) not coco joys sponsorship amount over 2 or 3 years
     
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  12. Dan

    Dan Administrator Staff Member Administrator 2016 Tipping Competitor

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    Umm hello mr and mr Penn my family income depends on you generating bad press, please stop doing good things, my kids need an education damn it
     
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  13. Wombat64

    Wombat64 Well-Known Member 2016 Tipping Competitor

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    Zorba will still get all the pies
     
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  14. SeaEagleRock8

    SeaEagleRock8 Sea Eagle Lach Staff Member Premium Member 2016 Tipping Competitor

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    Of course. There is no down side, apart from highlighting how the Penns can sell to whomever they please. Which won't be a problem unless the Penn's holding ever falls into the hands of an evil mastermind (eg, a closet Bears supporter)
     
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  15. Wombat64

    Wombat64 Well-Known Member 2016 Tipping Competitor

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    There are not enough evil masterminds in the world today.......
     
  16. Darren

    Darren Well-Known Member

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    Great news!!! Club is getting stronger and stronger.
     
  17. Berkeley_Eagle

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

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    Hope these 2 new dudes don't want us to move away from Brookie
     
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  18. Chip and Chase

    Chip and Chase True Supporter Staff Member Administrator Premium Member 2016 Tipping Competitor

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    Exactly. These aren't just some randoms off the street, they are friends of the family. But it's spun nicely to sound like it's some sort of high powered business deal to give the impression that the shareholding is something lucrative and a potentially smart investment. I notice @BOZO didn't reveal the author of the article. No prizes for guessing who though.

    On the upside it's got to be smart to get some diversified views and skill sets on the board even if they won't be bucking the family voting rules.
     
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  19. sheridanstand78

    sheridanstand78 Well-Known Member

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    This is really good news to learn that others want to invest in our club and hopefully it will bring some unity to the board moving forward. Also fantastic that we have a really great sponsorship deal with Coco Joy and the money that it will generate.

    The ingredients are there for the club to be successful both on and off the field. The challenge is that everyone involved MUST work together to assure that this happens!

    Great way to end a very difficult year and get on to the front foot for 2016.
     
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  20. Chip and Chase

    Chip and Chase True Supporter Staff Member Administrator Premium Member 2016 Tipping Competitor

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    They'll do as they are told more or less. They have bought into the penns holding company so they are basically just been gifted board seats which can be just as easily be revoked as they only own 12.5% of the holding company.
     
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