Eagles won't be out of pocket

[clontaago]

Eagles won't be out of pocket

January 30, 2007 SEA Eagles players will not be asked to accept pay cuts despite Manly Leagues Club's annual grant to the football club being slashed by $400,000 this year.

Manly Leagues gives $1 million a year to the football operations but, due to dwindling business, will hand over a $600,000 grant in 2007.

Three of the football club's administration staff have been made redundant but club chief executive Grant Mayer stressed all players's contracts will be fully honoured.

"That was one of the things we made sure of during this process," Mayer said.

"The football team and football department will not be affected. There will be no pay cuts.

"And we are confident we can re-coup our financial loss through marketing and a winning football team."

The Leagues Club may boost its grant if business improves going forward through the year.

Manly has two majority shareholders - Scott Penn and Max Delmege, who own a combined total of 80 per cent - but still rely on the Leagues Club grant.

It is understood Manly Leagues has given 85 cents of every dollar earned to the football club for the past 15 years

 

[Matabele]

Eagles won't be out of pocket

It is understood Manly Leagues has given 85 cents of every dollar earned to the football club for the past 15 years

Surely they mean profit, not turnover.

Regardless, you can't keep a business going if you only reinvest 15% max!

 

[clontaago]

Eagles won't be out of pocket

Talk of pay cuts and honouring contracts brings back bad memories

 

[byso]

Eagles won't be out of pocket

400k over a 10 mill a year business should be manageable without all this crying poor tripe. Quite frankly I'm getting very bored of it.

I wish the club would stop parading around like rank amateurs.

 

[Garts]

Eagles won't be out of pocket

If you are running at a loss Byso it does not matter if your revenue is $10 million or $20 million, $400k does hurt when that is the case.