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Leagues Club sells shares

Discussion in 'Rugby League Forum' started by The Wheel, Dec 9, 2011.

  1. The Wheel

    The Wheel Well-Known Member

    +2,756 /88
    Broke club bail-out
    Rugby League

    9 Dec 11 @ 04:06pm by Jon Geddes

    THE Sea Eagles have undergone a big shake-up with Penn Sport taking over shareholding in the Manly Leagues Club, giving them another seat on the board.

    The development is part of a deal in which Penn Sport has come to the aid of financially struggling licensed club.

    The change came about after Manly stalwart Peter Peters seriously considered resigning from his position as deputy chairman of the leagues club yesterday.

    But in light of the Penn bailout, he decided to stay.

    “We have just helped out the (licensed) club financially,” Penn Sport chairman Scott Penn told The Manly Daily.

    “With the refurbishments they have done it takes a bit of time to get the uplift in trading. Things have been a little bit tight so we came to a financial arrangement today “

    That means Penn Sport will take over the leagues club seat on the Sea Eagles board with the final details now being worked out.

    That will give them three spots on the seven-man board.

    “I think it is a positive outcome for everyone,” Penn said.

    “It’s really important that we have a strong and viable leagues club. They have undertaken a significant renovation and we are wanting to work with them to make sure they maximise the return on that.”

    But Penn said the Sea Eagles board still had some work to in regards how they moved forward as a group.

    “We will do that next week so we can enter the new year with a fresh start,” he said.

    “The most important thing is that we all just get on the same page.

    “We all have got the best interests of the joint at heart.”

    Peters says he can now see some light at the end of the tunnel and is delighted by the outcome.
    • Like Like x 1
    • Clint

      Clint . Premium Member 2017 Tipping Competitor

      +2,172 /34
      I'm not really up to speed on all the political stuff (& just quietly I am quite thankful for this) but this sounds like pretty big news.
    • tookey

      tookey Well-Known Member 2017 Tipping Competitor

      +5,784 /186
      Looks like Penn will end up owning both the leagues club and football club eventually
    • Central Coast Eagle

      Central Coast Eagle Active Member

      +108 /2
      Waits for somebody to come in and say it's his master plan to move the team......
    • Cameron

      Cameron Cambo

      +669 /35
      Things look a bit better. We now have a
      Majority shareholder who has more than 2 votes. The leagues club looks great I'm sure things can improve for them
    • The Wheel

      The Wheel Well-Known Member

      +2,756 /88
      I wonder who their new board rep will be?
    • Napper

      Napper Well-Known Member

      +803 /2
      He's just doing this so he can move the team to Hobart.
    • Frank

      Frank Well-Known Member 2017 Tipping Competitor

      +1,453 /27
      Would have thought the leagues club was owned by the members and could not be privately owned.
    • simz

      simz Member

      +15 /0
      Penn bought the site from them a couple of years ago, I guess he has just bough the controlling stake the leagues club had in mwse.
    • eggson

      eggson Well-Known Member

      +305 /2
      So what happens if poopoo goes down (or up) again and the votes are 4-3 every single time?
      Keep in mind that's an 'if'. I really do hope they're all working together as one now in the right direction
    • wombatgc

      wombatgc Well-Known Member Premium Member 2017 Tipping Competitor

      +4,511 /73
      He's just dropped in a cool $630,000...he can have any seat he likes IMO.
      Hopefully lessons have been learned over the last cpl of years (especially the last 6 months),and they actually pull together as a unit.
      • Like Like x 1
      • Brookie4eva

        Brookie4eva Well-Known Member

        +213 /2
        There needs to be more than a change in decor at the Leagues for it to get out of it's financial hole.

        It has been going down hill for a long time, and will have to offer something more than grog and pokies to get people back, which currently it doesn't.

        There are a few much nicer venues around the area, and outside of game day it is a ghost town.

        Not sure what the answer is though.
      • SeaEagleRock8

        SeaEagleRock8 Sea Eagle Lach Staff Member Premium Member 2017 Tipping Competitor

        +10,532 /214
        Quality low-cost meals is a good start. Anyone eaten there recently?
      • Phantar

        Phantar Well-Known Member

        +273 /0
        I went to an 'Austen Tayshus' show at the auditorium in 2007. Needless to say Sandy Gutman wasn't too impressed with the Leagues Club. His solution? Fly a plane into it. Works for me. The whole joint needs to be rebuilt completely, if its ever going to compete with a venue like the DY RSL.
      • Matabele

        Matabele Well-Known Member

        +516 /14
        Clearly Penn will take the Sea Eagles to Gosford so he can redevelop the Leagues Club land as a housing development for Clr Kersch and her poodles.
      • Darren

        Darren Well-Known Member

        +560 /20
        gee, this guy has some dough!! He keeps bailing us out. At least the League club is finally out. He owns that as well anyway! If we can URM onboard we could end up like the Broncos.
      • Oneyeagle

        Oneyeagle Active Member

        +30 /0
        Penn certainly has some dosh and he seem to love his Eagles.

        I hope the pessimist are proved wrong and he has no intentions of moving the club to Gosford. In the mean I'll just thank him for getting behind the club and believing what he thinks is best to keep the Mighty Sea Eagles a viable prospect for many years to come.

        Good luck to him and I wish him and his family a very Merry Xmas.

        P.S If I was a multi millionaire I wouldn't mind owning the most successful football club in the modern era.
      • The Wheel

        The Wheel Well-Known Member

        +2,756 /88
        The Leagues Club food has always been below par and the renovation didnt really include a food eating/dining area - strange stuff
      • 1947

        1947 Active Member

        +83 /0
        Restraunteurs always go broke, eventually - even the famous ones like Bilsons who went into receivership You wont make money by selling nice (cheap) food, but it will help bring clientele and from numbers in the premises the avenue for revenue sprouts.
      • Matabele

        Matabele Well-Known Member

        +516 /14
        I think the type of people who frequent such an establishment are racing to their grave.

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