Leagues Club Sold
- Thread starter The Wheel
- Start date
I attended the meeting with approx 300-400 others. familiar faces included Geoff Toovey , Des Hasler , Grant Mayer , Max Krilich , Cliff Lyons , Zorba , Tom Kenneally , ChuckWood amongst others. (haha) Apology was sent on behalf of Ken Arthurson, who I believe lives on the Gold Coast these days. I would have liked to have seen Arko there , but obviously he had legitimate reasons for non attendance.
Bob Reilly (Chairman) and Peter Spray (Financial Controller) spoke outling the proposal & pledging the Boards support for the purchase of Club & car park by The Penn Group.
The floor was then thrown open to Members to have their say. 6 or 7 people got up and had their say. The 1st elderly gentleman made a valid statement which I agreed with in saying " it's not the best deal , but the only deal" . The next speaker was Phil Franks. Long term supporters may be familiar with Phil Franks (developer) association with the club in previous years. He has a close affiliation with Max Delmege and he spoke at great length opposing the sale to Penn Group. Bob Reilly (Chairman) and Phil Franks had a few verbal disagreements & Bob Reilly had to cut him short. He would have spoken for hours if he could have & he was fired up.
Peter Peters then got up and stated that his conflict of interest should be ignored and that the Board has made the correct decision for the betterment of the club and the football team. He spoke well & it was becoming apparant that he had massive support. Once again , plenty of banter & quite a fiery , passionate speach.
Then the show of hands took place. I would estimate it was between 80-90% in favour of the sale to Penn. Phil Franks was 1st to leave the room & yelled "Rest In Peace" as he left.
So there you have it , quite an interesting Tuesday night at Manly Leagues Club. Before leaving , the Auditorium bar was opened up for 45 mins for Members to enjoy .....wait for it "FREE BEER". I certainly enjoyed 2 icy cold Tooheys New.
Regards
CHUCKWOOD
Bob Reilly (Chairman) and Peter Spray (Financial Controller) spoke outling the proposal & pledging the Boards support for the purchase of Club & car park by The Penn Group.
The floor was then thrown open to Members to have their say. 6 or 7 people got up and had their say. The 1st elderly gentleman made a valid statement which I agreed with in saying " it's not the best deal , but the only deal" . The next speaker was Phil Franks. Long term supporters may be familiar with Phil Franks (developer) association with the club in previous years. He has a close affiliation with Max Delmege and he spoke at great length opposing the sale to Penn Group. Bob Reilly (Chairman) and Phil Franks had a few verbal disagreements & Bob Reilly had to cut him short. He would have spoken for hours if he could have & he was fired up.
Peter Peters then got up and stated that his conflict of interest should be ignored and that the Board has made the correct decision for the betterment of the club and the football team. He spoke well & it was becoming apparant that he had massive support. Once again , plenty of banter & quite a fiery , passionate speach.
Then the show of hands took place. I would estimate it was between 80-90% in favour of the sale to Penn. Phil Franks was 1st to leave the room & yelled "Rest In Peace" as he left.
So there you have it , quite an interesting Tuesday night at Manly Leagues Club. Before leaving , the Auditorium bar was opened up for 45 mins for Members to enjoy .....wait for it "FREE BEER". I certainly enjoyed 2 icy cold Tooheys New.
Regards
CHUCKWOOD
eagle_predator
Bencher
ChuckWood link said:
ChuckWood - Thanks for the info for what happened at the club tonight mate so what happens next now that Scott Penn's has brought the club ?
Does this mean we will always have a club house also is the club going to be renovated ?
Canteen Worker
First Grader
Free beer!!! Did you behave on the way home??? 🙂
Great report - thanks for the info. Interesting times!!!
Great report - thanks for the info. Interesting times!!!
Berkeley_Eagle
Current Status: 24/7 Manly Fan
thanks for the info
Big win for Penn family
By Dean Ritchie | April 22, 2009
http://www.news.com.au/dailytelegraph/sport/nrl/story/0,26799,25368903-5006066,00.html
THE Penn family last night outlaid $7.5 million to buy Manly Leagues Club and score a thumping victory over co-owner and rival Max Delmege. At a general meeting, members voted 164-18 (90 per cent) in favour of selling the Leagues Club premises to the Penns.
The Manly Leagues Club board will now start work on refurbishing the club's run-down Pittwater Rd premises immediately after receiving a $2.1 million loan from the family.
The Penns claimed a win over a faction led by Delmege and local businessman Phil Franks, who opposed the sale, claiming members could obtain a stronger financial deal.
Penn chairman Rick Penn said his company also had an option of outlaying another $7.5 million to buy the adjacent car park.
Delmege was part of an original joint venture with Penn but the deal collapsed when Delmege withdrew.
Manly Leagues Club, pending Warringah Council approval, will remain on the ground floor with commercial offices in the above floor.
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It is understood that the Leagues Club had debts of $10 million and was on the brink of complete financial collapse.
This deal will allow the Leagues Club to now settle its bank debts.
The Leagues Club will lease back the premises at $540,000 per annum.
Should they purchase it, Penn could lease the carpark for an additional $300,000 a year.
"It gives Manly some certainty and we can now move forward," Penn told The Daily Telegraph.
"This also shores up the future of the Sea Eagles.
"Everyone is now on the same bus. We have a common ownership to keep the Sea Eagles in Brookvale.
"We want the Leagues Club to be successful and for Manly to be a big family. We have given $7.5 million to the Leagues Club and loaned them another $5.6 million. They have $13.1 million and the carpark is still theirs.
"This has also guaranteed the Leagues Club's tenure in its current location for another seven years."
Manly's future looks bright with the Leagues Club now safe and the redevelopment of Brookvale Oval ready to proceed.
"We want to make Brookvale a centre for families and fans - we want to improve facilities at the Leagues Club and Brookvale Oval," Penn said.
Manly chairman Bob Reilly applauded the members' decision.
"This certainly gives us a decade of stability," Reilly said.
"In that time I hope we can put together, with the new renovations, a very good business plan and gain a healthy revenue stream."
Big win for Penn family
By Dean Ritchie | April 22, 2009
http://www.news.com.au/dailytelegraph/sport/nrl/story/0,26799,25368903-5006066,00.html
THE Penn family last night outlaid $7.5 million to buy Manly Leagues Club and score a thumping victory over co-owner and rival Max Delmege. At a general meeting, members voted 164-18 (90 per cent) in favour of selling the Leagues Club premises to the Penns.
The Manly Leagues Club board will now start work on refurbishing the club's run-down Pittwater Rd premises immediately after receiving a $2.1 million loan from the family.
The Penns claimed a win over a faction led by Delmege and local businessman Phil Franks, who opposed the sale, claiming members could obtain a stronger financial deal.
Penn chairman Rick Penn said his company also had an option of outlaying another $7.5 million to buy the adjacent car park.
Delmege was part of an original joint venture with Penn but the deal collapsed when Delmege withdrew.
Manly Leagues Club, pending Warringah Council approval, will remain on the ground floor with commercial offices in the above floor.
Brett Stewart injury: Stats show Manly's season could be over
Jamie Lyon: I'll play rep footy - if I must
It is understood that the Leagues Club had debts of $10 million and was on the brink of complete financial collapse.
This deal will allow the Leagues Club to now settle its bank debts.
The Leagues Club will lease back the premises at $540,000 per annum.
Should they purchase it, Penn could lease the carpark for an additional $300,000 a year.
"It gives Manly some certainty and we can now move forward," Penn told The Daily Telegraph.
"This also shores up the future of the Sea Eagles.
"Everyone is now on the same bus. We have a common ownership to keep the Sea Eagles in Brookvale.
"We want the Leagues Club to be successful and for Manly to be a big family. We have given $7.5 million to the Leagues Club and loaned them another $5.6 million. They have $13.1 million and the carpark is still theirs.
"This has also guaranteed the Leagues Club's tenure in its current location for another seven years."
Manly's future looks bright with the Leagues Club now safe and the redevelopment of Brookvale Oval ready to proceed.
"We want to make Brookvale a centre for families and fans - we want to improve facilities at the Leagues Club and Brookvale Oval," Penn said.
Manly chairman Bob Reilly applauded the members' decision.
"This certainly gives us a decade of stability," Reilly said.
"In that time I hope we can put together, with the new renovations, a very good business plan and gain a healthy revenue stream."
ManlyBacker
Winging it
I was there and no one told me about the free beer. 🙁
But in 20 minutes I turned $2 into $161 on the pokies and went home 🙂
From memory there were 5 or 6 speakers and no questions were allowed to be directed to the board. Only statements were allowed either for or against the proposal. No letter of demand from the bank was tabled or mentioned. The proposal for a large part of the premises to be retained by Penn was raised by the first speaker and that was the first I had heard of it. Franks tried hard but his demeanor was agressive and he lost the trail of his attack a few times. It wasn't the finest example of democracy in action but the decision by the members was overwhelming.
But in 20 minutes I turned $2 into $161 on the pokies and went home 🙂
From memory there were 5 or 6 speakers and no questions were allowed to be directed to the board. Only statements were allowed either for or against the proposal. No letter of demand from the bank was tabled or mentioned. The proposal for a large part of the premises to be retained by Penn was raised by the first speaker and that was the first I had heard of it. Franks tried hard but his demeanor was agressive and he lost the trail of his attack a few times. It wasn't the finest example of democracy in action but the decision by the members was overwhelming.
Canteen Worker
First Grader
MB - no wonder the club is going broke if people can turn $2 into $161 in a flash!!!
Interesting comments about the process - democracy in football clubs is an interesting thought - just look at Parra at the moment for that!
Interesting comments about the process - democracy in football clubs is an interesting thought - just look at Parra at the moment for that!
Keno is run by TabCorp so no great loss to the club other than a small amount to hire the machine, I guess made up by the purchase of alcohol by players. Franks and Delmege should be awarded club honors due to their initial support of the club. Without which, we wouldn't be in the competition. Â
Penn is now just the landlord, how would that change the numbers at board level?
vidmar
Bencher
Correct Pete,
Matabele the board is still made up as below
Structure of the Board of the Manly-Warringah Sea Eagles Limited
1 Chairman (appointed on a 75% board approval)
2 Directors appointed by Manly-Warringah Rugby League Football Club Limited
2 Directors appointed by Surfside
2 Directors appointed by Penn Sport Pty Ltd
1 Director appointed by Manly-Warringah Rugby League Club Limited*
*The right of the Leagues Club to appoint Directors to the Board of the Manly-Warringah Sea Eagles Limited is subject to the payment of specified propagation grants.
(source http://www.mwse.com.au/default.aspx?s=family )
The Penn family bought the property not the business hence no impact on the make up of the board
Matabele the board is still made up as below
Structure of the Board of the Manly-Warringah Sea Eagles Limited
1 Chairman (appointed on a 75% board approval)
2 Directors appointed by Manly-Warringah Rugby League Football Club Limited
2 Directors appointed by Surfside
2 Directors appointed by Penn Sport Pty Ltd
1 Director appointed by Manly-Warringah Rugby League Club Limited*
*The right of the Leagues Club to appoint Directors to the Board of the Manly-Warringah Sea Eagles Limited is subject to the payment of specified propagation grants.
(source http://www.mwse.com.au/default.aspx?s=family )
The Penn family bought the property not the business hence no impact on the make up of the board
Canteen Worker
First Grader
Max Delmege has two members, Penns have two members, Sibraa and Dean are the MWRLFC members and some other guy is the Leagues Club rep.
TokyoEagle
Bencher
Vid, does that little star thing you used work, have the club payed anything for the last few years?
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