Manly Chairman Penn calls for change at the club

[ManlyBacker]

FED-up Manly chairman and majority stakeholder Scott Penn has bluntly told two of his club's minor shareholders to butt out of all commercial decisions at the club.


Read the full article

 

[Mark from Brisbane]

And so it starts again!!

 

[ManlyBacker]

I'm just stunned it keeps getting raised at press conferences for the world to see.

 

[tookey]

Allowing the best coach in the NRL to leave is not a good way to protect a $20m investment anhd investing that much money in a club when you don't have total control of all decisions is also poor investment strategy.

 

[Kiwi Eagle]

I'm starting to get over Penn

 

[Berkeley_Eagle]

Too bad the elections are not sooner

 

[HappilyManly]

Does anyone know how the other privately owned Clubs are set up re-voting rights and financial obligations?

Souths lost their co-owner quick time, so obviously split ownership is not just a Manly problem. It would be interesting to see how Crowe and the Souths Leagues/Football Club are able to work together. What is their constitution?

From my understanding, Tinkler has full control and the Broncos run as a Shareholder corporation. So they do not compare to the Manly structure.

I am amazed at how recurring the issues are for Manly. How difficult is it to set up a structure that protects the Intellectual Property (Colours, Districts and community involvement (Juniors)), as well as the requirement to adhere to a balanced budget agreed upon by the Board?

:huh:

 

[WAMF]

Why play it out in the media? FFS, you have a board room, sort out your issues behind closed doors. The fans and no doubt the sponsors are sick to death of it all.

 

[Matabele]

Why play it out in the media? FFS, you have a board room, sort out your issues behind closed doors.

Does it occur to you that it has been tried and failed?

I'm also over it, this URM bloke needs to show his money and get on with it. At least he gets on with the unrepresentative equity partners, though it remains to be seen if any of them have sufficient 21st Century acumen to run the club successfully.

 

[swoop]

Why play it out in the media? FFS, you have a board room, sort out your issues behind closed doors. The fans and no doubt the sponsors are sick to death of it all.

I agree.

 

[Ramrod]

URM won't solve our problem. Even if URM buy out Penn, we still have 2 paupers with quite a percentage ownership, but with no money to back it up.

Then, it won't be long before URM will fight with the other 2. It'll be an ego issue all over for 2 that has no money.

They will tell the world about the historical millions they have poured into that big black hole of Manly and they should have the final coaching say at our club.

Then, they'll insist on KPIs, they'll step in to make signing decisions and they will kick up a stink when they are told to butt out of the football side of things.

If that happens, the exit gate will be trampled on again.

 

[globaleagle]

The Penn is mightier than the board.


(sorry)

 

[The Who]

The Penn is mightier than the board.


(sorry)

Nice!

 

[Matabele]

URM won't solve our problem. Even if URM buy out Penn, we still have 2 paupers with quite a percentage ownership, but with no money to back it up.

Then, it won't be long before URM will fight with the other 2. It'll be an ego issue all over for 2 that has no money.

They will tell the world about the historical millions they have poured into that big black hole of Manly and they should have the final coaching say at our club.

Then, they'll insist on KPIs, they'll step in to make signing decisions and they will kick up a stink when they are told to butt out of the football side of things.

If that happens, the exit gate will be trampled on again.

Well as I see it, URM are cosying up to Reilly, Perry and various other protagonists of Penn, and recent employees of the club. Clearly this is never going to happen with Penn.

If URM are serious about buying in, then their bluff should be called. They need to show the money or cease and desist from being a trojan horse for further destabilisation.

 

[2830 Eagle]

I agree with what Penn is saying

 

[bones]

The Penn is mightier than the board.


(sorry)

Apology not accepted 😛

 

[Cameron]

"We cannot understand how certain members of the Leagues Club board continue to take potshots at us in the media when we saved the Leagues Club at their request by buying their building when the banks called in their loan. Plus we lent the Leagues Club an additional $5.6 million at mates' rates. It is outrageous. It's been very disappointing for the (Penn) family."

Theres one way for Scott Penn to fix this
1) Call in the leagues club Loan
2) Review the lease and see if he can either exit the lease agreement early or if there are provisions in the lease to increase the rent and up the rent to a level that the leagues club has to close its doors.

I bet if he threatened to play
that card certain people would pull their heads in quick smart

Deadset some people on those two boards are biting the hand that feeds them

 

[brookiegreg]

"We cannot understand how certain members of the Leagues Club board continue to take potshots at us in the media when we saved the Leagues Club at their request by buying their building when the banks called in their loan. Plus we lent the Leagues Club an additional $5.6 million at mates' rates. It is outrageous. It's been very disappointing for the (Penn) family."

Theres one way for Scott Penn to fix this
1) Call in the leagues club Loan
2) Review the lease and see if he can either exit the lease agreement early or if there are provisions in the lease to increase the rent and up the rent to a level that the leagues club has to close its doors.

I bet if he threatened to play
that card certain people would pull their heads in quick smart

Deadset some people on those two boards are biting the hand that feeds them

Cambo that way would be the way of a wrecker. I believe that the Penns are much smarter businessmen than that and their standards are better than that, and they have shown they want to be involved with the Sea Eagles for the long haul.

Because the media has recently been used as a tool to spread destabilising rumours by the people opposed to Penn Zorba Hasler etc then I can understand why Scott Penn has used this tactic of making his frustrations public.

He wants to gather support in the upcoming elections of the FC and LC so he wins the skirmish then the battle then the war. Frankly I don't blame him one bit for taking this approach.

Every potential owner would have their own ego that the club would have to contend with and there will never be the 'perfect owner'. I think we have much to be thankful about for the Penns involvement over the past several years.

And from my reading of it, David Perry is taking a neutral position in talking to URL, as he should given his position as COO.

Bring on the November and February elections!!😀

 

[Matabele]

There is no point using the media to agitate for a change of the situation at the FC. It is a closed shop, the vote will return more of the same and things will remain toxic. Time for URM to show their money.

 

[Ramrod]

Possible solution would be to say to all those who have ownership of the club, "SHOW ME THE MONEY!"

No money, no input.

That would mean another partnership, this time of Penn & Johnston as new owners. The other noisy and abbrasive ones will have to shove off because they have empty pockets.

The club will be in better shape with people who has money to talk the talk.

After that, leave the football people do their stuff and no more interference and silly KPIs.

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