Manly for sale mega rumours: Norths/Qatar/kapersky/etc

[Bearfax]

Can't see us moving or being taken over given the plans to upgrade Brookie. Just wouldn't make sense.

Something about the left and right hand comes to mind.

 

[lsz]

Yep knocking back a 10mil offer to sell for 5 makes sense

 

[Terry Zarsoff]

One glaring error. The Penns’ do not control the name ‘Manly-Warringah Sea Eagles’, whether the outfit can be moved away from Brookvale, etc. That is the district club’s remit.

So why get excited?

Further to my last:

Norths ‘walked away’ from the JV. The licence reverted to MWSE because of a clause that Arthurson had insisted upon.

Then we paid out the money the Bears owed the likes of Stringer and co, who came from that side of the MV (Misadventure).

Both facts conveniently ignored by Lapdog Ritchie.

 

[JenEagle]

Hahaha. That would be funny if they bought the club then found out about the preference share owned by the MWDRLFC that holds the rights to the name, colours and home ground hahahahah.

Is the NRL license issued to the District Rugby League Football Club?

 

[Mark from Brisbane]

Is the NRL license issued to the District Rugby League Football Club?

No, that’s held by MWSE ( PENN SPORT).

 

[master blaster]

https://www.dailytelegraph.com.au/s...s/news-story/54819efeeb9d982830536abb9c75be74

Dean Ritchie


A GROUP of high-powered entrepreneurs will align themselves with the Bears to try and commit one of the greatest acts of revenge in rugby league’s 110-year history — buying the Manly Sea Eagles.

The Daily Telegraph understands the looming consortium bid — which will be backed by the Bears — has been rolling along secretly for several months.

Another meeting is scheduled for this week, possibly on Tuesday, which may include senior officials from Norths. The meeting could prove pivotal.

There is little doubt the famous yet discarded foundation club would enjoy immense satisfaction from buying a club that has overshadowed them for decades.

The businessmen are known to be high-flyers yet immensely private. They are also shrewd, passionate and ruthless. Their identities remain a mystery but they are circling the under-siege Sea Eagles.

It is understood they have been holding in-depth meetings with a number of international business houses in up-market North Sydney to garnish support.

The financially flourishing North Sydney Leagues Club would also play a key factor in any bid.

Norths are still seething after Manly walked away with the NRL licence when the ill-fated Northern Eagles joint-venture collapsed in 2002.

Manly’s majority owners, the Penn family, have repeatedly claimed their club isn’t for sale.

But dramas on and off the field in recent weeks have drained Sea Eagles chairman Scott Penn. Ironically, the Penn family business is based in the heart of North Sydney.

Penn did not respond when contacted via text message.

There would appear little doubt the Penn family would listen to any offer that is financially attractive.

But it would mean the end of famous Manly after 71 years in existence. It was catastrophic at Brookvale.

Talks are still in their infancy and Penn would be under excruciating pressure to keep Manly given the public outcry from Sydney’s northern beaches should he sell the famous club, logo, colours and history to their old foes.

It would however be a stunning return should the Bears somehow acquire Manly’s NRL licence.

Should the Bears return, the plan would see matches played at North Sydney Oval and Central Coast Stadium. Norths would use the iconic Bears logo.

All officials contacted by The Daily Telegraph either preferred not to comment or were unaware of what was unfolding.

It is known that the businessmen behind the push would earn a cut if a deal can be secured. Momentum is slowly building.

The bid team hope Manly might sell for between $4m to $5m — but that figure would seem low given the New Zealand Warriors sold last week for $20m. The Sea Eagles are though struggling financially.

No formal business plan has yet been formulated but initial signs show a deal would be feasible.

Bears officials are quietly aware of moves by a consortium but haven’t been included yet in the bulk of discussions.

There is also alleged interest for Manly from China, Russia and Qatar.

The Bears recently failed in their bid to take control of the then fledgling Gold Coast Titans.

Norths have been desperate for a return to the NRL for the past 16 years. The Sea Eagles and Bears have a long and healthy dislike for each other on the northside of Sydney.

Manly has lurched from one disaster to another this year on and off the field. The low points being the Jackson Hastings drama and the salary cap scandal from earlier this year.

Umm, Manly walked away with the licence because it was theirs. norths lost their licence. The then CEO Mark Cannon never wanted the merger to work and even went as far getting a jersey design made and said,this will be the jersey of the new merger team, and didnt care whether the rest of the board approved or not, that was going to be the jersey

 

[SeaEagleRock8]

This story gives Norths supporters (those still surviving) a few minutes to dream and reminisce once more.
It's quite cruel, really.

 

[JenEagle]

No, that’s held by MWSE ( PENN SPORT).

Thanks Mark - so if Penn Sport sold Manly to the Bears what would be the result or must the preference share also be sold which would permit the Bears from renaming the team, changing the colours or logo or playing anywhere other than Brookie?

 

[Mark from Brisbane]

Thanks Mark - so if Penn Sport sold Manly to the Bears what would be the result or must the preference share also be sold which would permit the Bears from renaming the team, changing the colours or logo or playing anywhere other than Brooke?

Damn good question, one I don’t know the answer to!

I’ll see if I can find out.

 

[Ranga]

the pref share is in the entity that holds the nrl license. I think Penn Sport holds circa 90% of the ordinary shares and the Football Club 10% plus the preference share. So Penn Sport could sell its 90% shareholding, but the Football Club would still retain its 10% shareholding plus it’s prederence share and therefore its veto rights over changing the clubs colours, logo etc

 

[Jerry1]

Damn good question, one I don’t know the answer to!

I’ll see if I can find out.

Bob... English one where are you mate.

 

[JenEagle]

the pref share is in the entity that holds the nrl license. I think Penn Sport holds circa 90% of the ordinary shares and the Football Club 10% plus the preference share. So Penn Sport could sell its 90% shareholding, but the Football Club would still retain its 10% shareholding plus it’s prederence share and therefore its veto rights over changing the clubs colours, logo etc

Cheers Mark and Ranga.

 

[Chip and Chase]

Thanks Mark - so if Penn Sport sold Manly to the Bears what would be the result or must the preference share also be sold which would permit the Bears from renaming the team, changing the colours or logo or playing anywhere other than Brooke?

As far as I am aware that is the case. Otherwise penn could have done what he wanted when he gained a controlling share. The other thing to remember is that the football club hold a percentage of shares too, penn isn’t the sole shareholder. In fact wasn’t he blowing his trumpet a couple of years back for selling 22% of the shares to some mates of his for $5mil, which in his mind valued the “franchise” at $20+mil.

The preference share over rides all other shares on those key points. The only way to change that is gain control of the football club board and attempt to change the constitution - although I believe it requires a 75% majority vote from members. One very good reason to spend a measly $25 and become a football club member to protect the history and heritage of the team. Private owners will come and go but the “club” must endure.

Anyway @HappilyManly will probably do a better job than I of explaining

 

[SeaEagleRock8]

the pref share is in the entity that holds the nrl license. I think Penn Sport holds circa 90% of the ordinary shares and the Football Club 10% plus the preference share. So Penn Sport could sell its 90% shareholding, but the Football Club would still retain its 10% shareholding plus it’s prederence share and therefore its veto rights over changing the clubs colours, logo etc

I think that is correct, legally.
However, as has been pointed out in the past, and as is common knowledge, legal rights quickly become worthless when faced with financial superiority.
I believe this truth is actually the source of the term, 'legal fiction'.

 

[HappilyManly]

As far as I am aware that is the case. Otherwise penn could have done what he wanted when he gained a controlling share. The other thing to remember is that the football club hold a percentage of shares too, penn isn’t the sole shareholder. In fact wasn’t he blowing his trumpet a couple of years back for selling 22% of the shares to some mates of his for $5mil, which in his mind valued the “franchise” at $20+mil.

The preference share over rides all other shares on those key points. The only way to change that is gain control of the football club board and attempt to change the constitution - although I believe it requires a 75% majority vote from members. One very good reason to spend a measly $25 and become a football club member to protect the history and heritage of the team. Private owners will come and go but the “club” must endure.

Anyway @HappilyManly will probably do a better job than I of explaining

Watch for a takeover of the FC.😕

The 75% vote by financial members (3 consecutive years' membership) is the current requirement.

However, as the FC is just a community organisation, they would not be able to mount a legal challenge should the Owners find a buyer 🙁

It is important to try and maintain Manly's 71 years history

 

[Kiwi Eagle]

The next story on this should be penned by Roald Dahl, they aren't journalists anymore they are fairytale writers

There is as much chance of me buying Manly and there is of Florimo

 

[SeaEagleRock8]

The preference share over rides all other shares on those key points. The only way to change that is gain control of the football club board and attempt to change the constitution - although I believe it requires a 75% majority vote from members. One very good reason to spend a measly $25 and become a football club member to protect the history and heritage of the team. Private owners will come and go but the “club” must endure.

I agree completely, despite my post directly above (which I can no longer quote by number because Dan has just changed the site)(which he can do as the owner!)(which still ties in with my post above, Doh)

Yes a strong membership for the Football Club, who are the historical and cultural guardians of the famous Sea Eagles footy heritage, is an essential counterbalance to privatised ownership.

So join up if you haven't already!

 

[HappilyManly]

http://manlyfootballclub.wildapricot.org

MWDRLFC Site

 

[cava2323]

Makes sense that they would be after our club, maroon and white is their flag colours.

View attachment 8270

I got the ball rolling December. They were quite impressed with the similarities 😉

 

[Mark from Brisbane]

Bob... English one where are you mate.

He’d know!!

Doesn’t frequent Silvertails though these days!!