Mining boss offers $30m to buy Manly Sea Eagles

[bigd1972]

I think his son Will is playing in Jersey Flegg for us he was on the bench today? Came from the Knights before June 30.

 

[Eagle 1]

Penn ..... just sell FFS.

He won't, he's getting a good return dividend every year. The NRL virtually guarantee no one goes bankrupt anymore.

 

[TheSoaringEagle2023]

Can’t be far away, I think they’ve bought as much as they can of the EPL, so they must be looking further afield to “invest”. Can’t be easy spending all those oil dollars.

I think theyre starting up some new Rugby competition from what ive read

 

[Brookie1973]

I think theyre starting up some new Rugby competition from what ive read

Thought that was Barack Obama?

 

[Chip and Chase]

Every so often the Penn camp will leak a story about an offer they have had and how it was knocked back. There was the Bears consortium, the Qatari guy, I think URM at some point, and now this guy. It’s like they are trying to convince themselves that their “investment” is worth something.

Owning an NRL club isn’t a money making exercise, it’s a labour of love. If Mr Fluffy thinks someone is going to seriously buy him out for $30mil then I have a bridge that I need to offload at a good price once he is cashed up.

 

[SeaEagleRock8]

It’s like they are trying to convince themselves that their “investment” is worth something.

Also trying to highlight how passionate they are about Manly?
I've always thought as majority owner they could surely do more to bring in other backers, even if that meant giving up some of their sole control. If they thought having more financial clout would help Manly more. (Which to a non-finance-world person like me sounds like a no-brainer)

 

[Brookie1973]

Every so often the Penn camp will leak a story about an offer they have had and how it was knocked back. There was the Bears consortium, the Qatari guy, I think URM at some point, and now this guy. It’s like they are trying to convince themselves that their “investment” is worth something.

Owning an NRL club isn’t a money making exercise, it’s a labour of love. If Mr Fluffy thinks someone is going to seriously buy him out for $30mil then I have a bridge that I need to offload at a good price once he is cashed up.

Interesting the article says this guy was previously with Newcastle but “moved on to Manly earlier this year.” Wonder what that means - does he have some official capacity at the club, or does it mean he now just lives in Manly?

 

[JenEagle]

what’s all this stuff about this season being one or the worst with drama on field and off field.


What about 2022 when the CEO was asking sponsors for money so the Penns had to let him go and then in the vacuum with no CEO allowed the jersey gate saga to occur. Possibly one of the greatest stuff ups in an nrl club history since 1908. They then kicked Des out and paid him huge amounts recently in an settlement and hired the broncos spoon winning coach who has delivered far worse results than Des.

Or 2018 where we almost got the spoon with four state of origin players and then Barrett walked with the drama around that and the garden furniture.

Or 2015 where we almost lost the best two half backs in the nrl in one week and had to pay 1 mill to Dce to backflip and then we sacked Toovey for Barrett.

Or 2016,2020 or 2022 where with gun rosters and state of origin players we badly missed the eight.

Is this season really that much worse than any of these ?

It’s just a normal season based on the last 11 years.

 

[Tragic Eagle]

Everything is for sale at the right price. We need more financial backing for sure but I always worry about the devil you don’t know.

 

[lsz]

Every so often the Penn camp will leak a story about an offer they have had and how it was knocked back. There was the Bears consortium, the Qatari guy, I think URM at some point, and now this guy. It’s like they are trying to convince themselves that their “investment” is worth something.

Owning an NRL club isn’t a money making exercise, it’s a labour of love. If Mr Fluffy thinks someone is going to seriously buy him out for $30mil then I have a bridge that I need to offload at a good price once he is cashed up.

These days it is very much a money making business considering the NRL covers the salary cap and then some.

It is why we do not invest off the park like the dogs and others as it is clear we are happy to turn a profit

 

[Brookie1973]

what’s all this stuff about this season being one or the worst with drama on field and off field.


What about 2022 when the CEO was asking sponsors for money so the Penns had to let him go and then in the vacuum with no CEO allowed the jersey gate saga to occur. Possibly one of the greatest stuff ups in an nrl club history since 1908. They then kicked Des out and paid him huge amounts recently in an settlement and hired the broncos spoon winning coach who has delivered far worse results than Des.

Or 2018 where we almost got the spoon with four state of origin players and then Barrett walked with the drama around that and the garden furniture.

Or 2015 where we almost lost the best two half backs in the nrl in one week and had to pay 1 mill to Dce to backflip and then we sacked Toovey for Barrett.

Or 2016,2020 or 2022 where with gun rosters and state of origin players we badly missed the eight.

Is this season really that much worse than any of these ?

It’s just a normal season based on the last 11 years.

Just Manly being Manly. There is a meme floating around about it - blowing the joint up every 3 years.

 

[TheSoaringEagle2023]

Every so often the Penn camp will leak a story about an offer they have had and how it was knocked back. There was the Bears consortium, the Qatari guy, I think URM at some point, and now this guy. It’s like they are trying to convince themselves that their “investment” is worth something.

Owning an NRL club isn’t a money making exercise, it’s a labour of love. If Mr Fluffy thinks someone is going to seriously buy him out for $30mil then I have a bridge that I need to offload at a good price once he is cashed up.

Tell him you want to sell him the spit bridge lol

 

[nightster]

Tell him you want to sell him the spit bridge lol

How much is it?

 

[manlyfan76]

what’s all this stuff about this season being one or the worst with drama on field and off field.


What about 2022 when the CEO was asking sponsors for money so the Penns had to let him go and then in the vacuum with no CEO allowed the jersey gate saga to occur. Possibly one of the greatest stuff ups in an nrl club history since 1908. They then kicked Des out and paid him huge amounts recently in an settlement and hired the broncos spoon winning coach who has delivered far worse results than Des.

Or 2018 where we almost got the spoon with four state of origin players and then Barrett walked with the drama around that and the garden furniture.

Or 2015 where we almost lost the best two half backs in the nrl in one week and had to pay 1 mill to Dce to backflip and then we sacked Toovey for Barrett.

Or 2016,2020 or 2022 where with gun rosters and state of origin players we badly missed the eight.

Is this season really that much worse than any of these ?

It’s just a normal season based on the last 11 years.

The day we had to merge with the broke back bears

 

[nightster]

Everything is for sale at the right price. We need more financial backing for sure but I always worry about the devil you don’t know.

If 1,000 of us put in $50,000 each ? I’d be in that syndicate

 

[Terry Zarsoff]

Also trying to highlight how passionate they are about Manly?
I've always thought as majority owner they could surely do more to bring in other backers, even if that meant giving up some of their sole control. If they thought having more financial clout would help Manly more. (Which to a non-finance-world person like me sounds like a no-brainer)

He does have fellow co-owners. Messrs Gary ‘Wolfman’ Wolman and Andrew ‘George’ Michael.

Presumably to spread the load if things head south.

 

[chuckee]

I think Shaw & Partners would be a logical group that could potentially purchase the club. They have been sponsors of the club for many years. They also have an ownership stake in the biggest motorsport team in the country, being Triple 8. They love their sports, I just think they’d be logical owners. It would also follow a similar structure but on a smaller scale of Fenway group, who have ownership of the Red Sox, Liverpool and RFK NASCAR team.

I think the Penn’s have run their course, it’s been drama after drama and nothing more than mediocrity at best.

 

[Frogz]

I think Shaw & Partners would be a logical group that could potentially purchase the club. They have been sponsors of the club for many years. They also have an ownership stake in the biggest motorsport team in the country, being Triple 8. They love their sports, I just think they’d be logical owners. It would also follow a similar structure but on a smaller scale of Fenway group, who have ownership of the Red Sox, Liverpool and RFK NASCAR team.

I think the Penn’s have run their course, it’s been drama after drama and nothing more than mediocrity at best.

Its only the CEO of Shaw and Partners that has a share of 888... Not Shaw and Partners. (I think)

 

[Rorz]

Manly chairman and owner Scott Penn has knocked back a secret $30 million-plus offer to sell the Sea Eagles to a syndicate of businessmen.
We can reveal the man behind the consortium is Blake Cannavo, the wealthy chief executive and managing director of mining company, Native Mineral resources.

Cannavo was a behind-the-scenes powerbroker and third-party sponsor at Newcastle for many years before moving on to Manly earlier this year.

He’s previously worked for some of the country’s most affluent and high-powered business people in Twiggy Forrest and Gina Reinhart.

Penn has confirmed the recent interest from the consortium.

“We’ve had a lot of conversations over the years with certain people wanting to buy us,” Penn said.

“More recently we had another conversation. There was no point in us even talking about it right now.

“I’m not going anywhere. The thing is I’m excited about the future. It’s frustrating. A lot of people have said things about our ownership over the years, but we’re still here.

“So say whatever you want.”

Penn and the Manly club have had one of their toughest years since taking over part ownership of the club in 2006, and then a majority shareholding in 2014.

The shock round-four announcement that club legend Daly Cherry-Evans was bailing out on the club fractured the playing ranks and left coach Anthony Seibold to deal with a lot more than just coaching the football side.

“It’s been a tough year for a variety of reasons,” Penn said.

“Often these tough times galvanise you and make you focus on what’s really important.

“Tony (Mestrov), Seibs (Anthony Seibold) and I have never been more aligned.

“We might be talking about the structure moving forward but we’re not selling.”

Seibold has two years to run on his coaching contract.

And while missing out on finals football this year is almost unacceptable, he has enough internal support to survive and coach into next season.

------------------------------------------------

There are some awkward times at Manly around the strained relationships with player agent George Mimis. Mimis looks after Matt Ballin, who is being pushed by old boys to replace Anthony Seibold. Mimis also manages Michael Ennis, who is a coaching consultant at the Sea Eagles.

Well Scott you have 5 years to get us to a GF where we haven’t missed one and won one in previous decades.No pressure now!
We do seem to play better when there is a game of great significance than others.

 

[Cliffycomeback]

If 1,000 of us put in $50,000 each ? I’d be in that syndicate

#Me too