News: Manly Leagues: An update from Bob Reilly

[ManlyBacker]

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<p><span style="FONT-FAMILY: Arial; FONT-SIZE: 10pt">The following is a letter from Bob Reilly, Chairman of the Manly-Warringah Rugby League Club Ltd, to members providing an update on the Club's refurbishment plans, trading position and on-going financial support and push for equity in the Sea Eagles (private entity holding the NRL license).
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<a href="http://www.silvertails.net/news/4341-manly-leagues-an-update-from-bob-reilly.html">Read the full article</a>

 

[eggson]

I got nothin?
Could be my computer but the link doesn't show the update...

 

[ManlyBacker]

Working now.

 

[SeaEagleRock8]

Interesting times. So the Leagues Club wants equity in the Sea Eagles, I suppose they make a good case with e funds they have contributed over the years. However wouldn't they have had a stronger bargaining position before they sold the leagues club building?

The future issue of shares in Sea Eagles might become a very big issue. I'm not a member of the leagues club but am a member of the FC. No doubt there are many legal impediments but a joint FC/leagues club bloc could give a lot of control back to fans in the longer term?

 

[Fluffy]

very smart move to change the commitment to a % of profits in terms of the leagues clubs future.

 

[The Wheel]

Interesting times. So the Leagues Club wants equity in the Sea Eagles, I suppose they make a good case with e funds they have contributed over the years. However wouldn't they have had a stronger bargaining position before they sold the leagues club building?

The future issue of shares in Sea Eagles might become a very big issue. I'm not a member of the leagues club but am a member of the FC. No doubt there are many legal impediments but a joint FC/leagues club bloc could give a lot of control back to fans in the longer term?

I am no expert of corporation laws particulary of a non listed company.  The shares obtained may also come with a liability of any debt accrued by MWSE?

 

[ManlyBacker]

Exactly right Wheel - it must leave open the possibility of covering losses from the running operations.

There is some sense in what is being proposed but I presume there will be a push for another board seat and that is going to make the structure of MWSE even more complicated.

If the Leagues Club wants to persist with equity then the question would have to be asked about the relevancy of the Football Club and whether that should be merged in some way.

 

[Guest]

It is a concern that the leagues club has now sold its last real asset. 

If the renovations don't bring in extra income and profit where does it go then?

Regrettably the club should never has got itself into this position.