[Resurrected] Penn reveals emotionaly draining rebuild

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Loobs

Living in the demountable.
What about for a theme song we go with a true classic:

The Misfits Where Eagles Dare

Has nothing to do with eagles other than one line but would allow us to yell "I ain't no god damned son of a bitch!" every time they play it...
 

manlywarringah

Bencher
Premium Member
The Football Club used to be able to buy back shares using the members yearly payments. What happened to that? Is it because the Penns were able to buy the other side out? I'm not sure why it would make a difference.

It's been a few years since we bought any shares back. Are we allowed to buy anymore?
 

sheridanstand78

First Grader
What does that entail though? What would be constitute a "united club"? Interested to know? Because unless the football club finds the cash to earn a bigger seat at the table, it will never happen. Just the way it is unfortunately.
A club that works together and does not undermine its football club that has been the bedrock of the club since its inception. The football club only holds 2 of the 7 seats on the board so the Penn group is allowed to function and run the Sea Eagles as it sees fit but it would surely be more beneficial to work with the football club rather than try to over run it!

The Penns do have the numbers and the money to run the Sea Eagles and I for one are very greatfull for their investment. End of the day we all want the same thing, to continue the clubs success. The Penns are the current custodian of the Sea Eagles its true and they have a duty to ensure that if the day comes that they leave that the club is in good shape.
 

wombatgc

KT 623
Premium Member
Tipping Member
Got no problems with making tough decisions, also love that the perceived failure of the club in one year was the impetus for wholesale changes.

Hate that ballin in particular was treated poorly after re signing admist upheaval in the club. Even though resigning him was probably the wrong decision to begin with.Hate how tooves was treated. And I think the release of gutho and hiku is a bit short sighted given the players approaching retirement and positions that will be vacated after those retirements. I also don't like the animosity between the owners and the football club. I'm sure it's a two way street and both sides could handle things better, but surely the owner has to be the bigger man and broker peace for the betterment of manly. You can't sell the fans these hard decisions that had to be made on one hand, then openly and obviously antagonise the FC, if the guise of how you are operating is club above all else.

I also still don't get the Lewis brown signing.
Well that saved a lot of texting.Well said Joeboy.Especially the last paragraph.:eek:
 

Loobs

Living in the demountable.
A club that works together and does not undermine its football club that has been the bedrock of the club since its inception. The football club only holds 2 of the 7 seats on the board so the Penn group is allowed to function and run the Sea Eagles as it sees fit but it would surely be more beneficial to work with the football club rather than try to over run it!

The Penns do have the numbers and the money to run the Sea Eagles and I for one are very greatfull for their investment. End of the day we all want the same thing, to continue the clubs success. The Penns are the current custodian of the Sea Eagles its true and they have a duty to ensure that if the day comes that they leave that the club is in good shape.
It's a good point and it would be nice if it could happen but it's a money talks situation as far as I see it. Te Penn's tipped in all the cash so they feel it's effectively their club, as far as decisions go.
 

HappilyManly

Journey Man
The Football Club used to be able to buy back shares using the members yearly payments. What happened to that? Is it because the Penns were able to buy the other side out? I'm not sure why it would make a difference.

It's been a few years since we bought any shares back. Are we allowed to buy anymore?
There is no point in buying more shares as the number of seats on the Franchise board remains at 2. So the decisions at board level are the same with 1% or 10% shareholdings.
The FC has the right to buy more. but it's % ownership will remain the same, as each purchase by any shareholder was done by issuing more shares.

The FC membership is vital to them to remain financial and maitain the 69 years' continuance as an independent community entity.

http://membership.manlyfootballclub.com.au/
 

Ralphie

Bencher
Premium Member
The Football Club used to be able to buy back shares using the members yearly payments. What happened to that? Is it because the Penns were able to buy the other side out? I'm not sure why it would make a difference.

It's been a few years since we bought any shares back. Are we allowed to buy anymore?
I am a long term member and supporter of the Football Club, but they just don't have the money to buy shares. The other issue would be that as their shareholding grows so might their liability to kick in cash if there is a loss. Until the Football Club finds a way to develop an income stream grater that memberships then nothing will change.

Fundamentally if the Football Club had the cash they could buy the club back tomorrow under the existing arrangements.
 

sheridanstand78

First Grader
It's a good point and it would be nice if it could happen but it's a money talks situation as far as I see it. Te Penn's tipped in all the cash so they feel it's effectively their club, as far as decisions go.
The Penn's have every right to run their vision for the club as their investment is keeping us alive, no question about it. My concern though is it necessary to rip up the fabric of the club in order to achieve this goal?

End of the day the game is a business and the Penn group will want to see a return on investment.

To their credit they have restructured the football coaching and team to address the problems from late 2014 and 2015 and have come with on paper a formidable outfit for 2016. As fans we have debated fiercely what has occurred and clashed several times about how they have gone about it.

You would think now that it is time for the Penn group to respect the work that the football club do and work with them to ensure that the club moves forward together rather than try and squash their voice. That is the challenge for both the Sea Eagles run by Penn and the football club itself.
 

Fluffy

Journey Man
I am a long term member and supporter of the Football Club, but they just don't have the money to buy shares. The other issue would be that as their shareholding grows so might their liability to kick in cash if there is a loss. Until the Football Club finds a way to develop an income stream grater that memberships then nothing will change.

Fundamentally if the Football Club had the cash they could buy the club back tomorrow under the existing arrangements.

Not that I expect you have the answers but where else can the cash go that members chip in?

Surely there is a small accounting cost but that should be about it.
 

Mals

Bencher
Premium Member
Tipping Member
Not that I expect you have the answers but where else can the cash go that members chip in?

Surely there is a small accounting cost but that should be about it.
Junior and/or senior footy in the Manly Warringah district?
 

sheridanstand78

First Grader
There is no point in buying more shares as the number of seats on the Franchise board remains at 2. So the decisions at board level are the same with 1% or 10% shareholdings.
The FC has the right to buy more. but it's % ownership will remain the same, as each purchase by any shareholder was done by issuing more shares.

The FC membership is vital to them to remain financial and maitain the 69 years' continuance as an independent community entity.

http://membership.manlyfootballclub.com.au/
I implore everyone out there who really has an interest in the club to join the football club and have a say about how the club is run moving forward. I went to the AGM last Thursday night and it was great to learn about how the junior league is going which is our future, a chance to mingle with ex players who still adore the club and to see a guy like Brent Kite rewarded with life membership. I joined up last year and I am really glad as I now feel truly apart of the club.
 

Hamster Huey

Space Invader
Poor, drained Scott.

That evil Football Club jumping the gun and stealing Eagles Inc's thunder by issuing life memberships decades ago in an effort to stiffle your ability to recognise our best over recent weeks. The hide!!!

And how about the recalcitrant coach and players, signed into 2016 but failing to realise they should instead walk from their contracts and play elsewhere. I mean, who do they think they were thinking Eagles Inc would ever entertain the idea of holding up their end of the bargain!!!

What about those pushing a political barrow and all-but signing DCE to a cheaper contract, failing to realise that this wasn't helping your cause to rid us of an out-of-his-depth CEO.

And finally we rid ourselves of that rich, major sponsor that did nothing but give us buckets of money.

But you showed 'em, Scotty.
 

manlywarringah

Bencher
Premium Member
I am a long term member and supporter of the Football Club, but they just don't have the money to buy shares. The other issue would be that as their shareholding grows so might their liability to kick in cash if there is a loss. Until the Football Club finds a way to develop an income stream grater that memberships then nothing will change.

Fundamentally if the Football Club had the cash they could buy the club back tomorrow under the existing arrangements.

Thanks for that.

I better get that lotto coupon in!
 

Ralphie

Bencher
Premium Member
Not that I expect you have the answers but where else can the cash go that members chip in?

Surely there is a small accounting cost but that should be about it.
The Football Club Web Site goals states:

  • Football Club will continue to use surplus funds to acquire further equity in MWSE as required under the Football Club's Constitution, but "buying back" the Sea Eagles is not a realistic and active goal of the Football Club at this time.
 

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