By Brent Read http://www.foxsports.com.au/story/0,8659,25052864-23214,00.html February 14, 2009 MANLY co-owner Scott Penn has raised the prospect of buying out partner Max Delmege in a bid to end the bitter board-room battle which threatens to split the premiers. Penn, who owns a 42 per cent share of the Sea Eagles, also raised the spectre of legal action against Delmege amid allegations the peninsula property developer had failed to meet contractual obligations to inject extra funds into the club. The finger-pointing between the co-owners came as the club's new major sponsor pledged its commitment to Penn and chief executive Grant Mayer, who has been caught in the middle of the club's ownership spat. Mayer told the club he would not seek an extension to his contract, which ends later this year, after the board voted 5-2 against offering him a new deal. While Mayer has the strong support of the Penn family, the remaining five members of the board, including Delmege's two representatives, opted not to back the chief executive at a meeting on Thursday night. The ownership imbroglio has been on the cards for several months as relations between the Penn and Delmege families have become increasingly tenuous. They reached their nadir on Thursday night, prompting Penn to suggest a resolution had to be found for the sake of the club. That could result in Penn diluting, or buying out, Delmege's 38 percent share in the Sea Eagles. The remaining 20 percent is held by the old football club. Sources suggested Delmege's share could be worth more than $3 million. "It really comes down to we're attempting to resolve it," Penn said. "If a resolution is not possible it may very well be that one party needs to buy the other party out. For us this is not purely a financial investment - it's an emotional investment. "It's never been about making a bundle of money. "In the last three years we have come so far so why would anybody want to walk away now." Delmege dismissed the prospect of selling his share. "I'd consider buying his, not selling mine," Delmege said. "At the end of the day I am for the people of Manly. "I'm not for these boardroom tiffs. "I care about the supporters. "That's all I care about." The threat of legal action also hangs over the club after Penn suggested the board would have to consider its position if financial obligations were not met. Delmege has poured more than $12 million into the Sea Eagles over the past seven years through a combination of sponsorship and investment, but Penn alleges that money has dried up. At the centre of the latest dispute is an agreement struck last year to inject an additional $1 million into the club - $500,000 apiece. Relations have also been soured by the collapse of a joint venture to purchase the embattled Manly-Warringah Leagues Club. "There's signed contracts," said Penn, who addressed the players Friday morning and also spoke to NRL chief executive David Gallop. "If people sign contracts and don't fulfil their commitments you need to protect the company. "As a board we have to take whatever measures are necessary to keep the company solvent. "The board has to do whatever it can to protect its position. "We have honoured every commitment asked of us. "We have told the facts and have never got personal. "All we want is to make the Sea Eagles the No1 team in the world. "If people aren't committed to that, and aren't prepared to back that financially, get off the bus." Delmege, who is considered a saint among Manly supporters after he rescued the club from near-death in 2004, dismissed the threat of legal action as a "silly comment".