Right here, one of the wheels falling off

[jbb/james]

Old article .
Its been a savage ride. Maybe these days say more about the clubs direction than we would like to believe. Why the penns are they way they are. Maybe.

Manly memorabilia puts Penn control to the sword

SCOTT PENN is no longer the majority shareholder of the Manly Sea Eagles. And for that, he can thank his uncle, Peter Peters.

www.smh.com.au

 

[Ranga]

You are right, it has been a savage ride and the boardroom battles following the Delmege sale to Quantum have had a damaging impact no doubt. The Quantum guys certainly aren't blameless though - Phil Sidney's words in that article were deliberately goading and say a lot about him I reckon.

I've had this belief for a while that, for the most part, it is rarely benevolence that makes rich folk want to own sporting teams. Rather, like a lot of things in life, it is ego.

As an aside, Quantum at that stage was (and perhaps still is) a publicly listed company. I could never quite work out how the directors of a publicly listed company got away with a minority investment in a loss making entity that was in a completely different industry to their main undertaking.

 

[Dan]

You are right, it has been a savage ride and the boardroom battles following the Delmege sale to Quantum have had a damaging impact no doubt. The Quantum guys certainly aren't blameless though - Phil Sidney's words in that article were deliberately goading and say a lot about him I reckon.

I've had this belief for a while that, for the most part, it is rarely benevolence that makes rich folk want to own sporting teams. Rather, like a lot of things in life, it is ego.

As an aside, Quantum at that stage was (and perhaps still is) a publicly listed company. I could never quite work out how the directors of a publicly listed company got away with a minority investment in a loss making entity that was in a completely different industry to their main undertaking.

Because it was under surfside not quantum.

 

[Ranga]

Because it was under surfside not quantum.

I may be mistaken, but Surfside was a wholly owned subsidiary of Quantum.

 

[jbb/james]

You are right, it has been a savage ride and the boardroom battles following the Delmege sale to Quantum have had a damaging impact no doubt. The Quantum guys certainly aren't blameless though - Phil Sidney's words in that article were deliberately goading and say a lot about him I reckon.

I've had this belief for a while that, for the most part, it is rarely benevolence that makes rich folk want to own sporting teams. Rather, like a lot of things in life, it is ego.

As an aside, Quantum at that stage was (and perhaps still is) a publicly listed company. I could never quite work out how the directors of a publicly listed company got away with a minority investment in a loss making entity that was in a completely different industry to their main undertaking.

Whats also telling is how the FC snd quantum/ surfside are considered one entity in the piece aquiring 51% of shares. While we could site journalistic scope , it certainly played out that way

The irony of how they got the cash shouldnt be lost as im sure it still cuts deep.

Sad sad times for our club which in my view cost us des, tooves and a bit of our soul

 

[Dan]

I may be mistaken, but Surfside was a wholly owned subsidiary of Quantum.

Yes but that's not quantum directly and that's why they could get through it as your question asked

 

[Woodsie]

Whats also telling is how the FC snd quantum/ surfside are considered one entity in the piece aquiring 51% of shares. While we could site journalistic scope , it certainly played out that way

Didn't make quantum or the FC a majority shareholder .. it just meant that Penn wasn't ... he remained the major shareholder but not with a majority shareholding ...

 

[jbb/james]

Didn't make quantum or the FC a majority shareholder .. it just meant that Penn wasn't ... he remained the major shareholder but not with a majority shareholding ...

Agreed but when it came to business
The reality was that quantum plus Fc against Penns every time