SeaEagle21
Bencher
Penn only owns the shares to the club, he doesn't own the Brand - the NRL does. What the NRL have done is damaged their own brand.
I was under the impression Penn is the majority shareholder of the franchise license from the NRL which a team can compete under. The name, logo, brand, colours etc for the team under that licence is from the shareholders that own that licence?
I could be wrong though.