HappilyManly
Journey Man
Can't attend......hoping someone can ask about the life membership situation....MWDRLFC and the seperate " SEAEAGLES " Penn awarded ones ???
Also....does the MWDRLFC still buy shares of the Sea Eagles entity back....or is it a case of them not being able to pay their way , in that they are not able to cover their share, as a percentage owner, of the loss that is generated by the " sea eagles / penn entity " ?
The second part of your post is an FC matter.
FC buys shares at 23c with any surplus funds each year.
So sign up and become a shareholder member
http://manlyfootballclub.wildapricot.org
Not a 'buy back' as the MSE issues more shares and pro ratas them to reflect the new FC and the Owner contributions.
The Owners are the only ones, as in all businesses, to pay the running costs of the Manly Sea Eagles Franchise - NRL Licencee.
If the MSE incurs a loss, the share pool is increased and they are apportioned the equivalent amount in new shares.
(FC is a membership entity and only operates on what it receives in memberships and gifts)
This naturally has resulted in the reduced percentage share between the FC (11%) and the Owners (89%)
Ultimately, a shareholder only needs 1 ordinary MSE share to maintain their 2 seats on the 7 man MSE Board.
Hence the years' of vitriol, outright take over attempt 2 years ago of the FC Board, plus the relentless insults via the Manly Daily, that FC Members have endured 😎
The financial (3 consecutive years' FC membership) FC Members need a 75% vote to alter the MSE Preference share terms - Colours, 10 Brookie Games and Sea Eagles emblem.
That's why it is worthwile to spend $25 to maintain/expand our 70 year culture