Three cheers for Max

[Terry Zarsoff]

https://www.thefanatics.com/sports.news.view.php?id=58410

Then
http://forums.leagueunlimited.com/threads/sponsor-buys-manly.74920/

As posted by SER in mightyeagles.com


Sponsor buys Manly
By Dean Ritchie
04jun04
MANLY last night voted to be privately owned - and are now ready to poach the game's elite and reclaim the title as rugby league's most hated club.

In a historic decision, football club members last night voted 162-10 in favour of selling 62.5 per cent of the club to property developer Max Delmege, also the club's major sponsor.

The deal is worth $3.5 million, with Manly also to receive $1million in sponsorship from Delmege and a further $1million leagues club grant.

That gives the Sea Eagles a $5.5 million war chest with which to go after marquee players, just as they did famously during the 1970s, 80s and 90s, earning the wrath of rival fans but plenty of premierships.

Off contract players such as Ben Kennedy, Ruben Wiki, Matt Orford and Canberra's Joel Monaghan will be in the Sea Eagles' sights.

Delmege will buy 3.5 million shares over the balance of 2004-2005. The Manly football club will have 2million shares with Penn Sport taking 100,000.

An additional 4.4 million shares will be available to members, supporters and investors.

Sea Eagles executive director Paul Cummins said his club was now ready to enter the player market with vigour and spend up to the NRL's $3.25 million salary cap for the first time in four years.

"After June 30, we will be in the market to obtain two or three blue chip players," Cummins said.

Cummins described Delmege as a soul saver.

Delmege added: "I'm very passionate about this club and want to see it get back to where it was, a very successful rugby league team."

To pass last night's motion, the club needed to obtain more than 75 per cent of the vote from football club members, but received 93 per cent of the vote.

Manly chairman Joe Cross said his club would have faced financial difficulties as early as the end of this year had the Delmege money not arrived.

Cross said the privatisation model represented a new beginning for the Sea Eagles.

"Unlike other models we looked at, this model not only secures our future, but gives us an opportunity to rebuild the football club into a powerful financial force through an expanded membership base," Cross said.

Manly will have seven directors - two appointed by the football club, two appointed by Delmege and two directors appointed by Manly Leagues Club.

An independent chairman will be appointed by the six directors

Great. So he bought the major shareholding.

It was still Cummins and the Penns that worked out the ownership model, which was the point of my post.

 

[EagleFlys]

Ah the good old days, when times were better. Full of promise.

 

[Ralphie]

I believe it was Paul Cummins and the Penns that devised the ownership structure, not the other way around.

That is where all the bad blood germinated. We’ll never know for certain what might of happened if Delmege had simply remained a sponsor rather than a part owner.

100% correct. The original rescue was a deal with Penn & Max came in at the 11th hour with a bigger offer. Penn did the honourable thing and rescinded his agreement in the best interests of the club. Later Max asked the Penns to come in because the costs were getting too high for one owner. Soon after that the internal fights began.

 

[Terry Zarsoff]

Thankyou Ralphie.

 

[Lyonstomenzies]

I met the Penns and I met Max and I can tell you that they are all Passionate Manly men who put their money where their hearts are and that is with the Manly Sea eagles .
I am grateful and respect all of them

Totally agree. I’ve met both and both have the love of the Manly Club as much as I do.
Mr Delmarge was a saviour of the club but if he had his time again I’m sure he would do things differently. He difinitly made mistakes as Penn is doing now.
It’s juss a shame that both couldn’t get along and Max lost all his coin.
Hopefully the Penns don’t lose all thier coin otherwise we can kiss the northern beaches goodbye and all cheer for the Perth Sea Eagles.

 

[marga]

I have met Max on a few occasions and I am FB friends with him and he is a nice man and loves this Team. I have also met up with Scott numerous times at games or Awards nights etc since 2011 and find him also very nice. He always takes time to talk to me and always answers my emails or texts. Do I agree with everything he does no, but he is as passionate as Max or any of us for our Sea Eagles. I thank both men for what they have done and continue to do for our Club.

 

[nightster]

Totally. We've lost contact with our past, the results have been abysmal, the culture is deplorable and the future is not rosy. What they have done to us and how they have run the "business" has been beyond terrible. It seems the strategy is to deliberately run the club into the ground (like in that Baseball movie Major League) and then sell or move us.

 

[Mrs D]

100% correct. The original rescue was a deal with Penn & Max came in at the 11th hour with a bigger offer. Penn did the honourable thing and rescinded his agreement in the best interests of the club. Later Max asked the Penns to come in because the costs were getting too high for one owner. Soon after that the internal fights began.

Why won’t he rescinded his agreement now for the best interests of the club?

 

[Mrs D]

I believe it was Paul Cummins and the Penns that devised the ownership structure, not the other way around.

That is where all the bad blood germinated. We’ll never know for certain what might of happened if Delmege had simply remained a sponsor rather than a part owner.

Do you honestly believe the Penn’s would have pumped $15 million into a club? Max was originally told they only needed $1mill. Not $15 mill

 

[bob dylan]

I have met Max on a few occasions and I am FB friends with him and he is a nice man and loves this Team. I have also met up with Scott numerous times at games or Awards nights etc since 2011 and find him also very nice. He always takes time to talk to me and always answers my emails or texts. Do I agree with everything he does no, but he is as passionate as Max or any of us for our Sea Eagles. I thank both men for what they have done and continue to do for our Club.

Thank you for sharing that.

 

[Ryan]

Can the club just Divorce the Penn's?

Still too raw?

 

[manlyfan76]

Can the club just Divorce the Penn's?

Still too raw?