Two businessmen buy 22 per cent stake in Sea Eagles worth $5m

[HappilyManly]

I don't think that will be an issue mate. I can't see the Penn's allowing someone to take part ownership of the club they own if they weren't to side with them.

Disagree
Owners are just that. They are not going to put their hard earned in, with any strings attached.
Andrew's company has been a Team and individual Player Sponsor for years. So taking ownership is the next step up by attaining some control.

I hope that the FC is recognized once more as the community asset that all the Owners grew up cheering as Manly

The 6 FC Board Members, a few of who are in conflict with the Penns can be voted out.
The FC should not be continually confused with them. It is afterall, a Community Membership based Organisation, that has been gracing the peninsula for 70 years 🙂

 

[Pablo]

I wouldn't pay $5 for the new jersey let alone the 2.9 million they're asking.

 

[bones]

Hope these 2 new dudes don't want us to move away from Brookie

Pretty sure they'll do what they're told, otherwise they would never have been welcomed.

 

[tookey]

Surprised that Andrew didn't bring in his brother George as well.

 

[Chip and Chase]

@HappilyManly they aren't buying an independent seat on the board. They have bought a 25% share in the company that the penns have set up to own their 91% share of the MWSE. In effect that is where the 22% of Manly comes from. The fact that they are given a seat each on the board as the Penns representatives is purely a decision of that companies shareholders and can just be as easily revoked I would imagine, they only have 25% voting rights in that entity so they can't force any issue.

As for the alleged values of these transactions and the then projected values of the MWSE entity, it's all pure speculation and sounds nice and fluffy.

I'm all for diversifying the board but I'll take this one with a grain of salt as it isn't really independent. Hopefully they will bring some fresh ideas and some good contacts, definitely worthwhile from that point of view. I'm not trying to be overly critical but more so trying to play devils advocate a bit, Dean Ritchie writes what he is told and it's nicely spun.

 

[niccipops]

Love it.
More power to the Sea Eagles.
Haters gonna hate but they're idiots.

 

[Jase Seaeagle]

@HappilyManly they aren't buying an independent seat on the board. They have bought a 25% share in the company that the penns have set up to own their 91% share of the MWSE. In effect that is where the 22% of Manly comes from. The fact that they are given a seat each on the board as the Penns representatives is purely a decision of that companies shareholders and can just be as easily revoked I would imagine, they only have 25% voting rights in that entity so they can't force any issue.

As for the alleged values of these transactions and the then projected values of the MWSE entity, it's all pure speculation and sounds nice and fluffy.

I'm all for diversifying the board but I'll take this one with a grain of salt as it isn't really independent. Hopefully they will bring some fresh ideas and some good contacts, definitely worthwhile from that point of view. I'm not trying to be overly critical but more so trying to play devils advocate a bit, Dean Ritchie writes what he is told and it's nicely spun.

I agree totally

 

[HappilyManly]

Andrew was already on the Board, so he didn't need to spend any monies to get there.

Ritchie's report is a fluff piece.

After the 2016 Tax year ends, anyone can buy the copy of the MSE Franchise and Penn Sports Annual Reports off ASIC(as it is a public Co). That would clarify what monies go where.

The multi Owner model does bring a broader viewpoint at least

 

[MadMarcus]

You would have to think their board seats are firm rights under the shareholders agreement of the holding company. These guys aren't idiots. They are (allegedly) putting in 5 million bucks!

This is another step in the Penn's exit strategy. The intention is probably to sell out completely to these guys over time.

 

[Clay]

Wow coco joy paid some $$$

 

[Shoe1]

Hmm I could mortgage my house and buy in too. Leave that with me, I'll sleep on it

 

[Mark from Brisbane]

@HappilyManly they aren't buying an independent seat on the board. They have bought a 25% share in the company that the penns have set up to own their 91% share of the MWSE. In effect that is where the 22% of Manly comes from. The fact that they are given a seat each on the board as the Penns representatives is purely a decision of that companies shareholders and can just be as easily revoked I would imagine, they only have 25% voting rights in that entity so they can't force any issue.

As for the alleged values of these transactions and the then projected values of the MWSE entity, it's all pure speculation and sounds nice and fluffy.

I'm all for diversifying the board but I'll take this one with a grain of salt as it isn't really independent. Hopefully they will bring some fresh ideas and some good contacts, definitely worthwhile from that point of view. I'm not trying to be overly critical but more so trying to play devils advocate a bit, Dean Ritchie writes what he is told and it's nicely spun.

As is usual @Chip and Chase you sir are right on the money!!

It might be part of an eventual exit strategy , but otherwise nothing but pure fluff spun beautifully by ZtH and his media lackey's.

This will be about as independent as Aldi compared to Coles.

 

[The Wheel]

The Football Club should be jumping for joy at the news - a diversified ownership model has been part of their vision for the club- would be interested in @vidmar view on this? Maybe a statement is in the wind?

 

[wombatgc]

Damn! Was really hoping one of them was a really highly respected graphic artist.

 

[manlywarringah]

While I still don't trust the Penns this seems to be good for the club.

One thing I had always hoped with them coming on board was that they would bring in business to our club, whether it be through increased sponsorship or ownership. It looks to be happening. Well done there.

I'm just not sure what the new guys get out of it apart from saying they love and part own our club.

Maybe it is a way for them to increase their stakes at a later date when the Penns want out.

Credit where credit is due, it seems to be a good move from the Penns so well done.

 

[Nike]

After over a year of having to watch the Penn v whoever battles play out in this forum I've finally come to the conclusion that the Penn's were right. There has been a lot of inconsistancies but this is the final nail in the coffin for me. After hearing some pretty influential people around here constantly down playing our sponsorship deal (as if they have some kind of inside knowledge) it has now become pretty obvious that it's all just white anting bull****, coincidentally exactly what they we're blaming the opposite side for. This thread probably isn't the place to air these opinions but yeah, stoked on the massive sponsorship deals, etc and excited for 2016.

 

[manlywarringah]

While I love the sponsorship dollar of our jerseys, it is going to be the first time EVER that I wont be buying a jersey, jacket, training shirt or tshirts. The green is just way TOO BIG!

 

[bob dylan]

I have regularly got 3 or 4 jersey's a year, I only buy what I like, but unless there is a 2016 ANZAC I wont even be remotely tempted to buy an ugly jersey.

May some inventive fan can work out how to remove the ugliness without damaging the jersey.

 

[Jase Seaeagle]

Yeah I am not a Fan either of that Green. Be Just like having baby **** yellow on your jersey

 

[castle eagle]

I have regularly got 3 or 4 jersey's a year, I only buy what I like, but unless there is a 2016 ANZAC I wont even be remotely tempted to buy an ugly jersey.

May some inventive fan can work out how to remove the ugliness without damaging the jersey.

go to best & less, they normally sell jerseys with no sponsors on them!