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

[Budgie]

Great to see the Narks are still seeing a conspiracy behind every new initiative and news article!

Let it go!

Surely there's room for an understanding of complexity?

 

[Rex]

I'd like to better understand what has happened here. Can someone help?

1. If company shares are bought and sold on the sharemarket, the company itself doesn't benefit one iota from the transaction. Does it? The money simply goes from the buyer to the seller. On the other hand, if they issue more shares, the money goes into the company coffers. What is the situation here? Does the $5m go into Manly coffers, or into Penn's private coffers? And if it doesn't go into Manly's coffers, how is this transaction even the slightest bit relevant to Manly financially? i.e. On what basis does the Murdoch media claim it "secures" Manly's future?

2. The diversification of ownership, on one hand seems to be good news. But we were previously told the centralisation of ownership was good news. Which is it?

3. The diversification of board voting rights, we are told is good news. And we were told previously that centralisation was good news. Which is it?

I just don't understand the situation enough to make any judgements here.

 

[Class of 96]

 

[Mark from Brisbane]

@Rex In my relatively uneducated opinion this may be a prelude to an eventual buyout of Penn Sports, that's an opinion only as otherwise what's the point of these two guys stumping up $5 Million for a minor shareholding of a non listed company.

The money would go to the Penns, who operate the Manly franchise, so it's not money for Manly it's money for the Penns.

Mind you, they are smart business people , very very smart, I could be wrong but I think their initial investment would have only been about that amount so they still have control and have returned $5 million in Capitol to the bottom line.

Despite what others on here think I'm not anti what's happened, In fact I'm in admiration of the Penn group for their business acumen , I'm just anti them using it for a good news story for the DT.

 

[Nike]

Due to the TV deal, yep!!

They saved the god damn Titans for ****s sake!!

Obviously much better to have rich owners, and despite my distaste for what's happened in recent times I'm pleased we do have that, rich owners.

However doesn't mean I have to like them or the spoon fed bull**** they espouse!!

Have to disagree. The Titans need to be on the Gold Coast for rugby league to compete with AFL, et all. Manly-Warringah would eventually probably not be Manly-Warringah if we got taken over by the NRL, just like the constant whispers of the NRL administered Wests Tigers being relocated (spooky unsubstantiated rumor to back up my claim! 🙂)

 

[Budgie]

Have to disagree. The Titans need to be on the Gold Coast for rugby league to compete with AFL, et all. Manly-Warringah would eventually probably not be Manly-Warringah if we got taken over by the NRL, just like the constant whispers of the NRL administered Wests Tigers being relocated (spooky unsubstantiated rumor to back up my claim! 🙂)

The NRL will never let Manly go. The narrative of sport needs a bad guy. And, lucky for us, we're it!

 

[manlyfan76]

One would think that the new guys would get a say in the big issues like moving games away from Brookie and Penns selling the franchise otherwise Penn could sell the franchise to someone and the new guys own 12% of nothing

 

[Fluffy]

Meanwhile Politis has sold another car and the roosters have been bolstered financially this week as well

 

[Rex]

@Rex
The money would go to the Penns, who operate the Manly franchise, so it's not money for Manly it's money for the Penns.

That's what I don't get. If it is money for the Penns, not money for Manly, how is this being spun as a good news story for Manly?

Maybe we could read it as good news that others want to buy into Manly, or bad news that Penn wants to sell down his interests? Maybe the diversity brings extra skills to the table? Maybe the diversity brings divisiveness? Depends how you want to spin the story whether it is good news or bad.

By selling shares in his company rather than his share in Manly, Penn has shown his canniness. Through his structures, Penn has apparently ensured he can control Manly even if/when he effectively becomes a minority (45%) shareholder, even if all of the other (almost) 55% vote against him. It seems to totally wipe out any potential for the FC shares to ever have any influence at all over decisions made.

 

[Budgie]

Maybe I'm just SO NOT RICH but I can't imagine how anyone could invest $5 million into something and not expect some influence at some point. Is it just for bragging rights - like a yacht?

 

[double hoops]

It is very very interesting. Kind of left field.

Perhaps the Penn's just found out this running a footy club caper, is much harder then it looks.

Early on Joe Kelly did totally stuff anything and everything up. We were going down the tube alright, but it had absolutely nothing to do with Sir Toovs. Insert a king with shinny gold crown.

It really has only been since Bozo the Clown was brought back in to umm over see and supervise insert run the whole dam show that DCE stayed and then things have turned around.

I still can't cop the way the Penns do business. Call it business acumen or what ever you like, but they do seem to lack a certain personal approach, that well may not exist is their world but it still appeared to exist at some level in league circles anyway. Insert they just seem like complete c@#+$.

Crowd numbers in 2015 were down a bit, I think the financial statement doesnt come out until january each year. But you would expect the club to have lost the Penns at least a mill.

By their choice, add a few big contract pay outs, "Good on ya Tooves";-). And the real figure may well be closer to 2 mill on our books.

We also seemed to be looking for a major sponsor for a long long time before coco joy moved from the arm to the chest. Some say they got it dirt cheap? Zth did find us that Coco Joy sponsorhip in the first place, so one would be surprised if some sort of mates rates don't apply.

Perhaps the Penn's selling some ownership is not so bad though. Credit where credit is due. They may just have realised they needed some extra help. A wider net for sponsors insert Easts and Bronco style third party deals are needed if we want to compete.

Owning a footy club is a great gig. But it is also one of the best ways to throw away money. Like forget yachts hurting one's purse.

The Penns clearly have been throwing in some serious dosh given our roster and a few extra staff positions, insert no doubt we need plenty more to bring us up to scratch.

Lets hope it all goes well. The Penns clearly couldn't play well with Phil Sidney. Couldn't play well with the footy club boardmembers. Couldnt play well with Toov's. Couldnt play well with David Perry. Nor the coucil too. But i doubt anyone would play well with the council. Insert strange breed of cattle.

They do say one of the most important rules in business is to surround yourself with good people. Given the events of the last 12 months, that may be exactly what this part ownership is. Good move. Now let's sit back and see who takes their toys into the cot. Because hell our ownership structure just became a whole lot more interesting.

 

[Mark from Brisbane]

It is very very interesting. Kind of left field.

Perhaps the Penn's just found out this running a footy club caper, is much harder then it looks.

Early on Joe Kelly did totally stuff anything and everything up. We were going down the tube alright, but it had absolutely nothing to do with Sir Toovs. Insert a king with shinny gold crown.

It really has only been since Bozo the Clown was brought back in to umm over see and supervise insert run the whole dam show that DCE stayed and then things have turned around.

I still can't cop the way the Penns do business. Call it business acumen or what ever you like, but they do seem to lack a certain personal approach, that well may not exist is their world but it still appeared to exist at some level in league circles anyway. Insert they just seem like complete c@#+$.

Crowd numbers in 2015 were down a bit, I think the financial statement doesnt come out until january each year. But you would expect the club to have lost the Penns at least a mill.

By their choice, add a few big contract pay outs, "Good on ya Tooves";-). And the real figure may well be closer to 2 mill on our books.

We also seemed to be looking for a major sponsor for a long long time before coco joy moved from the arm to the chest. Some say they got it dirt cheap? Zth did find us that Coco Joy sponsorhip in the first place, so one would be surprised if some sort of mates rates don't apply.

Perhaps the Penn's selling some ownership is not so bad though. Credit where credit is due. They may just have realised they needed some extra help. A wider net for sponsors insert Easts and Bronco style third party deals are needed if we want to compete.

Owning a footy club is a great gig. But it is also one of the best ways to throw away money. Like forget yachts hurting one's purse.

The Penns clearly have been throwing in some serious dosh given our roster and a few extra staff positions, insert no doubt we need plenty more to bring us up to scratch.

Lets hope it all goes well. The Penns clearly couldn't play well with Phil Sidney. Couldn't play well with the footy club boardmembers. Couldnt play well with Toov's. Couldnt play well with David Perry. Nor the coucil too. But i doubt anyone would play well with the council. Insert strange breed of cattle.

They do say one of the most important rules in business is to surround yourself with good people. Given the events of the last 12 months, that may be exactly what this part ownership is. Good move. Now let's sit back and see who takes their toys into the cot. Because hell our ownership structure just became a whole lot more interesting.

Well thought out and comprehensive, top marks for that !!

 

[Mark from Brisbane]

That's what I don't get. If it is money for the Penns, not money for Manly, how is this being spun as a good news story for Manly?

Maybe we could read it as good news that others want to buy into Manly, or bad news that Penn wants to sell down his interests? Maybe the diversity brings extra skills to the table? Maybe the diversity brings divisiveness? Depends how you want to spin the story whether it is good news or bad.

By selling shares in his company rather than his share in Manly, Penn has shown his canniness. Through his structures, Penn has apparently ensured he can control Manly even if/when he effectively becomes a minority (45%) shareholder, even if all of the other (almost) 55% vote against him. It seems to totally wipe out any potential for the FC shares to ever have any influence at all over decisions made.

It's common knowledge they want the FC gone, they even tried taking it over 12 months ago.

I don't know the ins and outs of all this but I know it's not $5 million to the Sea Eagles as such, and I don't know how independent the new guys will be on the board but for the life of me I just can't imagine after having all the power why they'd sell it away the first opportunity.

One things for sure the picture painted in the DT was just fluff, surely even the lemmings can see that?

 

[Loobs]

They've come out and said that the current jersey in terms of sponsorship is the most lucrative in the clubs history and I think the Tele reported that its one of the most lucrative in terms of the combined sponsorship dollars in the league.

If CoCoJoy got a mates rate deal for the front, then the others must have paid overs. Daiken re-upped a while back, ditto Soniq.

If you hate the green blob whatever - think about how much that green is putting into the coffers to chase talent...

 

[BOZO]

My thoughts exactly Mitch.

I'm happy we have a club that's not NRL funded in 2016
I'm happy about our roster, the recruitment has been outstanding
I'm excited (like everyone else) to see what the new year brings

BUT, unlike some on here, I'm not doing cartwheels over what are mainly fluff pieces, leaked by Pennsports to their mates in the media.

Anyone not liking me for making those comments can simply block me, and lemmings or otherwise everyone on here is entitled to an opinion, some will like mine, some won't.....pffft what's new!!

Just because we might not agree with everything does not mean we have to simply block each other feathered friend . The most important thing we all agree on is that we all love our mighty Sea eagles and that is what truly bonds us all together against all the other NRL imposters .
Go the mighty Sea eagles !!!

 

[wombatgc]

It is very very interesting. Kind of left field.

Perhaps the Penn's just found out this running a footy club caper, is much harder then it looks.

Early on Joe Kelly did totally stuff anything and everything up. We were going down the tube alright, but it had absolutely nothing to do with Sir Toovs. Insert a king with shinny gold crown.

It really has only been since Bozo the Clown was brought back in to umm over see and supervise insert run the whole dam show that DCE stayed and then things have turned around.

I still can't cop the way the Penns do business. Call it business acumen or what ever you like, but they do seem to lack a certain personal approach, that well may not exist is their world but it still appeared to exist at some level in league circles anyway. Insert they just seem like complete c@#+$.

Crowd numbers in 2015 were down a bit, I think the financial statement doesnt come out until january each year. But you would expect the club to have lost the Penns at least a mill.

By their choice, add a few big contract pay outs, "Good on ya Tooves";-). And the real figure may well be closer to 2 mill on our books.

We also seemed to be looking for a major sponsor for a long long time before coco joy moved from the arm to the chest. Some say they got it dirt cheap? Zth did find us that Coco Joy sponsorhip in the first place, so one would be surprised if some sort of mates rates don't apply.

Perhaps the Penn's selling some ownership is not so bad though. Credit where credit is due. They may just have realised they needed some extra help. A wider net for sponsors insert Easts and Bronco style third party deals are needed if we want to compete.

Owning a footy club is a great gig. But it is also one of the best ways to throw away money. Like forget yachts hurting one's purse.

The Penns clearly have been throwing in some serious dosh given our roster and a few extra staff positions, insert no doubt we need plenty more to bring us up to scratch.

Lets hope it all goes well. The Penns clearly couldn't play well with Phil Sidney. Couldn't play well with the footy club boardmembers. Couldnt play well with Toov's. Couldnt play well with David Perry. Nor the coucil too. But i doubt anyone would play well with the council. Insert strange breed of cattle.

They do say one of the most important rules in business is to surround yourself with good people. Given the events of the last 12 months, that may be exactly what this part ownership is. Good move. Now let's sit back and see who takes their toys into the cot. Because hell our ownership structure just became a whole lot more interesting.

Loved the inserts

 

[Mark from Brisbane]

Do you think the average Manly supporter would see it as fluff mate? I've had several other fans texting me about how good it is. I think if they wanted your average Joe who supports Manly, but doesn't have a huge appreciation of what goes on behind the scenes, to get excited over this they may have succeeded with that.

It's the charm offensive mate I'm seeing it on Facebook , the fans are wetting themselves, gotta say ZtH has nailed it, non stop fluff wins over non stop bad news every day!!

 

[Budgie]

Gus Gould answers questions all the time on twitter so I asked him:
Is increasing private ownership having a good effect on the game? Does the NRL have trouble dealing with hard nosed biz men?
His response:
Phil Gould AM ‏@Gus10Gould 28m28 minutes ago
Private ownership in NRL? History shows 99% run out of money, passion or both. Few stand the test of time

 

[SeaEagleRock8]

That's what I don't get. If it is money for the Penns, not money for Manly, how is this being spun as a good news story for Manly?

To have more people with dosh putting up cash - in any capacity, whether by investing in Pennco or as sponsors - is a positive for the franchise. Just as it would be a negative if no corporates wanted to touch Manly, or if the Penns were to go bust.

The problem is the growing disconnect between fans and franchise under the private ownership model, in particular in its current incarnation.

 

[The Wheel]

Gus Gould answers questions all the time on twitter so I asked him:
Is increasing private ownership having a good effect on the game? Does the NRL have trouble dealing with hard nosed biz men?
His response:
Phil Gould AM ‏@Gus10Gould 28m28 minutes ago
Private ownership in NRL? History shows 99% run out of money, passion or both. Few stand the test of time

Unfortunately the Football Club and Leagues Club are busted and broke - so what are the alternatives for us?