Bearfax
Grizzly old fart
I'm always wary of Paul Kent's articles but his glowing item in today's Telegripe about Toovey, raised some serious questions that others may be more in the know about.
The most important issue concerned the sale of the Manly Leagues Club to Chinese investors for reportedly $35 million in 2015. Now according to Kent, the Penn family bought the football team for $7.5 million but that also included the Manly Leagues Club. Now the Penn's allege that they have spent on average $1-1.5 million annually on the football club, but the question is where did the $35 million go. I assume some probably went to pay debts, some to investors. But that leaves a lot of money unaccounted for. Did the Penns get the rest, in which case as Kent alleges, are they in fact in profit from their venture into Manly's League Club.
My fear is that I know of shady business people who buy what seems a generally successful business commodity, and then sack all the staff, sell off the assets and the property and end up with a tidy profit at the detriment to those who have an ongoing interest in the business.
Now I'm not accusing the Penns of such behaviour, but I am concerned regarding what happened to the sizable funds that resulted from the sale of the Manly Club. Toovey's comments in interview seem to imply activities within the club not in the interest of the football team, Brookvale Oval and the Sea Eagles future on the Northern Beaches.
So what can those in the know tell me. I guess Hasler's decision will tell us something
The most important issue concerned the sale of the Manly Leagues Club to Chinese investors for reportedly $35 million in 2015. Now according to Kent, the Penn family bought the football team for $7.5 million but that also included the Manly Leagues Club. Now the Penn's allege that they have spent on average $1-1.5 million annually on the football club, but the question is where did the $35 million go. I assume some probably went to pay debts, some to investors. But that leaves a lot of money unaccounted for. Did the Penns get the rest, in which case as Kent alleges, are they in fact in profit from their venture into Manly's League Club.
My fear is that I know of shady business people who buy what seems a generally successful business commodity, and then sack all the staff, sell off the assets and the property and end up with a tidy profit at the detriment to those who have an ongoing interest in the business.
Now I'm not accusing the Penns of such behaviour, but I am concerned regarding what happened to the sizable funds that resulted from the sale of the Manly Club. Toovey's comments in interview seem to imply activities within the club not in the interest of the football team, Brookvale Oval and the Sea Eagles future on the Northern Beaches.
So what can those in the know tell me. I guess Hasler's decision will tell us something