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THE saviours of Manly Sea Eagles Scott Penn and Max Delmege are again coming to the rescue with a cool $15 million to save Manly League Club.
The Sea Eagles Corporation, owned by the two families, are proposing to buy the major share in the club's title holdings in an attempt to clear the Brookvale landmark's debts.
The $15 million cash injection will be used to clear $10 million in debts, buy a 2000 sq m property next to the club and finance a major renovation.
Board members have approved the proposal and the Pittwater Rd club's 20,000 members will vote on the takeover next month.
Mr Penn said the company was keen to align both the football club and the league club.
"From our perspective it just makes sense," he said. "This move will further cement the relationship between the team and the club."
Manly League Club chairman Bob Reilly said the board was delighted the club would continue to trade and prosper in a new, modern club house well into the future.
"This proposal enables us to have an exciting immediate future, where others are simply marking time and hoping things will get better," he said.
The club's financial woes stem from its attempt to support the Eagles in 1999 when, after 42 years of renting the clubhouse from the pre-privatised Eagles, the club bought the property.
The interest accrued on the debt has placed increasing strain on the club's trading position. The new arrangement will offer the club a long-term lease at an agreed rental on a clubhouse on the existing site and the car park.
The Sea Eagles Corporation, owned by the two families, are proposing to buy the major share in the club's title holdings in an attempt to clear the Brookvale landmark's debts.
The $15 million cash injection will be used to clear $10 million in debts, buy a 2000 sq m property next to the club and finance a major renovation.
Board members have approved the proposal and the Pittwater Rd club's 20,000 members will vote on the takeover next month.
Mr Penn said the company was keen to align both the football club and the league club.
"From our perspective it just makes sense," he said. "This move will further cement the relationship between the team and the club."
Manly League Club chairman Bob Reilly said the board was delighted the club would continue to trade and prosper in a new, modern club house well into the future.
"This proposal enables us to have an exciting immediate future, where others are simply marking time and hoping things will get better," he said.
The club's financial woes stem from its attempt to support the Eagles in 1999 when, after 42 years of renting the clubhouse from the pre-privatised Eagles, the club bought the property.
The interest accrued on the debt has placed increasing strain on the club's trading position. The new arrangement will offer the club a long-term lease at an agreed rental on a clubhouse on the existing site and the car park.