Manly Sea Eagles Chairman Scott Penn has made a bid to wrest sole control of the club

[Canteen Worker]

STRIFE-TORN Manly yesterday descended into further turmoil when chairman Scott Penn made a left-field legal power play for control of the club. The Daily Telegraph can reveal Penn's company has started legal action to acquire all shares currently held by fellow Sea Eagles co-owner, Quantum.


Read the full article

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It's on again!!!!

 

[Masked Eagle]

Strange indeed.

Just saw the article on the telecrap. They have a picture of Penn looking like he means business. He's accompanied in the photo by Manly CEO .... Grant Mayer!!! Things are changing.

 

[Dessy]

This would only be a positive thing if Penn did succeed, although it will not be pretty seeing it go through court.

 

[tookey]

Grant Mayer is back! Excellent.

Hey Dessy while you are posting here can you tell us what really happened?

 

[Dessy]

Grant Mayer is back! Excellent.

Hey Dessy while you are posting here can you tell us what really happened?

It would make it a lot easier wouldn't it haha

 

[Berkeley_Eagle]

Strange indeed.

Just saw the article on the telecrap. They have a picture of Penn looking like he means business. He's accompanied in the photo by Manly CEO .... Grant Mayer!!! Things are changing.

Funny how that is the picture they go with

 

[bones]

Ye$ plea$e De$$ie, tell u$ the full $tory plea$e???

 

[The Gronk]

I have a feeling this thread is going to lead to a shortage of tin foil hats in Sydney.

 

[Berkeley_Eagle]

you got yours

 

[The Truth]

Great move by Scott Penn if he can pull this off it's going to see westbec's power on the Nrl club's board erode dramatically can't way to read Vidmar and Jonesyv2's spin on this.

 

[SeaEagleRock8]

If the owners have been unable to vote as a block then having only one owner would have to be an improvement.

The implication is that Quantum & Penn have been at loggerheads - if Penn & quantum had been voting together they would have the numbers to pass anything they wanted.

The legal manoevre seems a bit dubious, hopefully Penn knows what he is doing.

 

[SeaEagle007]

I just posted a comment on to the daily telegraph to make sure that they get there facts right before posting. I mean i nearly jizzed myself thinking Grant Meyer was our CEO again..

 

[HappilyManly]

Not happy!

A full Penn Family ownership is what Zorba had lobbied for initially.
As they did not want to put in enough monies, it fell through and the Delmege setup was initiated. Karma re Zorba's redundancy was ironic to me.

Common theme seems to be that Penn wants everyone's financial input, but have autonomy for decisions.

IMO if the FC is not involved, Manly will be relocated, as Penn is on record for Corporate facilities being a major financial injection into HIS Club.

The article clearly states that Delmege did not sell his ownership, rather, Quantum bought shares in Surfside, the holder of said shares. Pity that yet another co-Owner is being shafted by Penn.

Having a single owner of a Community Football Club does not necessarily mean that the Board's decision will please the Coach, Staff, Players or Supporters. A sole owner, could liquidate or merge to make the Business return what they accept.

As a Gold Member I just love watching the Manly style of play. I could not attend any Northern Eagles games for this reason. And I fear that I may not have my beloved Sea Eagles for much longer with these constant ownership machinations.

Not happy!

 

[Jonesyv2]

This is what I have always feared, luckily the Fc own the preference share

 

[Volley]

This is what I have always feared, luckily the Fc own the preference share

If they've got the Preference share, why would you be worried about a majority share holder?

Doesn't make sense that you'd be fearful of this.

 

[Jonesyv2]

I was replying to happly manlys fear of the team moving

 

[Canteen Worker]

I don't know the facts HappilyManly but from what I understand, Penn's main gripe appears to be that he is the one putting the money in but has no control over the MWSE board.

It has been reported that a 5-2 vote is required, meaning that at least one of the Football Club/Leagues Club block must support a proposal to pass it. I thought the opposite to you, that the Football Club makes minimal input in terms of finance, but has total control over the owners and can stymie anything.

With Penn having bought into the Leagues Club, it is hardly likely that he would seek to take Manly elsewhere. Can you imagine the drop in support? It would be crazy. The constitution doesn't allow it anyway.

I think the relocation story is a furphy being pushed by the Football Club and that there is little credence in it. Scare tactics work well.

Another way of looking at the article (in the Telly of course, with their agenda) is that Max, whilst no longer financially able to contribute, is still involved behind the scene, though that is merely conjecture.

What is certain is, that despite the appointment of Tooves, is that the board ruckus has not gone away.

I suppose the next thing will be that Zorba is leaking more club info to the telly to push his own agenda!!

 

[Matabele]

Anyone who has been on the ASX website would know Quantum are in all sorts. Their revenue dropped 46% in the past FY and their cash reserves at the end of June were $120000. They are easy pickings.

As for nuffies suggesting the Penn agenda is to move the club, do you understand what a preference share is???

 

[mickyj]

The main point is that MAx and now quantem seem to be in the position that when the club is back on its feet ownership will return to the FC fully.

What is Penn's position here?
I think the change should be that 4 to 3 is enough to get most things over the line at board level.

 

[swoop]

I see another 14 or 15 page thread coming up, filled with the same innuendo, lies, propaganda and BS and none of us will be any wiser re. what the real problem is.