Scott Penn says club will survive departures of Cherry-Evans and Foran

[double hoops]

Penns be lucky to survive this year. So far their control has promised the world and delivered nothing. No big signings since they on board the clubs gone to ****. Kelly's made rookie error after.rookie error. How dare these snobs point the finger.at the proven successful coach.

 

[lsz]

And how are they not going to survive? They are the sole owners so unless they decide to sell up (not likely considering the new tv rights deal coming up) they are not going anywhere

 

[Kevinward777]

And how are they not going to survive? They are the sole owners so unless they decide to sell up (not likely considering the new tv rights deal coming up) they are not going anywhere

Shame really.

 

[lsz]

It just is what it is - no point whinging or doing petitions

It will no change unless the penn family decide they want it to

 

[EagleFromMay1967]

Scott Penn - the man's a genius.

 

[double hoops]

Business men who know nothing about footy. especially ones who are tight arises lol. I dare them to sack toov's. They might think they run the show. The more they piss ppl off the more it cost them $. crowd numbers, memberships,
sponsors, players. People already leaving in droves. We will see how long they hang around. lol seriously sponsors would jump at a club giving bubbles boy a fourth chance. They have no f****ing idea. They will run when the money in starts to hurts.

 

[JenEagle]

I think fundamentally the Penns are good business people and very passionate about the club.

However they thought it would be easy and have underestimated how difficult running a NRL club is and also underestimated what a great job David Perry, Grant Mayer and even Des Hasler did to run the club prior to their majority ownership.

 

[Kevinward777]

They are lost it would seem.

 

[Mavin]

Crowe is a fan first and it shows he doesn't seem to nickel and dime players Penn is a business person first and maybe than a fan and it shows.

 

[Loobs]

The great job those guys did? Spare me please! All that finals footy and a couple of premierships and all we got out of it was the back ended contract drama and what? A small profit one year and a loss almost all others! People think they did a great job because we were winning but the board was shambles and the club pissed all their success away with nothing to show for it in terms of money in the bank. We've needed two financial saviours just to keep going. First Max and now the Penns. Talk about head in the sand...

 

[HappilyManly]

They're not going till the Warringah Council approves the rezoning and development of the land previously owned by the Members of the Leagues Club.

The footy arm is a necessary distraction to the real game - real estate

Simple math

Then again, they may like losing money on an addiction like a sporting Team or race horses or yachts.....

 

[Jatz Crackers]

Business men who know nothing about footy. especially ones who are tight arises lol. I dare them to sack toov's. They might think they run the show. The more they piss ppl off the more it cost them $. crowd numbers, memberships,
sponsors, players. People already leaving in droves. We will see how long they hang around. lol seriously sponsors would jump at a club giving bubbles boy a fourth chance. They have no f****ing idea. They will run when the money in starts to hurts.

Thank you. Knowing just how bad things are makes my next decision so much easier.

Let it be known today that the entertainment venue I hired for the dual act, (Penn hanging & the fans mass suicide) will not be cancelled just because we won a game last night. Everything will continue as planned. The show must go on.

 

[Mavin]

The great job those guys did? Spare me please! All that finals footy and a couple of premierships and all we got out of it was the back ended contract drama and what? A small profit one year and a loss almost all others! People think they did a great job because we were winning but the board was shambles and the club pissed all their success away with nothing to show for it in terms of money in the bank. We've needed two financial saviours just to keep going. First Max and now the Penns. Talk about head in the sand...

Money in the bank lol do you know how many teams make any money ? 2 without a rich leagues club pouring in millions.

So if the Penns are hoping to make money they will be disappointed.

 

[tookey]

Money in the bank lol do you know how many teams make any money ? 2 without a rich leagues club pouring in millions.

So if the Penns are hoping to make money they will be disappointed.

The Penns buying the leagues club for $7.5m (possibly $15m if they also bought the car park) and selling it for $31m sounds like making money to me

Manly Leagues Club puts Penn to paper with multi-million dollar deal

• By Dean Ritchie
• The Daily Telegraph
• April 22, 2009 12:00AM

The Penn family has outlaid $7.5million to buy Manly Leagues Club and score a thumping victory over co-owner and rival Max Delmege.

At a general meeting, members voted 164-18 (90 per cent) in favour of selling the Leagues Club premises to the Penn family.

The Manly Leagues Club board will now start work on refurbishing the club's run-down Pittwater Rd premises immediately after receiving a $2.1million loan from the family.

The Penns claimed a win over a faction led by Delmege and local businessman Phil Franks, who opposed the sale, claiming members could obtain a stronger financial deal.

Penn chairman Rick Penn said his company also had an option of outlaying another $7.5million to buy the adjacent car park.

Delmege was part of an original joint venture with Penn but the deal collapsed when Delmege withdrew.

Manly Leagues Club, pending Warringah Council approval, will remain on the ground floor with commercial offices in the above floor.

It is understood that the Leagues Club had debts of $10million and was on the brink of complete financial collapse.

This deal will allow the Leagues Club to now settle its bank debts.

The Leagues Club will lease back the premises at $540,000 per annum.

Should they purchase it, Penn could lease the carpark for an additional $300,000 a year.

"It gives Manly some certainty and we can now move forward," Penn told The Daily Telegraph.

"This also shores up the future of the Sea Eagles.

"Everyone is now on the same bus. We have a common ownership to keep the Sea Eagles in Brookvale.

"We want the Leagues Club to be successful and for Manly to be a big family. We have given $7.5million to the Leagues Club and loaned them another $5.6million. They have $13.1million and the carpark is still theirs.

"This has also guaranteed the Leagues Club's tenure in its current location for another seven years."

Manly's future looks bright with the Leagues Club now safe and the redevelopment of Brookvale Oval ready to proceed.

"We want to make Brookvale a centre for families and fans - we want to improve facilities at the Leagues Club and Brookvale Oval," Penn said.

Manly chairman Bob Reilly applauded the members' decision.

"This certainly gives us a decade of stability," Reilly said.

"In that time I hope we can put together, with the new renovations, a very good business plan and gain a healthy revenue stream."

 

[Mavin]

The Penns buying the leagues club for $7.5m (possibly $15m if they also bought the car park) and selling it for $31m sounds like making money to me

Manly Leagues Club puts Penn to paper with multi-million dollar deal

• By Dean Ritchie
• The Daily Telegraph
• April 22, 2009 12:00AM

The Penn family has outlaid $7.5million to buy Manly Leagues Club and score a thumping victory over co-owner and rival Max Delmege.

At a general meeting, members voted 164-18 (90 per cent) in favour of selling the Leagues Club premises to the Penn family.

The Manly Leagues Club board will now start work on refurbishing the club's run-down Pittwater Rd premises immediately after receiving a $2.1million loan from the family.

The Penns claimed a win over a faction led by Delmege and local businessman Phil Franks, who opposed the sale, claiming members could obtain a stronger financial deal.

Penn chairman Rick Penn said his company also had an option of outlaying another $7.5million to buy the adjacent car park.

Delmege was part of an original joint venture with Penn but the deal collapsed when Delmege withdrew.

Manly Leagues Club, pending Warringah Council approval, will remain on the ground floor with commercial offices in the above floor.

It is understood that the Leagues Club had debts of $10million and was on the brink of complete financial collapse.

This deal will allow the Leagues Club to now settle its bank debts.

The Leagues Club will lease back the premises at $540,000 per annum.

Should they purchase it, Penn could lease the carpark for an additional $300,000 a year.

"It gives Manly some certainty and we can now move forward," Penn told The Daily Telegraph.

"This also shores up the future of the Sea Eagles.

"Everyone is now on the same bus. We have a common ownership to keep the Sea Eagles in Brookvale.

"We want the Leagues Club to be successful and for Manly to be a big family. We have given $7.5million to the Leagues Club and loaned them another $5.6million. They have $13.1million and the carpark is still theirs.

"This has also guaranteed the Leagues Club's tenure in its current location for another seven years."

Manly's future looks bright with the Leagues Club now safe and the redevelopment of Brookvale Oval ready to proceed.

"We want to make Brookvale a centre for families and fans - we want to improve facilities at the Leagues Club and Brookvale Oval," Penn said.

Manly chairman Bob Reilly applauded the members' decision.

"This certainly gives us a decade of stability," Reilly said.

"In that time I hope we can put together, with the new renovations, a very good business plan and gain a healthy revenue stream."

Yes that deal. I'm talking in general scheme of running a football club.