DUFFMAN
Bencher
Manly co-owner Scott Penn rejects rich bids to buy Manly Sea Eagles
Dean Ritchie, The Daily Telegraph
March 3, 2019 7:00pm
Manly have rejected three attempts from cashed-up investors to buy the Sea Eagles with bids as high as $18 million for the NRL club.
The Daily Telegraph can reveal three consortiums have made top-level approaches to majority owners the Penn family since late last year.
It is understood commercial waste removal company United Resources Management remain interested in acquiring the Brookvale-based club, while other private syndicates have also expressed a desire to buy Manly or become part owners of the club.
Manly Sea Eagles co-owner Scott Penn has revealed the club has been approached by investors. Picture: Tim Hunter.
Speaking from New York, where he is on business, Manly chairman and co-owner Scott Penn said his Sea Eagles were not for sale.
“No, we never had any thought of selling out,” Penn told The Daily Telegraph.
“Without going into specifics, we have had several approaches in the past three to six months to see if we would be interested in selling.
“They have all been politely declined as we are not sellers. It is flattering to know there is significant interest if we ever chose to sell.
“We know the value of the teams will continue to increase due to improving team profitability, increasing media engagement for the NRL, plus limited availability to purchase teams due to only a handful being privately held.”
Penn revealed the club knocked back all bids for the club. (Photo by Mark Evans/Getty Images)
The NSW State Government has committed $20 million in funding towards a centre of excellence, to be built at Brookvale Oval, that will further strengthen the Sea Eagles’ position.
“We are very focused on getting moving with our centre of excellence and ensuring the Sea Eagles are break even or better going forward,” Penn said.
Penn, however, didn’t reject inviting potential investors into the club should a redevelopment of the Brookvale Oval precinct be planned and approved in coming years.
“It would depend on what happens with the whole precinct around Lottoland,” Penn said. “There may be a time in the future where if the opportunity to develop was maximised through some form of (public-private partnership) or public float, we would look at it.
The upgrades to Lottoland will influence future investors. (AAP Image/Dan Himbrechts)
“The most important outcome for us is to make sure the Sea Eagles continue to perform at the highest level in perpetuity.
“To do that we need a high performance centre of excellence and ultimately a modern boutique ground that comfortably seats 15,000 to 20,000 and can be utilised by other sports.
“There is nothing better than a packed Lottoland and we want to make sure we make every home game the best it can be in the future.”
Industry insiders value the club at between $15-$20 million. There was talk last year a Middle Eastern group had shown interest, armed with $12 million, but Penn rejected the approach before any official offer could be tabled.
Manly, who have appeared in 19 grand finals and won eight since joining the NSWRL competition in 1947, are desperate to improve on last year’s 15th-placed finish.
It is understood Manly coach Des Hasler is working with more resources this season than former coach Trent Barrett, who famously bought his own outdoor furniture for the team’s common room last year.
The Sea Eagles defeated the Sydney Roosters 38-20 in their final trial match at Gosford on Saturday night, with halves Kane Elgey and Trent Hodkinson impressing.
The pair are competing to partner Daly Cherry-Evans at the Sea Eagles’ scrumbase for their round-one match against Wests Tigers at Leichhardt Oval.
The Roosters rested their grand final side while Manly stars Jake Trbojevic, Tom Trbojevic, Martin Taupau, Apisai Koroisau and Joel Thompson didn’t play.
Recruit Brendon Elliot is expected to replace the injured Tom Trbojevic at fullback.
Dean Ritchie, The Daily Telegraph
March 3, 2019 7:00pm
Manly have rejected three attempts from cashed-up investors to buy the Sea Eagles with bids as high as $18 million for the NRL club.
The Daily Telegraph can reveal three consortiums have made top-level approaches to majority owners the Penn family since late last year.
It is understood commercial waste removal company United Resources Management remain interested in acquiring the Brookvale-based club, while other private syndicates have also expressed a desire to buy Manly or become part owners of the club.
Manly Sea Eagles co-owner Scott Penn has revealed the club has been approached by investors. Picture: Tim Hunter.
Speaking from New York, where he is on business, Manly chairman and co-owner Scott Penn said his Sea Eagles were not for sale.
“No, we never had any thought of selling out,” Penn told The Daily Telegraph.
“Without going into specifics, we have had several approaches in the past three to six months to see if we would be interested in selling.
“They have all been politely declined as we are not sellers. It is flattering to know there is significant interest if we ever chose to sell.
“We know the value of the teams will continue to increase due to improving team profitability, increasing media engagement for the NRL, plus limited availability to purchase teams due to only a handful being privately held.”
Penn revealed the club knocked back all bids for the club. (Photo by Mark Evans/Getty Images)
The NSW State Government has committed $20 million in funding towards a centre of excellence, to be built at Brookvale Oval, that will further strengthen the Sea Eagles’ position.
“We are very focused on getting moving with our centre of excellence and ensuring the Sea Eagles are break even or better going forward,” Penn said.
Penn, however, didn’t reject inviting potential investors into the club should a redevelopment of the Brookvale Oval precinct be planned and approved in coming years.
“It would depend on what happens with the whole precinct around Lottoland,” Penn said. “There may be a time in the future where if the opportunity to develop was maximised through some form of (public-private partnership) or public float, we would look at it.
The upgrades to Lottoland will influence future investors. (AAP Image/Dan Himbrechts)
“The most important outcome for us is to make sure the Sea Eagles continue to perform at the highest level in perpetuity.
“To do that we need a high performance centre of excellence and ultimately a modern boutique ground that comfortably seats 15,000 to 20,000 and can be utilised by other sports.
“There is nothing better than a packed Lottoland and we want to make sure we make every home game the best it can be in the future.”
Industry insiders value the club at between $15-$20 million. There was talk last year a Middle Eastern group had shown interest, armed with $12 million, but Penn rejected the approach before any official offer could be tabled.
Manly, who have appeared in 19 grand finals and won eight since joining the NSWRL competition in 1947, are desperate to improve on last year’s 15th-placed finish.
It is understood Manly coach Des Hasler is working with more resources this season than former coach Trent Barrett, who famously bought his own outdoor furniture for the team’s common room last year.
The Sea Eagles defeated the Sydney Roosters 38-20 in their final trial match at Gosford on Saturday night, with halves Kane Elgey and Trent Hodkinson impressing.
The pair are competing to partner Daly Cherry-Evans at the Sea Eagles’ scrumbase for their round-one match against Wests Tigers at Leichhardt Oval.
The Roosters rested their grand final side while Manly stars Jake Trbojevic, Tom Trbojevic, Martin Taupau, Apisai Koroisau and Joel Thompson didn’t play.
Recruit Brendon Elliot is expected to replace the injured Tom Trbojevic at fullback.
