THE cashed-up Silvertails are officially back after two prominent Sydney businessmen splashed out $5 million to acquire a 22 per cent share in the Manly Sea Eagles.
In a massive financial fillip for the NRL club, Gary Wolman and Andrew Michael have bought 25 per cent of the 91 per cent shareholding of Manly’s majority owners, the Penn family.
It is a deal which absolutely secures Manly’s long-term survival and places the club’s value upwards of $22 million.
In a double dose of good news for the Sea Eagles, The Daily Telegraph can reveal the club will run out on to the field in 2016 with one of the richest jerseys in the NRL.
The new-look playing strip with major sponsor Coco Joy on the front is now worth around $2.9 million.
Sea Eagles chairman Scott Penn on Monday confirmed the move and revealed how the money will ensure Manly remain one of the NRL’s most glamorous clubs.
“We have bought a couple of minority shareholders into our shareholding,” Penn said.
“The club needed more money and we also wanted to diversify experience on the board to make sure we had some really strong new talent at the table, who also have their own networks. It will be great for sponsorship, great for bringing new people to the club.”
The Penns will continue to have full control of the famous Brookvale club.
Wolman and Michael will now take seats on the major seven-member Sea Eagles board. They will be part of the five-man Penn faction, which also includes Scott Penn, his father Rick Penn and Kerry Chrysiliou.
The Manly District Football Club own nine per cent of the club and have the remaining two seats. Wolman and Michael now each own 11 per cent of the entire club after purchasing 12.5 per cent of the Penn stake holding.
“It is fantastic. We need to make sure we have the right team off the field, the right team on the field and we have the right board,” Scott Penn said.
“This is an important step in trying to take the Sea Eagles to the next level and to continue to professionalise the club.”
Penn would not disclose how much the deal with Wolman and Michael was worth but it is understood to be around $5 million.
Wolman is a wealthy entrepreneur through plastic manufacturing while Michael is joint owner of a highly-successful apparel company. They are both highly-respected commercially.
The development comes as Manly enjoy an amazing off-season recruitment drive. Manly has endured the biggest clean-out — on and off the field — in the club’s long and successful history.
The Sea Eagles have recruited brilliantly, buying Lewis Brown, Nathan Green, Isaac John, Apisai Koroisau, Darcy Lussick, Tim Moltzen, Nate Myles, Matt Parcell, Martin Taupau and former rising rugby union star Tom Wright for next season.
Manly is already being discussed as a top four contender for next season. The acquisition of Wolman and Michael only adds to the club’s credibility and power.
In a massive financial fillip for the NRL club, Gary Wolman and Andrew Michael have bought 25 per cent of the 91 per cent shareholding of Manly’s majority owners, the Penn family.
It is a deal which absolutely secures Manly’s long-term survival and places the club’s value upwards of $22 million.
In a double dose of good news for the Sea Eagles, The Daily Telegraph can reveal the club will run out on to the field in 2016 with one of the richest jerseys in the NRL.
The new-look playing strip with major sponsor Coco Joy on the front is now worth around $2.9 million.
Sea Eagles chairman Scott Penn on Monday confirmed the move and revealed how the money will ensure Manly remain one of the NRL’s most glamorous clubs.
“We have bought a couple of minority shareholders into our shareholding,” Penn said.
“The club needed more money and we also wanted to diversify experience on the board to make sure we had some really strong new talent at the table, who also have their own networks. It will be great for sponsorship, great for bringing new people to the club.”
The Penns will continue to have full control of the famous Brookvale club.
Wolman and Michael will now take seats on the major seven-member Sea Eagles board. They will be part of the five-man Penn faction, which also includes Scott Penn, his father Rick Penn and Kerry Chrysiliou.
The Manly District Football Club own nine per cent of the club and have the remaining two seats. Wolman and Michael now each own 11 per cent of the entire club after purchasing 12.5 per cent of the Penn stake holding.
“It is fantastic. We need to make sure we have the right team off the field, the right team on the field and we have the right board,” Scott Penn said.
“This is an important step in trying to take the Sea Eagles to the next level and to continue to professionalise the club.”
Penn would not disclose how much the deal with Wolman and Michael was worth but it is understood to be around $5 million.
Wolman is a wealthy entrepreneur through plastic manufacturing while Michael is joint owner of a highly-successful apparel company. They are both highly-respected commercially.
The development comes as Manly enjoy an amazing off-season recruitment drive. Manly has endured the biggest clean-out — on and off the field — in the club’s long and successful history.
The Sea Eagles have recruited brilliantly, buying Lewis Brown, Nathan Green, Isaac John, Apisai Koroisau, Darcy Lussick, Tim Moltzen, Nate Myles, Matt Parcell, Martin Taupau and former rising rugby union star Tom Wright for next season.
Manly is already being discussed as a top four contender for next season. The acquisition of Wolman and Michael only adds to the club’s credibility and power.
