gong_eagle
First Grade
- Messages
- 7,655
Big win for Penn family
By Dean Ritchie | April 22, 2009
http://www.news.com.au/dailytelegraph/sport/nrl/story/0,26799,25368903-5006066,00.html
THE Penn family last night outlaid $7.5 million 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 Penns.
The Manly Leagues Club board will now start work on refurbishing the club's run-down Pittwater Rd premises immediately after receiving a $2.1 million 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 $7.5 million 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.
Brett Stewart injury: Stats show Manly's season could be over
Jamie Lyon: I'll play rep footy - if I must
It is understood that the Leagues Club had debts of $10 million 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 $7.5 million to the Leagues Club and loaned them another $5.6 million. They have $13.1 million 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."
By Dean Ritchie | April 22, 2009
http://www.news.com.au/dailytelegraph/sport/nrl/story/0,26799,25368903-5006066,00.html
THE Penn family last night outlaid $7.5 million 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 Penns.
The Manly Leagues Club board will now start work on refurbishing the club's run-down Pittwater Rd premises immediately after receiving a $2.1 million 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 $7.5 million 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.
Brett Stewart injury: Stats show Manly's season could be over
Jamie Lyon: I'll play rep footy - if I must
It is understood that the Leagues Club had debts of $10 million 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 $7.5 million to the Leagues Club and loaned them another $5.6 million. They have $13.1 million 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."
