DIEHARD
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- 7,037
By Brad Walter
Manly football club members will vote on a new privatisation deal that gives major sponsor Max Delmege a controlling stake in the Sea Eagles.
Under the proposal, which has been approved by the Manly board, Delmege will purchase 62.5 per cent of the club for $3.5 million.
In return, he will receive 3.5 million shares in a new company called Manly Warringah Sea Eagles Limited, with the existing football club taking another two million shares and Penn Sports buying 100,000 shares at $1 each.
Included in the agreement, which will be put to members at an extraordinary general meeting on June 3, is that:
the club remains known as Manly Warringah Sea Eagles;
the colours be maroon and white; and
all home games be played at Brookvale Oval.
Members were told in an information package mailed out this week that it was envisaged that majority control would eventually return to the football club through the issue of preference shares.
During time, Delmege intends to sell down his shareholding to 15 per cent, with the football club aiming to raise $1 million per year through membership.
The Sea Eagles hope to increase the number of football club members from about 500 to more than 5000 during the next five years.
Manly Leagues Club will continue to provide an annual funding grant of $1 million.
SMH
Manly football club members will vote on a new privatisation deal that gives major sponsor Max Delmege a controlling stake in the Sea Eagles.
Under the proposal, which has been approved by the Manly board, Delmege will purchase 62.5 per cent of the club for $3.5 million.
In return, he will receive 3.5 million shares in a new company called Manly Warringah Sea Eagles Limited, with the existing football club taking another two million shares and Penn Sports buying 100,000 shares at $1 each.
Included in the agreement, which will be put to members at an extraordinary general meeting on June 3, is that:
the club remains known as Manly Warringah Sea Eagles;
the colours be maroon and white; and
all home games be played at Brookvale Oval.
Members were told in an information package mailed out this week that it was envisaged that majority control would eventually return to the football club through the issue of preference shares.
During time, Delmege intends to sell down his shareholding to 15 per cent, with the football club aiming to raise $1 million per year through membership.
The Sea Eagles hope to increase the number of football club members from about 500 to more than 5000 during the next five years.
Manly Leagues Club will continue to provide an annual funding grant of $1 million.
SMH
