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Sponsor buys Manly
By Dean Ritchie
04jun04
MANLY last night voted to be privately owned - and are now ready to poach the game's elite and reclaim the title as rugby league's most hated club.
In a historic decision, football club members last night voted 162-10 in favour of selling 62.5 per cent of the club to property developer Max Delmege, also the club's major sponsor.
The deal is worth $3.5 million, with Manly also to receive $1million in sponsorship from Delmege and a further $1million leagues club grant.
That gives the Sea Eagles a $5.5 million war chest with which to go after marquee players, just as they did famously during the 1970s, 80s and 90s, earning the wrath of rival fans but plenty of premierships.
Off contract players such as Ben Kennedy, Ruben Wiki, Matt Orford and Canberra's Joel Monaghan will be in the Sea Eagles' sights.
Delmege will buy 3.5 million shares over the balance of 2004-2005. The Manly football club will have 2million shares with Penn Sport taking 100,000.
An additional 4.4 million shares will be available to members, supporters and investors.
Sea Eagles executive director Paul Cummins said his club was now ready to enter the player market with vigour and spend up to the NRL's $3.25 million salary cap for the first time in four years.
"After June 30, we will be in the market to obtain two or three blue chip players," Cummins said.
Cummins described Delmege as a soul saver.
Delmege added: "I'm very passionate about this club and want to see it get back to where it was, a very successful rugby league team."
To pass last night's motion, the club needed to obtain more than 75 per cent of the vote from football club members, but received 93 per cent of the vote.
Manly chairman Joe Cross said his club would have faced financial difficulties as early as the end of this year had the Delmege money not arrived.
Cross said the privatisation model represented a new beginning for the Sea Eagles.
"Unlike other models we looked at, this model not only secures our future, but gives us an opportunity to rebuild the football club into a powerful financial force through an expanded membership base," Cross said.
Manly will have seven directors - two appointed by the football club, two appointed by Delmege and two directors appointed by Manly Leagues Club.
An independent chairman will be appointed by the six directors
By Dean Ritchie
04jun04
MANLY last night voted to be privately owned - and are now ready to poach the game's elite and reclaim the title as rugby league's most hated club.
In a historic decision, football club members last night voted 162-10 in favour of selling 62.5 per cent of the club to property developer Max Delmege, also the club's major sponsor.
The deal is worth $3.5 million, with Manly also to receive $1million in sponsorship from Delmege and a further $1million leagues club grant.
That gives the Sea Eagles a $5.5 million war chest with which to go after marquee players, just as they did famously during the 1970s, 80s and 90s, earning the wrath of rival fans but plenty of premierships.
Off contract players such as Ben Kennedy, Ruben Wiki, Matt Orford and Canberra's Joel Monaghan will be in the Sea Eagles' sights.
Delmege will buy 3.5 million shares over the balance of 2004-2005. The Manly football club will have 2million shares with Penn Sport taking 100,000.
An additional 4.4 million shares will be available to members, supporters and investors.
Sea Eagles executive director Paul Cummins said his club was now ready to enter the player market with vigour and spend up to the NRL's $3.25 million salary cap for the first time in four years.
"After June 30, we will be in the market to obtain two or three blue chip players," Cummins said.
Cummins described Delmege as a soul saver.
Delmege added: "I'm very passionate about this club and want to see it get back to where it was, a very successful rugby league team."
To pass last night's motion, the club needed to obtain more than 75 per cent of the vote from football club members, but received 93 per cent of the vote.
Manly chairman Joe Cross said his club would have faced financial difficulties as early as the end of this year had the Delmege money not arrived.
Cross said the privatisation model represented a new beginning for the Sea Eagles.
"Unlike other models we looked at, this model not only secures our future, but gives us an opportunity to rebuild the football club into a powerful financial force through an expanded membership base," Cross said.
Manly will have seven directors - two appointed by the football club, two appointed by Delmege and two directors appointed by Manly Leagues Club.
An independent chairman will be appointed by the six directors
