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EXCLUSIVE by Dean Ritchie From: The Daily Telegraph October 31, 2011 12:00AM
MANLY's boardroom is bracing for more bloodshed with waste and recycle company United Resources Management poised to launch a hostile $5.5 million takeover bid for the club.
Sources close to URM told The Daily Telegraph their company was seeking to become the club's major shareholder by buying out Penn Sport, which owns 40.72 per cent of the Manly Sea Eagles.
There were also rumblings that another major Manly shareholder, Quantum, was at loggerheads with Scott Penn, Manly's chairman.
Penn Sport has constantly said it would remain with Manly "long-term" but a $5.5 million offer - more than double what Penn Sport originally paid to buy into Manly - may tempt the company to walk away from Brookvale.
There were suggestions Quantum wanted to oust Penn as chairman but that would require a 6-1 vote through the club's constitution and Penn Sport has two votes at board level. But the two votes are not enough for the Penns with rival shareholders Quantum Energy, Manly's football club and Manly Leagues club "ganging up" with their combined five votes to defeat the Penns on most issues, including the sacking of 40-year official Peter Peters.
Quantum and former co-owner Max Delmege hold a 37.24 per cent stake in the club, Manly football club 13.11 per cent and Manly Leagues club 8.9 per cent.
It seems the board is fractured beyond repair. Penn is overseas and was unavailable for comment last night. Penn Sport executives are privately concerned the constant boardroom bickering could be damaging the company's brand name.
The next chapter will arrive in a few weeks at the football club elections with under-siege chairman Bob Reilly facing a monumental battle to retain his position after his key role in Peters' demise.
Peters has signalled he may now run against Reilly at the football club elections next month and also in the leagues club elections next February. The drama comes as Manly had three valuable employees quit over the past few days. Dave Warwick, coaching and development manager, has left for Canterbury, Alicia Keogh, events and game-day operations manager, has joined the RAS Showgrounds while Jessica Ivers, the club's digital media manager, also resigned.
Keogh and Ivers were huge supporters of Peters. And the problems don't end there.
Manly staff members are stunned at how little time rookie COO David Perry spends at the club's Narrabeen base. It seems Perry spends much of his time working at Penn's North Sydney offices - angering Quantum. One well-placed staff member said: "I don't know what he looks like."
Manly players are firmly behind Des Hasler for 2012, despite some board members wanting the coach sacked immediately. Players Jason King and Glenn Stewart told club officials Hasler must remain at Brookvale next season. Any board decision to punt Hasler would cause a player mutiny.
With elected board members already facing extinction at the coming elections, none would have the gumption to upset the premiership-winning playing group.
http://www.dailytelegraph.com.au/sp...ock-manly-eagles/story-e6frexnr-1226180814997
MANLY's boardroom is bracing for more bloodshed with waste and recycle company United Resources Management poised to launch a hostile $5.5 million takeover bid for the club.
Sources close to URM told The Daily Telegraph their company was seeking to become the club's major shareholder by buying out Penn Sport, which owns 40.72 per cent of the Manly Sea Eagles.
There were also rumblings that another major Manly shareholder, Quantum, was at loggerheads with Scott Penn, Manly's chairman.
Penn Sport has constantly said it would remain with Manly "long-term" but a $5.5 million offer - more than double what Penn Sport originally paid to buy into Manly - may tempt the company to walk away from Brookvale.
There were suggestions Quantum wanted to oust Penn as chairman but that would require a 6-1 vote through the club's constitution and Penn Sport has two votes at board level. But the two votes are not enough for the Penns with rival shareholders Quantum Energy, Manly's football club and Manly Leagues club "ganging up" with their combined five votes to defeat the Penns on most issues, including the sacking of 40-year official Peter Peters.
Quantum and former co-owner Max Delmege hold a 37.24 per cent stake in the club, Manly football club 13.11 per cent and Manly Leagues club 8.9 per cent.
It seems the board is fractured beyond repair. Penn is overseas and was unavailable for comment last night. Penn Sport executives are privately concerned the constant boardroom bickering could be damaging the company's brand name.
The next chapter will arrive in a few weeks at the football club elections with under-siege chairman Bob Reilly facing a monumental battle to retain his position after his key role in Peters' demise.
Peters has signalled he may now run against Reilly at the football club elections next month and also in the leagues club elections next February. The drama comes as Manly had three valuable employees quit over the past few days. Dave Warwick, coaching and development manager, has left for Canterbury, Alicia Keogh, events and game-day operations manager, has joined the RAS Showgrounds while Jessica Ivers, the club's digital media manager, also resigned.
Keogh and Ivers were huge supporters of Peters. And the problems don't end there.
Manly staff members are stunned at how little time rookie COO David Perry spends at the club's Narrabeen base. It seems Perry spends much of his time working at Penn's North Sydney offices - angering Quantum. One well-placed staff member said: "I don't know what he looks like."
Manly players are firmly behind Des Hasler for 2012, despite some board members wanting the coach sacked immediately. Players Jason King and Glenn Stewart told club officials Hasler must remain at Brookvale next season. Any board decision to punt Hasler would cause a player mutiny.
With elected board members already facing extinction at the coming elections, none would have the gumption to upset the premiership-winning playing group.
http://www.dailytelegraph.com.au/sp...ock-manly-eagles/story-e6frexnr-1226180814997
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