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SBD Global/August 13, 2013/Franchises

Consortium Of Sponsors Teaming Up To Buy NRL Side Manly From Owner Penn Family

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The "bitter battle for control" of National Rugby League side Manly could "finally be over after a consortium of sponsors banded together to buy out the Penn faction," according to Adrian Proszenko of the SYDNEY MORNING HERALD. The Penn family flagged its intention to "sell their share of the club," which currently stands at 49.5%, at a recent board meeting. A consortium of "current and potential sponsors, including United Resource Management, Hall Chadwick and Mentor1 Financial, are in discussions about putting together an offer to buy out the Penns." Sponsor Kaspersky Lab is "across the negotiations." It is understood the Penns want about A$5M ($4.6M), "while the initial offer is likely to be closer" to A$4M (SMH, 8/13).
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