The "cashed-up" National Rugby League side Manly Warringah Sea Eagles are "officially back after two prominent Sydney businessmen splashed out" A$5M ($3.6M) to acquire a 22% share in the club, according to Dean Ritchie of the Sydney DAILY TELEGRAPH. In a "massive financial fillip" for the club, Gary Wolman and Andrew Michael have bought 25% of the 91% shareholding of Manly's majority owners the Penn family. The deal "absolutely secures Manly's long-term survival and places the club's value upwards" of A$22M ($16M). In a "double dose of good news for the Sea Eagles," the club will run out onto the field in '16 "with one of the richest jerseys in the NRL." The "new-look playing strip with major sponsor Coco Joy on the front" is now worth around A$2.9M ($2.1M). Club Chair Scott Penn confirmed the move. He said, "We have bought a couple of minority shareholders into our shareholding. The club needed more money and we also wanted to diversify experience on the board to make sure we had some really strong new talent at the table, who also have their own networks. It will be great for sponsorship, great for bringing new people to the club." The Penns "will continue to have full control" of the club. Wolman and Michael "will now take seats on the major seven-member Sea Eagles board," and will be part of the five-man Penn faction. The Manly District Football Club own 9% of the club and has "the remaining two seats" (DAILY TELEGRAPH, 12/28).
