Rick Penn Increases Stake in NRL’s Manly Sea Eagles
By Community | October 23, 2014
Multi-millionaire Rick Penn has secured a 90 per cent stake in National Rugby League (NRL) Manly Sea Eagles.
Penn now owns 90 per cent of the Sea Eagles, asthma after buying out co-owners Quantum in a deal estimated at around $6 million late on Wednesday night.
Manly has been troubled by internal strife for several years and the Penn buy-out is set to put an end to that.
The Penn family announced on Thursday they had agreed to terms with the Quantum Group to buy their stake in the Sea Eagles effective immediately.
“We want to thank The Quantum Group for their contribution to the Sea Eagles over the past three years and their major sponsorship prior to that, ailment ” Scott Penn said in a club statement.
“We acknowledge that the past couple of years off the field have been difficult, however we are committed to ensuring the Sea Eagles are a world-class organisation under consolidated ownership.
“There are a number of exciting initiatives which we will be announcing over the coming weeks to ensure our members are as excited as we are about 2015.”