The Manly-Warringah Leagues Club, the Australian rugby league club, will sell its Brookvale club premises to Penn Sport for US$5.3 million.

Penn Sport holds a number of shares in the Manly-Warringah Sea Eagles, the club's National Rugby League side, which won the NRL Premiership last year. Bob Reilly, the club chairman, emphasised that this purchase of the club premises has not affected the company's stake in the Sea Eagles.

"The deal will allow us to retire all outstanding bank debt," Reilly added. "This delivers a great deal of certainty for the club and members and means we can continue our support for the mighty Sea Eagles as they set out to defend their NRL title. We've traded positively over the past seven months and with the support of Penn Sport, we now have far greater control over our future. There will be no more talk about the 'embattled' Manly Leagues."

The Sea Eagles, based in Sydney, have won seven Premiership titles, including the 2008 edition of the competition. They are the current world champions, having defeated British side Leeds Rhinos in the World Club Challenge.

Under the terms of the contract, Penn Sport is believed to have a five-year option to purchase car parks and an existing residential property for a further $5.3 million.