Emerging from the failed merger through 2002, Manly were still on shaky ground both on and off the field. The reversion of the NRL licence to Manly meant that contracts with the Northern Eagles were now void. Waiting on further payments, many players left and the club soon developed a high turnover of journeyman and fringe first graders which saw a further lack of stability both on and off the field. With no major sponsor and little public interest with either spectators or through merchandise, the club's finances were so bad that the football club was only days from closing its doors midway through the 2002 season. In June, initial efforts by the Penn family and then a multimillion-dollar deal with local developer, Max Delmege, led to the future privatisation of the club and financial security.