Penn revealed his family has pumped $10 million into the club over the past decade on the proviso they would receive increased funding following the code’s new $1.3 billion broadcast deal.

The Manly boss and all other club leaders remain strong in demanding the ARL honour the memorandum that was agreed to 12 months ago as they continue to fight to stay afloat.   

“It is crucial to Manly that they abide by the agreement that we struck 12 months ago, it’s as simple as that,” Penn told Newscorp.

“That delivers the club financial security, it delivers the money they deserve and there is still enough left over to grow the grassroots.

“We have put over $10 million into the club over the past 10 years and one of the reasons we have done it is we knew one day the club would be financially sustainable under a new funding model.

“And that’s what we thought we negotiated 12 months ago.

“We made decisions over the past 12 months based on that MOU being in place.

“And that is where the frustration is now, we’ve had to put those plans on hold.

“The fact is every club is losing money and that is not a sustainable business model.”

All NRL club chairman entered a vote of no-confidence in an attempt to remove ARL Chairman John Grant who had promised then reneged on paying clubs 130 percent of the salary cap from 2018.