The Qatari pitch is believed to be worth somewhere between $10 million and $15 million, a figure that would allow Penn to recoup the losses he has made on the football club. The parties have been in discussions about the proposal, the Penns indicating they will only consider selling off a fraction of their shares over a period of time. However, the syndicate has no interest in a minority stake and wants to buy the club outright.

As a sign of good faith, the Qataris are prepared to cover the cost of the NRL’s salary cap fine – $750,000, of which $250,000 is suspended – as a deposit on the Sea Eagles. The bid also has a major sponsor waiting in the wings in Qatar Airways, one of the world’s leading airlines.

The club’s current major backer, Lottoland, could soon be hamstrung by the Federal Government’s proposal to ban online lottery betting sites in Australia.

The investors behind the bid have also made a play for St George Illawarra, although the joint-venture outfit to date hasn’t shown a willingness to do a deal. The Dragons have been holding out for WIN Corporation to come back to the negotiating table, although it remains to be seen whether WIN supremo Bruce Gordon or his son Andrew will do so.

The focus of the Qataris is now squarely on Manly and the parties are scheduled to meet in coming weeks in an attempt to do a deal.