Manly's chances of long-term survival on Sydney's northern peninsula have received a massive boost after the NSW government pledged $6 million towards Brookvale Oval's redevelopment.

The cash comes on top of the $4 million offered by Warringah Council earlier this year and seemingly ensures the Sea Eagles remain at the NRL club's spiritual home.

The Sea Eagles have only survived the last five years because of the generosity of Max Delmege and Scott Penn - their families having pumped a combined $14m into the club.

Manly chief executive Grant Mayer said a renovated Brookvale Oval handed the club an increased chance of financial security.

"The Delmege and Penn families have invested $14 million in this club and when is enough enough," he told AAP.

"This decision means a lot, we want to turn multi-million dollar losses into break even seasons and provide some value for money for fans."

Penn, Manly's chairman, said the money cemented the club's football at the venue where the club started in 1947.

The Sea Eagles have chased $20 million in funding to renovate the antiquated ground and Wednesday's boost gets them halfway to reaching that goal.

Mayer added: "Anywhere between $6 million and $10 million from the Federal Government would see us with a boutique ground the Peninsula could be proud of for all codes of football."

The funding could not have come at a better time for the Sea Eagles with several Sydney clubs under financial stress because of taxes on poker machines at leagues clubs.

Manly forward Glenn Stewart was delighted.

"No teams like coming to Fortress Brookvale and we can maintain that great record well into the future at the great old ground and give our fans the facilities they deserve," he said.

"It is great to know we will be calling Brookie home for a long time to come."

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