Manly's major sponsor Max Delmege has revealed he had put forward a proposal for the public to buy shares in the Sea Eagles in order to protect the National Rugby League club.

Delmege was one of two parties to express an interest in privatising Manly by tonight's deadline - the other was marketing company Penn Sport, which put forward its proposal last month.

Manly officials will sift through the two schemes over the next two weeks and wouldn't rule out investigating whether the two parties would be interested in forming an alliance.

The club is looking to sell a 50 per cent stake in itself in order to shore up its future.

"My expression of interest was made in order to protect the club so you can keep it in the hands of supporters, the current club members and the thousands of fans," said Delmege, who was critical of the Penn Sport offer when it was made public in December.

"What I am saying is that you give ownership to the people who would like a share of the club.

"What I am endeavouring to do is protect the club."

Manly chairman Joe Cross and executive director Paul Cummings have been appointed by the board to a sub-committee to investigate the two bids over the next two weeks.

The board will then make a decision on which offer to take to its members, who will have the final say at a general meeting.

Cross said the club was in no rush and revealed it could investigate whether Penn Sports and Delmege could find some common ground.

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