McManus was just 23 years old when he was offered the huge amount of money and at the time he didn't have another offer from a rival network.
"He wasn't walking away going, 'Channel 10 will pick this up'," Helliar said, "That was not on the cards".
But McManus turned down the cash, for two main reasons.
"I think with Rove, the last thing he wanted to do was be put into a game show that he didn't want to do, and that was at the stage where people were paid good money to not do a lot," Helliar said.
"Rove had no interest in that ... But also, I think he knew he had a good team."
It wasn't until seven months after he said no to Channel Nine that an offer came through from another TV station.
They accepted and in 2000 McManus and his co-hosts started broadcasting Rove Live on Channel 10.
Helliar was a part of Rove Live until the show ended in 2009 and in the podcast he praised McManus as an incredibly generous host.
"We had a great chemistry and he was the most generous person on air," Helliar said.