We have to pay for the new leagues club fit out. They will need that 12 mil for that.
and then the people who move into the apartments will start putting in noise complaints
We have to pay for the new leagues club fit out. They will need that 12 mil for that.
Yes agree, very different areas and we have a lot less gamblers than Hurstville. But if they build the rooftop terrace part right, no reason we couldn’t be successful along the lines of Menai. Just need to ensure that there is a very open tender process for the leagues club building, and that we use every bit of the escrowed money well.Yeah but far denser population around those clubs.
Anyway, hope it can be done but I'm skeptical.
Yeah but far denser population around those clubs.
Anyway, hope it can be done but I'm skeptical.
Yes agree, very different areas and we have a lot less gamblers than Hurstville. But if they build the rooftop terrace part right, no reason we couldn’t be successful along the lines of Menai. Just need to ensure that there is a very open tender process for the leagues club building, and that we use every bit of the escrowed money well.
The last ten years have been full of commercial/development in confidence secrets and NRL-sanction related secrets, and that is sort of understandable. But if this deal is finalised, time for the board to be 100% transparent in where the money goes.
Might be a good idea to try to acquire another club in a better location. Don’t close the one next to the ground. Just have a secondary club. The way Panthers etc own a heap of others.
We have to pay for the new leagues club fit out. They will need that 12 mil for that.
it wont cost anywhere near 12 million
Yes my thoughts too. They said last year it could cost anywhere from $5 million to $15 million or more depending on the options takenIsn't it nearly a whole new site .
Deck over Summertime bar.
Complete alteration to encompass that ?
Or recent renos will flow into the alterations required to make deck work ?
Most of the remaining club becoming the retail section of the development ?
I was hoping 12 mil is enough.
yeah I don’t know exactly where Bluestone stops and we start, but I think that is effectively our responsibility. They give us the slab and we build the pictured club. Could be wrongthat isnt a refurbishment though, that is a new build
I think with this deal they're probably giving up about $10-15 million of what they hoped to make from the development in return for the more guaranteed money now. That's based on my notes from last year's AGM if they were correct. Maybe a reasonable trade-off given the risks with the property downturn.
The share of the retail was planned to be sold off for a long time, and was never worth as much as speculated, certainly wasn't a river of gold.
I do worry about how the $18 million "future fund" would be invested, given a couple of things I've heard. Probably more reason to get an independent director or two on the board.
An $8 million State government grant for the Centre of Excellence was announced in 2017 but we had to match it dollar for dollar: https://www.sharks.com.au/news/2017/12/19/sharks-granted-centre-of-excellence-funding/ . Perhaps the Federal government is going to match that.
In the end this is all in the middle of the board election campaign, so I'll be sceptical of it all.
As for why the sharks did this.....the positive news story was obviously badly needed and, make no mistake, the NRL (and in particular Beetroot Head Beattie ) are keen to relocate them. This is the sharks way of saying F Off! If I were CEO, I would be looking to work / merge with the tradies and use their capital and enhance club balance sheet.
Does it matter if a club is solvent or not though?
I'm assuming each club has some kind of signed agreement with the NRL? It would be interesting to read it to see just how or when a club's agreement can be terminated. Or is the agreement renewed periodically?
If the club is not solvent then liquidators could potentially move on their assets (ie the field) and sell to highest bidder. Given it is a beneficiary of the residential rezoning they could, quite feasibly loose the oval as it would be sold out from under them to a residential developer. And yes, there would be an agreement with NRL that requires club to be solvent or they would have certain rights, so vital they remain solvent.
I can't answer that question, but I'm sure there'd be some details from when Souths were kicked out and then reinstated. I believe there was a legal case there as well as the backlash.
Sorry, not so much talking about the development, more so if the NRL decided they no longer wanted us.
Do they need to wait for us to be insolvent to flick us? Sure, it would make it far easier if we weren't, but I'm sure they could git rid of us regardless if they wanted to.
I personally think they’ll add 2 teams in 20-22 - Brisbane 2 and Perth.