SF
Mako Shark
We should buy Fusion at Cronulla, another step towards owning the whole mall
Can they put $80 of it for an angle grinder to chop down those cursed speakers?
Sadly sold off in Feb 2023We should buy Fusion at Cronulla, another step towards owning the whole mall
Riccio?From a Tele article.
SHARKS
Shrewd investments by the current Cronulla board and management in property and land have set the Sharks up to be in their strongest financial position in the club’s 57-year history.
The purchase of Kareela golf club, which included 12,065 square metres of land for $4.6 million in 2020, is delivering an extra $1 million in profit annually.
The potential for development of the land is real with an independent evaluation of the land estimated at $12.7 million.
The Sharks have also purchased a 562 sqm retail/commercial freehold building in the main street of Cronulla.
The huge fly in the ointment for the Sharks is the long overdue completion of their $750 million leagues club development on the land they own adjacent to Shark Park.
Broken promises from the developer and builder has led to the inordinate delay and cost blow outs by $30 million with no finish line in sight. The longer the club remains unfinished, the longer the financial pain will deepen for the Sharks, particularly with being unable to trade on their biggest return day of game-day.
Easing the pain is a new relationship with US-based billionaire and tragic Sharks fan Mike Dorrell, who recently handed a $5 million donation to the club.
RICH LIST RATING: $$$
We should buy Fusion at Cronulla, another step towards owning the whole mall
From a Tele article.
SHARKS
Shrewd investments by the current Cronulla board and management in property and land have set the Sharks up to be in their strongest financial position in the club’s 57-year history.
The purchase of Kareela golf club, which included 12,065 square metres of land for $4.6 million in 2020, is delivering an extra $1 million in profit annually.
The potential for development of the land is real with an independent evaluation of the land estimated at $12.7 million.
The Sharks have also purchased a 562 sqm retail/commercial freehold building in the main street of Cronulla.
The huge fly in the ointment for the Sharks is the long overdue completion of their $750 million leagues club development on the land they own adjacent to Shark Park.
Broken promises from the developer and builder has led to the inordinate delay and cost blow outs by $30 million with no finish line in sight. The longer the club remains unfinished, the longer the financial pain will deepen for the Sharks, particularly with being unable to trade on their biggest return day of game-day.
Easing the pain is a new relationship with US-based billionaire and tragic Sharks fan Mike Dorrell, who recently handed a $5 million donation to the club.
RICH LIST RATING: $$$
ZambrerosWe should have a presence in the adjacent food court. Apply for a Macca’s (an another popular, well known) franchise and set up a store.
No it’s still for sale. Offers over 4.9 million:Sadly sold off in Feb 2023
It’s good having Zambrero food truck at the ground now.Zambreros
Yep, I did think of them (and listed them initially) but not sure how “profitable “ they are compared to a Macca’sZambreros
Damn. I only have 4.8m!No it’s still for sale. Offers over 4.9 million:
Pretty sure the sharks now have 5!Damn. I only have 4.8m!
No it’s still for sale. Offers over 4.9 million:
I’ll get the rest if you wanna go halves?Damn. I only have 4.8m!
Yeah I’m not real serious. There’s a reason it’s been on the market for years. It’s mainly its proximity to 94 cronulla st. But still only half a buildingFusion's is not worth 4.9mil
Yeah I’m not real serious. There’s a reason it’s been on the market for years. It’s mainly its proximity to 94 cronulla st. But still only half a building
Well the $25 million doesn't cover the leagues club fitout. Kareela and the retail site were bought from the development money. And the leagues club and ground were always there.The Sharks now have $25 million cash in the bank.
They have purchased Kareela Golf club (worth $15 million), a retail site $8 million and own the leagues club and home ground (combined $40 million).
And as Mace and Mezzatesta now insists – they are here to stay.
This has always been my concern, it's just too hard to work out the actual status until everything is finished.The huge annual losses were hidden from members in balance sheets masked with funds from sales of the Woolooware Bay development used to camouflage the heavy losses.
We are lucky at least that we have a brand and mascot that could relocate easily if we were forced to. Perth, Sunshine Coast, South Island would all be decent fits. Compared to the red and black Bears.Back in 2018 the situation was so bad that the board was even presented with a plan to relocate to Western Australia.
“Perth Venues did come and meet with us but we quickly hit that on the head,” Mace said, “No way was that ever going to happen.”
Totally agree . This is not the usual Steve Mace style.Standard puff piece, makes me more nervous than reassured. Sounds like they are anticipating some tough questions at the AGM on Wednesday.