stormshark
Jaws
Can't be replaced if no viable alternatives/options. We have to run with what we've got it seems!
Official Cronulla Sharks Board + Management
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Can't be replaced if no viable alternatives/options. We have to run with what we've got it seems!
IronShark
Moderator
You have run out of chances Barry and Co. Time to go...
SF
Mako Shark
Yes. Whether it's deserved or not the media will not move on until they get scalps.
Henchmann
Bull Shark
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I don’t understand the mentality of these people that hold the positions of Chairman and boards, probably because I’m not a despot I suppose? But really if I had performed in my job the unbelievably lousy job these guys have done, I would have resigned in embarrassment years ago??
You guys should all quit, do you really want your names to be the ones that are long remembered for destroying the club? Might be too late now anyway!
Thanks a lot fellas, you w@nkers.
You guys should all quit, do you really want your names to be the ones that are long remembered for destroying the club? Might be too late now anyway!
Thanks a lot fellas, you w@nkers.
I dont know if someone else has said this, sorry if they have.
Does anyone remember the Eels, You know how they were 28 million in debt. What ever happened to that story. They sacked their board and that was the last you heard of it.
Same has to be done here.
Does anyone remember the Eels, You know how they were 28 million in debt. What ever happened to that story. They sacked their board and that was the last you heard of it.
Same has to be done here.
slide rule
Jaws
Yeah, it’s funny how a $28 million debt can disappear over night isn’t it?
So either
A) The reported level of debt was bull****.
B) The debt is still there.
I'm glad you brought that up, I'll be watching the developments over there very closely now...
WillyInBris
Jaws
Yeah, it’s funny how a $28 million debt can disappear over night isn’t it?
So either
A) The reported level of debt was bull****.
B) The debt is still there.
I'm glad you brought that up, I'll be watching the developments over there very closely now...
They still have the debt but they are about 50mill asset rich.
They just don't have cash we are in the same boat.
As long as you can service that debt you are fine we are in the same boat at the moment we allegedly can service our debt as well.
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Cronulla Sharks boss Barry Pierce evaded bid to dump him
Cronulla Sharks boss Barry Pierce evaded bid to dump himThe Australian, Australia"There's no doubt in 12 months time Cronulla will be one of the most financially secure clubs in the NRL. This time next year you will be writing about Penrith, South Sydney and Manly." The board's stubborn refusal to stand aside was supported ...
Source: http://www.theaustralian.news.com.au/story/0,25197,25519285-2722,00.html
Cronulla Sharks boss Barry Pierce evaded bid to dump him
Brent Read and Stuart Honeysett
May 22, 2009
CRONULLA chairman Barry Pierce was one of five directors who sidestepped a hastily convened board meeting last Friday night at which his tenure was expected to be brought to an end.
The Australian has been told an email was sent to the nine directors late last week asking them to attend a board meeting at Cronulla Leagues Club, where more than half would be asked to stand down as a result of the drama engulfing the club.
Only four directors - Brett Crowley, Keith Ward, Don Anderson and Paul Tubridy - bothered to show up. Legally, it meant they could not hold a meeting. Pierce, one of the directors in the firing line, was among those who failed to attend.
News of the move to remove Pierce as chairman comes as the club prepares to start board elections today.
Pierce is unopposed as chairman but regardless of the election result, his time at Cronulla is clearly coming to an end.
There seems little chance the long-time Sharks servant can survive amid the controversy engulfing the club. It would be no surprise if he quit as early as today.
NRL chief executive David Gallop, who has called an urgent meeting with the Sharks board, conceded the club had some difficult decisions to make.
"Certainly that board has some tough issues to face up to," Gallop said.
"That's why I want to get down and get in front of them and hear what they've got to say. Cronulla is an important area for the game. The club's fans and its sponsors need to see some decisive steps taken."
The Sharks are reeling after a series of dramas, which began late last year when the club's financial woes became public.
In recent weeks things have spiralled out of control. The club has been battered by the Matthew Johns sex scandal, which cost it sponsors and goodwill.
The situation reached its nadir on Wednesday when news emerged that Sharks star Reni Maitua had failed a drug test.
Pierce has worn much of the criticism and it appears some of his fellow board members have lost patience. Pierce failed to return calls yesterday but The Weekend Australian revealed only days ago his health was suffering as a result of the drama enveloping the Sharks.
Even if he and the board members survive the election, which will be held over the next six days, they could lose their positions if members secure enough signatures to force an extraordinary general meeting.
Cronulla-Sutherland Leagues Club has about 18,000 members and at least 2000 are expected to attend the AGM on Thursday. Only 100 of them need to sign a resolution calling for an extraordinary general meeting.
"It would be a silly thing to do," Crowley said of removing the board en masse.
"But clearly I don't think it would hurt to have a bit of a board shake-up."
Despite predictions of doom and gloom, Crowley insisted the Sharks were edging towards becoming one of the most affluent clubs in Sydney, thanks to the proposed development surrounding Toyota Stadium.
In response to suggestions the Sharks were close to death, Crowley said: "It's juvenile, ignorant stuff.
"There's no doubt in 12 months time Cronulla will be one of the most financially secure clubs in the NRL. This time next year you will be writing about Penrith, South Sydney and Manly."
The board's stubborn refusal to stand aside was supported yesterday by Cronulla Sutherland Leagues Club general manager Michael Wilkins, who said the board members were bound by the constitution to remain in their roles.
"There has been much media comment and calls for the board of directors of Cronulla-Sutherland Leagues Club to stand down immediately," Wilkins said.
"The Cronulla-Sutherland Leagues Club is bound by its constitution and is currently in the process of conducting an election for the positions of eight directors.
"Calls for directors to resign would be in violation of the election process and therefore in violation of the club constitution.
"We ask that the election process be allowed to proceed unhindered."
Cronulla Sharks boss Barry Pierce evaded bid to dump himThe Australian, Australia"There's no doubt in 12 months time Cronulla will be one of the most financially secure clubs in the NRL. This time next year you will be writing about Penrith, South Sydney and Manly." The board's stubborn refusal to stand aside was supported ...
Source: http://www.theaustralian.news.com.au/story/0,25197,25519285-2722,00.html
Cronulla Sharks boss Barry Pierce evaded bid to dump him
Brent Read and Stuart Honeysett
May 22, 2009
CRONULLA chairman Barry Pierce was one of five directors who sidestepped a hastily convened board meeting last Friday night at which his tenure was expected to be brought to an end.
The Australian has been told an email was sent to the nine directors late last week asking them to attend a board meeting at Cronulla Leagues Club, where more than half would be asked to stand down as a result of the drama engulfing the club.
Only four directors - Brett Crowley, Keith Ward, Don Anderson and Paul Tubridy - bothered to show up. Legally, it meant they could not hold a meeting. Pierce, one of the directors in the firing line, was among those who failed to attend.
News of the move to remove Pierce as chairman comes as the club prepares to start board elections today.
Pierce is unopposed as chairman but regardless of the election result, his time at Cronulla is clearly coming to an end.
There seems little chance the long-time Sharks servant can survive amid the controversy engulfing the club. It would be no surprise if he quit as early as today.
NRL chief executive David Gallop, who has called an urgent meeting with the Sharks board, conceded the club had some difficult decisions to make.
"Certainly that board has some tough issues to face up to," Gallop said.
"That's why I want to get down and get in front of them and hear what they've got to say. Cronulla is an important area for the game. The club's fans and its sponsors need to see some decisive steps taken."
The Sharks are reeling after a series of dramas, which began late last year when the club's financial woes became public.
In recent weeks things have spiralled out of control. The club has been battered by the Matthew Johns sex scandal, which cost it sponsors and goodwill.
The situation reached its nadir on Wednesday when news emerged that Sharks star Reni Maitua had failed a drug test.
Pierce has worn much of the criticism and it appears some of his fellow board members have lost patience. Pierce failed to return calls yesterday but The Weekend Australian revealed only days ago his health was suffering as a result of the drama enveloping the Sharks.
Even if he and the board members survive the election, which will be held over the next six days, they could lose their positions if members secure enough signatures to force an extraordinary general meeting.
Cronulla-Sutherland Leagues Club has about 18,000 members and at least 2000 are expected to attend the AGM on Thursday. Only 100 of them need to sign a resolution calling for an extraordinary general meeting.
"It would be a silly thing to do," Crowley said of removing the board en masse.
"But clearly I don't think it would hurt to have a bit of a board shake-up."
Despite predictions of doom and gloom, Crowley insisted the Sharks were edging towards becoming one of the most affluent clubs in Sydney, thanks to the proposed development surrounding Toyota Stadium.
In response to suggestions the Sharks were close to death, Crowley said: "It's juvenile, ignorant stuff.
"There's no doubt in 12 months time Cronulla will be one of the most financially secure clubs in the NRL. This time next year you will be writing about Penrith, South Sydney and Manly."
The board's stubborn refusal to stand aside was supported yesterday by Cronulla Sutherland Leagues Club general manager Michael Wilkins, who said the board members were bound by the constitution to remain in their roles.
"There has been much media comment and calls for the board of directors of Cronulla-Sutherland Leagues Club to stand down immediately," Wilkins said.
"The Cronulla-Sutherland Leagues Club is bound by its constitution and is currently in the process of conducting an election for the positions of eight directors.
"Calls for directors to resign would be in violation of the election process and therefore in violation of the club constitution.
"We ask that the election process be allowed to proceed unhindered."
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Sharks sponsor Ricky Surace threatens to scrap deal
Sharks sponsor Ricky Surace threatens to scrap dealDaily Telegraph, Australia"I've had the right to do so because of the bad publicity, but I've remained loyal when other sponsors have left because I love the Cronulla Sharks. But enough is enough. I won't let the current board waste my money, I won't invest in them. ...
Source: http://www.news.com.au/dailytelegraph/story/0,22049,25520782-5006066,00.html
Sharks sponsor Ricky Surace threatens to scrap deal
Special investigation by Josh Massoud
May 22, 2009 12:00am
Threatening to scrap remainder of sponsorship deal with the Sharks...Ricky Surace. / The Daily Telegraph
CRONULLA'S biggest committed sponsor has vowed to walk away should this weekend's club election not claim the heads of directors who have reduced the Sharks to an endangered species.
Ricky Surace, boss of $170,000-a-season sponsor B2B Commercial, will scrap the remaining year of his deal if the incumbent board survives.
With major sponsor LG declining to extend its contract yesterday and other primary backers PKF and Fitness First reviewing their involvement beyond this year, B2B's withdrawal could potentially leave Cronulla's jersey worthless in 2010.
One of three independent candidates contesting the election, which begins at noon today and continues until next Wednesday, Surace last night said he could not con- tinue under the same regime that has driven Cronulla to the brink of insolvency.
"If there's no change at board level next week, I'll be returning my sponsorship," Surace said.
"I've had the right to do so because of the bad publicity, but I've remained loyal when other sponsors have left because I love the Cronulla Sharks. But enough is enough. I won't let the current board waste my money, I won't invest in them."
An election-eve investigation into the Sharks has revealed the club was flush with money just over a decade ago after a $13 million hand-out brokered during the Super League-ARL peace agreement in 1998.
But 11 years later, it is now mired in controversy and on death's door beneath the weight of a $9 million debt to St George Bank.
More than half the nine-man board have been in place throughout, with chairman Barry Pierce holding the reins all along.
Now, after detailed interviews with current and past administrators, The Daily Telegraph can reveal the reasons behind the spectacular fall.
Property capers
Cronulla have traditionally been asset-rich, owning hectares of land either side of Toyota Stadium.
The western tract is home to two major sports fields that officials identified as being ripe for commercialising after Cronulla escaped receivership in 1993.
"But certain members of the board would never go for the idea because they felt it would upset junior sports teams," one former administrator said. "To me, that sums up the problem with the club. For too long directors have been unwilling to upset anyone else . . . they are afraid to get in there and kick some a . . e.
"Unfortunately, many are more concerned about staying in power than doing what's best for the club."
The fact Cronulla also own their home ground has spawned other financial burdens. The club must pay for all costs, including turf, lighting and maintenance. Although it derives profits from signage and gate receipts, the board isn't able to raise a genuine alternative revenue stream in the form of another paying tenant.
Development oasis
The dream of a residential/business development standing alongside Sharkies Leagues Club has gone unrequited for much of the past two decades. Moves to rezone the massive car park adjacent to the club to accommodate a large-scale property project have been on foot since the 1990s, with the club investing $1.5 million into due diligence.
In October 2007, NSW planning minister Frank Sartor finally rezoned the land to cater for a hotel and housing for over-55s.
But the Sharks board pushed for a shopping complex with developer Parkview. By the time directors were warned that nearby Miranda Westfield would oppose another rezoning, almost a year of paying record poker-machine taxes had passed.
A majority of the board wanted to go down the retail path and had to be convinced at the 11th hour that they would face a legal challenge from Westfield.
The development application before council envisages a 150-room hotel, 150 residential apartments, supermarket and limited shops such as cafes, a medical centre and pharmacy. It will cost $90 million, but project manager Woolooware Bay Properties is confident of raising the money on the strength of the rezoned land's $30 million value.
Investors say a $5 million equity
drive will help keep the football club alive in 2010, with revenue generated from the hotel to kick-in the following year. They envisage the entire project to be complete by the end of 2012, at which point the Sharks would be self-sufficent and under no pressure to move.
Private matters
With the club struggling to survive, CEO Tony Zappia has thrown out the welcome mat for private investors to buy a share.
The Daily Telegraph can reveal that in August last year, a group of powerful businessmen were contacted to attend an information session at Sharkies.
"We turned up thinking it would be quite exclusive, only six or seven people," an invitee said.
"But when we got there, it was an auditorium full of 300 people.
"Without sounding pompous, there's a proper way to approach people you need and that's to reach out to them on a personal basis - not with every other man and his dog."
Sharks sponsor Ricky Surace threatens to scrap dealDaily Telegraph, Australia"I've had the right to do so because of the bad publicity, but I've remained loyal when other sponsors have left because I love the Cronulla Sharks. But enough is enough. I won't let the current board waste my money, I won't invest in them. ...
Source: http://www.news.com.au/dailytelegraph/story/0,22049,25520782-5006066,00.html
Sharks sponsor Ricky Surace threatens to scrap deal
Special investigation by Josh Massoud
May 22, 2009 12:00am
Threatening to scrap remainder of sponsorship deal with the Sharks...Ricky Surace. / The Daily Telegraph
CRONULLA'S biggest committed sponsor has vowed to walk away should this weekend's club election not claim the heads of directors who have reduced the Sharks to an endangered species.
Ricky Surace, boss of $170,000-a-season sponsor B2B Commercial, will scrap the remaining year of his deal if the incumbent board survives.
With major sponsor LG declining to extend its contract yesterday and other primary backers PKF and Fitness First reviewing their involvement beyond this year, B2B's withdrawal could potentially leave Cronulla's jersey worthless in 2010.
One of three independent candidates contesting the election, which begins at noon today and continues until next Wednesday, Surace last night said he could not con- tinue under the same regime that has driven Cronulla to the brink of insolvency.
"If there's no change at board level next week, I'll be returning my sponsorship," Surace said.
"I've had the right to do so because of the bad publicity, but I've remained loyal when other sponsors have left because I love the Cronulla Sharks. But enough is enough. I won't let the current board waste my money, I won't invest in them."
An election-eve investigation into the Sharks has revealed the club was flush with money just over a decade ago after a $13 million hand-out brokered during the Super League-ARL peace agreement in 1998.
But 11 years later, it is now mired in controversy and on death's door beneath the weight of a $9 million debt to St George Bank.
More than half the nine-man board have been in place throughout, with chairman Barry Pierce holding the reins all along.
Now, after detailed interviews with current and past administrators, The Daily Telegraph can reveal the reasons behind the spectacular fall.
Property capers
Cronulla have traditionally been asset-rich, owning hectares of land either side of Toyota Stadium.
The western tract is home to two major sports fields that officials identified as being ripe for commercialising after Cronulla escaped receivership in 1993.
"But certain members of the board would never go for the idea because they felt it would upset junior sports teams," one former administrator said. "To me, that sums up the problem with the club. For too long directors have been unwilling to upset anyone else . . . they are afraid to get in there and kick some a . . e.
"Unfortunately, many are more concerned about staying in power than doing what's best for the club."
The fact Cronulla also own their home ground has spawned other financial burdens. The club must pay for all costs, including turf, lighting and maintenance. Although it derives profits from signage and gate receipts, the board isn't able to raise a genuine alternative revenue stream in the form of another paying tenant.
Development oasis
The dream of a residential/business development standing alongside Sharkies Leagues Club has gone unrequited for much of the past two decades. Moves to rezone the massive car park adjacent to the club to accommodate a large-scale property project have been on foot since the 1990s, with the club investing $1.5 million into due diligence.
In October 2007, NSW planning minister Frank Sartor finally rezoned the land to cater for a hotel and housing for over-55s.
But the Sharks board pushed for a shopping complex with developer Parkview. By the time directors were warned that nearby Miranda Westfield would oppose another rezoning, almost a year of paying record poker-machine taxes had passed.
A majority of the board wanted to go down the retail path and had to be convinced at the 11th hour that they would face a legal challenge from Westfield.
The development application before council envisages a 150-room hotel, 150 residential apartments, supermarket and limited shops such as cafes, a medical centre and pharmacy. It will cost $90 million, but project manager Woolooware Bay Properties is confident of raising the money on the strength of the rezoned land's $30 million value.
Investors say a $5 million equity
drive will help keep the football club alive in 2010, with revenue generated from the hotel to kick-in the following year. They envisage the entire project to be complete by the end of 2012, at which point the Sharks would be self-sufficent and under no pressure to move.
Private matters
With the club struggling to survive, CEO Tony Zappia has thrown out the welcome mat for private investors to buy a share.
The Daily Telegraph can reveal that in August last year, a group of powerful businessmen were contacted to attend an information session at Sharkies.
"We turned up thinking it would be quite exclusive, only six or seven people," an invitee said.
"But when we got there, it was an auditorium full of 300 people.
"Without sounding pompous, there's a proper way to approach people you need and that's to reach out to them on a personal basis - not with every other man and his dog."
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Shark fin soup off the menu
Shark fin soup off the menuDaily Telegraph, AustraliaBy Josh Massoud CRONULLA directors planned to shout a Chinese feed for 140 selected friends at the conclusion of the leagues club election next Wednesday night. Despite trading on the brink of insolvency under a $9 million debt to St George Bank, ...
Source: http://www.news.com.au/dailytelegraph/story/0,22049,25520798-5001023,00.html
Shark fin soup off the menu
By Josh Massoud
May 22, 2009 12:00am
CRONULLA directors planned to shout a Chinese feed for 140 selected friends at the conclusion of the leagues club election next Wednesday night.
Despite trading on the brink of insolvency under a $9 million debt to St George Bank, the current board last month agreed to foot the entire bill for a lavish dinner to officially launch the club's new King Wan restaurant.
Each of the nine directors was to be granted a 10-seat table, which they were permitted to fill with a partner and eight guests of "their choice". Coach Ricky Stuart, CEO Tony Zappia, general manager Michael Wilkins and commercial manager Paul Donaghy were also extended the same privilege.
But the idea was howled down last week, when director Brett Crowley raised propriety concerns on the basis of the event being staged on the final day of voting.
Precise details were contained in an email circulated to club staff on May 12 - obtained by The Daily Telegraph this week.
The email revealed that chairman Barry Pierce was to personally distribute the invites from inside the club, with the club reimbursing King Wan owner Tony Leung $20 a head.
The club had also agreed to pay for all alcohol consumed on the evening, leaving it liable for a total bill of about $5000.
Laminated invitations trumpeted the dinner as King Wan's "Grand Opening". It was to begin at 6.30pm - just 2½ hours after polling closed in the downstairs foyer on the sixth and final day of voting.
When contacted about the dinner last night, Pierce described it as a "promotion".
The under-fire chairman also denied the latest scandal surrounding Reni Maitua's positive drugs test would prompt his resignation.
"I'm not going to stand-down - no one has challenged me," Pierce said yesterday.
Under Cronulla's constitution, the chairman can only be replaced if he is challenged directly.
Because the three independent candidates who are contesting the election have not nominated for the top job, Pierce will be automatically re-elected.
Shark fin soup off the menuDaily Telegraph, AustraliaBy Josh Massoud CRONULLA directors planned to shout a Chinese feed for 140 selected friends at the conclusion of the leagues club election next Wednesday night. Despite trading on the brink of insolvency under a $9 million debt to St George Bank, ...
Source: http://www.news.com.au/dailytelegraph/story/0,22049,25520798-5001023,00.html
Shark fin soup off the menu
By Josh Massoud
May 22, 2009 12:00am
CRONULLA directors planned to shout a Chinese feed for 140 selected friends at the conclusion of the leagues club election next Wednesday night.
Despite trading on the brink of insolvency under a $9 million debt to St George Bank, the current board last month agreed to foot the entire bill for a lavish dinner to officially launch the club's new King Wan restaurant.
Each of the nine directors was to be granted a 10-seat table, which they were permitted to fill with a partner and eight guests of "their choice". Coach Ricky Stuart, CEO Tony Zappia, general manager Michael Wilkins and commercial manager Paul Donaghy were also extended the same privilege.
But the idea was howled down last week, when director Brett Crowley raised propriety concerns on the basis of the event being staged on the final day of voting.
Precise details were contained in an email circulated to club staff on May 12 - obtained by The Daily Telegraph this week.
The email revealed that chairman Barry Pierce was to personally distribute the invites from inside the club, with the club reimbursing King Wan owner Tony Leung $20 a head.
The club had also agreed to pay for all alcohol consumed on the evening, leaving it liable for a total bill of about $5000.
Laminated invitations trumpeted the dinner as King Wan's "Grand Opening". It was to begin at 6.30pm - just 2½ hours after polling closed in the downstairs foyer on the sixth and final day of voting.
When contacted about the dinner last night, Pierce described it as a "promotion".
The under-fire chairman also denied the latest scandal surrounding Reni Maitua's positive drugs test would prompt his resignation.
"I'm not going to stand-down - no one has challenged me," Pierce said yesterday.
Under Cronulla's constitution, the chairman can only be replaced if he is challenged directly.
Because the three independent candidates who are contesting the election have not nominated for the top job, Pierce will be automatically re-elected.
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Cronulla sponsor threatens to walk if current club board stays
Cronulla sponsor threatens to walk if current club board staysFox Sports, AustraliaBy Josh Massoud Cronulla's biggest committed sponsor has vowed to walk away should this weekend's club election not claim the heads of directors who have reduced the Sharks to an endangered species. Ricky Surace, boss of $170000-a-season sponsor B2B ...
Source: http://www.foxsports.com.au/story/0,8659,25520875-23214,00.html
Cronulla sponsor threatens to walk if current club board stays
By Josh Massoud
May 22, 2009
Cronulla's biggest committed sponsor has vowed to walk away should this weekend's club election not claim the heads of directors who have reduced the Sharks to an endangered species.
Ricky Surace, boss of $170,000-a-season sponsor B2B Commercial, will scrap the remaining year of his deal if the incumbent board survives.
With major sponsor LG declining to extend its contract and other primary backers PKF and Fitness First reviewing their involvement beyond this year, B2B's withdrawal could potentially leave Cronulla's jersey worthless in 2010.
One of three independent candidates contesting the election, which begins at noon today and continues until next Wednesday, Surace said he could not continue under the same regime that has driven Cronulla to the brink of insolvency.
"If there's no change at board level next week, I'll be returning my sponsorship," Surace said.
"I've had the right to do so because of the bad publicity, but I've remained loyal when other sponsors have left because I love the Cronulla Sharks. But enough is enough. I won't let the current board waste my money, I won't invest in them."
An election-eve investigation into the Sharks has revealed the club was flush with money just over a decade ago after a $13million hand-out brokered during the Super League-ARL peace agreement in 1998.
But 11 years later, it is now mired in controversy and on death's door beneath the weight of a $9million debt to St George Bank.
More than half the nine-man board have been in place throughout, with chairman Barry Pierce holding the reins all along.
Now, after detailed interviews with current and past administrators, the reasons for the spectacular fall can be revealed.
Property capers
Cronulla have traditionally been asset-rich, owning hectares of land either side of Toyota Stadium.
The western tract is home to two major sports fields that officials identified as being ripe for commercialising after Cronulla escaped receivership in 1993.
"But certain members of the board would never go for the idea because they felt it would upset junior sports teams," one former administrator said.
"To me, that sums up the problem with the club. For too long directors have been unwilling to upset anyone else ... they are afraid to get in there and kick some a..e.
"Unfortunately, many are more concerned about staying in power than doing what's best for the club."
The fact Cronulla also own their home ground has spawned other financial burdens. The club must pay for all costs, including turf, lighting and maintenance. Although it derives profits from signage and gate receipts, the board isn't able to raise a genuine alternative revenue stream in the form of another paying tenant.
Development oasis
The dream of a residential/business development standing alongside Sharkies Leagues Club has gone unrequited for much of the past two decades.
Moves to rezone the massive car park adjacent to the club to accommodate a large-scale property project have been on foot since the 1990s, with the club investing $1.5million into due diligence.
In October 2007, NSW planning minister Frank Sartor finally rezoned the land to cater for a hotel and housing for over-55s.
But the Sharks board pushed for a shopping complex with developer Parkview. By the time directors were warned that nearby Miranda Westfield would oppose another rezoning, almost a year of paying record poker-machine taxes had passed.
A majority of the board wanted to go down the retail path and had to be convinced at the 11th hour that they would face a legal challenge from Westfield.
The development application before council envisages a 150-room hotel, 150 residential apartments, supermarket and limited shops such as cafes, a medical centre and pharmacy. It will cost $90million, but project manager Woolooware Bay Properties is confident of raising the money on the strength of the rezoned land's $30million value.
Investors say a $5million equity drive will help keep the football club alive in 2010, with revenue generated from the hotel to kick-in the following year. They envisage the entire project to be complete by the end of 2012, at which point the Sharks would be self-sufficent and under no pressure to move.
Private matters
With the club struggling to survive, CEO Tony Zappia has thrown out the welcome mat for private investors to buy a share.
It can be revealed that in August last year, a group of powerful businessmen were contacted to attend an information session at Sharkies.
"We turned up thinking it would be quite exclusive, only six or seven people," an invitee said.
"But when we got there, it was an auditorium full of 300 people.
"Without sounding pompous, there's a proper way to approach people you need and that's to reach out to them on a personal basis - not with every other man and his dog."
Cronulla sponsor threatens to walk if current club board staysFox Sports, AustraliaBy Josh Massoud Cronulla's biggest committed sponsor has vowed to walk away should this weekend's club election not claim the heads of directors who have reduced the Sharks to an endangered species. Ricky Surace, boss of $170000-a-season sponsor B2B ...
Source: http://www.foxsports.com.au/story/0,8659,25520875-23214,00.html
Cronulla sponsor threatens to walk if current club board stays
By Josh Massoud
May 22, 2009
Cronulla's biggest committed sponsor has vowed to walk away should this weekend's club election not claim the heads of directors who have reduced the Sharks to an endangered species.
Ricky Surace, boss of $170,000-a-season sponsor B2B Commercial, will scrap the remaining year of his deal if the incumbent board survives.
With major sponsor LG declining to extend its contract and other primary backers PKF and Fitness First reviewing their involvement beyond this year, B2B's withdrawal could potentially leave Cronulla's jersey worthless in 2010.
One of three independent candidates contesting the election, which begins at noon today and continues until next Wednesday, Surace said he could not continue under the same regime that has driven Cronulla to the brink of insolvency.
"If there's no change at board level next week, I'll be returning my sponsorship," Surace said.
"I've had the right to do so because of the bad publicity, but I've remained loyal when other sponsors have left because I love the Cronulla Sharks. But enough is enough. I won't let the current board waste my money, I won't invest in them."
An election-eve investigation into the Sharks has revealed the club was flush with money just over a decade ago after a $13million hand-out brokered during the Super League-ARL peace agreement in 1998.
But 11 years later, it is now mired in controversy and on death's door beneath the weight of a $9million debt to St George Bank.
More than half the nine-man board have been in place throughout, with chairman Barry Pierce holding the reins all along.
Now, after detailed interviews with current and past administrators, the reasons for the spectacular fall can be revealed.
Property capers
Cronulla have traditionally been asset-rich, owning hectares of land either side of Toyota Stadium.
The western tract is home to two major sports fields that officials identified as being ripe for commercialising after Cronulla escaped receivership in 1993.
"But certain members of the board would never go for the idea because they felt it would upset junior sports teams," one former administrator said.
"To me, that sums up the problem with the club. For too long directors have been unwilling to upset anyone else ... they are afraid to get in there and kick some a..e.
"Unfortunately, many are more concerned about staying in power than doing what's best for the club."
The fact Cronulla also own their home ground has spawned other financial burdens. The club must pay for all costs, including turf, lighting and maintenance. Although it derives profits from signage and gate receipts, the board isn't able to raise a genuine alternative revenue stream in the form of another paying tenant.
Development oasis
The dream of a residential/business development standing alongside Sharkies Leagues Club has gone unrequited for much of the past two decades.
Moves to rezone the massive car park adjacent to the club to accommodate a large-scale property project have been on foot since the 1990s, with the club investing $1.5million into due diligence.
In October 2007, NSW planning minister Frank Sartor finally rezoned the land to cater for a hotel and housing for over-55s.
But the Sharks board pushed for a shopping complex with developer Parkview. By the time directors were warned that nearby Miranda Westfield would oppose another rezoning, almost a year of paying record poker-machine taxes had passed.
A majority of the board wanted to go down the retail path and had to be convinced at the 11th hour that they would face a legal challenge from Westfield.
The development application before council envisages a 150-room hotel, 150 residential apartments, supermarket and limited shops such as cafes, a medical centre and pharmacy. It will cost $90million, but project manager Woolooware Bay Properties is confident of raising the money on the strength of the rezoned land's $30million value.
Investors say a $5million equity drive will help keep the football club alive in 2010, with revenue generated from the hotel to kick-in the following year. They envisage the entire project to be complete by the end of 2012, at which point the Sharks would be self-sufficent and under no pressure to move.
Private matters
With the club struggling to survive, CEO Tony Zappia has thrown out the welcome mat for private investors to buy a share.
It can be revealed that in August last year, a group of powerful businessmen were contacted to attend an information session at Sharkies.
"We turned up thinking it would be quite exclusive, only six or seven people," an invitee said.
"But when we got there, it was an auditorium full of 300 people.
"Without sounding pompous, there's a proper way to approach people you need and that's to reach out to them on a personal basis - not with every other man and his dog."
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Cronulla boss Barry Pierce reportedly evaded bid to dump him
Cronulla boss Barry Pierce reportedly evaded bid to dump himFox Sports, AustraliaPierce is unopposed as chairman but regardless of the election result, his time at Cronulla is clearly coming to an end. There seems little chance the long-time Sharks servant can survive amid the controversy engulfing the club. NRL chief executive ...
Source: http://www.foxsports.com.au/story/0,8659,25520858-23214,00.html
Cronulla boss Barry Pierce reportedly evaded bid to dump him
By Brent Read and Stuart Honeysett
May 22, 2009
Cronulla chairman Barry Pierce was one of five directors who sidestepped a hastily convened board meeting last Friday night at which his tenure was expected to be brought to an end.
An email was reportedly sent to the nine directors late last week asking them to attend a board meeting at Cronulla Leagues Club, where more than half would be asked to stand down as a result of the drama engulfing the club.
Only four directors - Brett Crowley, Keith Ward, Don Anderson and Paul Tubridy - bothered to show up. Legally, it meant they could not hold a meeting. Pierce, one of the directors in the firing line, was among those who failed to attend.
News of the move to remove Pierce as chairman comes as the club prepares to start board elections.
Pierce is unopposed as chairman but regardless of the election result, his time at Cronulla is clearly coming to an end.
There seems little chance the long-time Sharks servant can survive amid the controversy engulfing the club.
NRL chief executive David Gallop, who has called an urgent meeting with the Sharks board, conceded the club had some difficult decisions to make.
"Certainly that board has some tough issues to face up to," Gallop said.
"That's why I want to get down and get in front of them and hear what they've got to say. Cronulla is an important area for the game. The club's fans and its sponsors need to see some decisive steps taken."
The Sharks are reeling after a series of dramas, which began late last year when the club's financial woes became public.
In recent weeks things have spiralled out of control. The club has been battered by the Matthew Johns sex scandal, which cost it sponsors and goodwill.
The situation reached its nadir on Wednesday when news emerged that Sharks star Reni Maitua had failed a drug test.
Pierce has worn much of the criticism and it appears some of his fellow board members have lost patience. Pierce failed to return calls but it was revealed only days ago his health was suffering as a result of the drama enveloping the Sharks.
Even if he and the board members survive the election, which will be held over the next six days, they could lose their positions if members secure enough signatures to force an extraordinary general meeting.
Cronulla-Sutherland Leagues Club has about 18,000 members and at least 2000 are expected to attend the AGM on Thursday. Only 100 of them need to sign a resolution calling for an extraordinary general meeting.
"It would be a silly thing to do," Crowley said of removing the board en masse.
"But clearly I don't think it would hurt to have a bit of a board shake-up."
Despite predictions of doom and gloom, Crowley insisted the Sharks were edging towards becoming one of the most affluent clubs in Sydney, thanks to the proposed development surrounding Toyota Stadium.
In response to suggestions the Sharks were close to death, Crowley said: "It's juvenile, ignorant stuff.
"There's no doubt in 12 months time Cronulla will be one of the most financially secure clubs in the NRL. This time next year you will be writing about Penrith, South Sydney and Manly."
The board's stubborn refusal to stand aside was supported by Cronulla Sutherland Leagues Club general manager Michael Wilkins, who said the board members were bound by the constitution to remain in their roles.
"There has been much media comment and calls for the board of directors of Cronulla-Sutherland Leagues Club to stand down immediately," Wilkins said.
"The Cronulla-Sutherland Leagues Club is bound by its constitution and is currently in the process of conducting an election for the positions of eight directors.
"Calls for directors to resign would be in violation of the election process and therefore in violation of the club constitution.
"We ask that the election process be allowed to proceed unhindered."
Cronulla boss Barry Pierce reportedly evaded bid to dump himFox Sports, AustraliaPierce is unopposed as chairman but regardless of the election result, his time at Cronulla is clearly coming to an end. There seems little chance the long-time Sharks servant can survive amid the controversy engulfing the club. NRL chief executive ...
Source: http://www.foxsports.com.au/story/0,8659,25520858-23214,00.html
Cronulla boss Barry Pierce reportedly evaded bid to dump him
By Brent Read and Stuart Honeysett
May 22, 2009
Cronulla chairman Barry Pierce was one of five directors who sidestepped a hastily convened board meeting last Friday night at which his tenure was expected to be brought to an end.
An email was reportedly sent to the nine directors late last week asking them to attend a board meeting at Cronulla Leagues Club, where more than half would be asked to stand down as a result of the drama engulfing the club.
Only four directors - Brett Crowley, Keith Ward, Don Anderson and Paul Tubridy - bothered to show up. Legally, it meant they could not hold a meeting. Pierce, one of the directors in the firing line, was among those who failed to attend.
News of the move to remove Pierce as chairman comes as the club prepares to start board elections.
Pierce is unopposed as chairman but regardless of the election result, his time at Cronulla is clearly coming to an end.
There seems little chance the long-time Sharks servant can survive amid the controversy engulfing the club.
NRL chief executive David Gallop, who has called an urgent meeting with the Sharks board, conceded the club had some difficult decisions to make.
"Certainly that board has some tough issues to face up to," Gallop said.
"That's why I want to get down and get in front of them and hear what they've got to say. Cronulla is an important area for the game. The club's fans and its sponsors need to see some decisive steps taken."
The Sharks are reeling after a series of dramas, which began late last year when the club's financial woes became public.
In recent weeks things have spiralled out of control. The club has been battered by the Matthew Johns sex scandal, which cost it sponsors and goodwill.
The situation reached its nadir on Wednesday when news emerged that Sharks star Reni Maitua had failed a drug test.
Pierce has worn much of the criticism and it appears some of his fellow board members have lost patience. Pierce failed to return calls but it was revealed only days ago his health was suffering as a result of the drama enveloping the Sharks.
Even if he and the board members survive the election, which will be held over the next six days, they could lose their positions if members secure enough signatures to force an extraordinary general meeting.
Cronulla-Sutherland Leagues Club has about 18,000 members and at least 2000 are expected to attend the AGM on Thursday. Only 100 of them need to sign a resolution calling for an extraordinary general meeting.
"It would be a silly thing to do," Crowley said of removing the board en masse.
"But clearly I don't think it would hurt to have a bit of a board shake-up."
Despite predictions of doom and gloom, Crowley insisted the Sharks were edging towards becoming one of the most affluent clubs in Sydney, thanks to the proposed development surrounding Toyota Stadium.
In response to suggestions the Sharks were close to death, Crowley said: "It's juvenile, ignorant stuff.
"There's no doubt in 12 months time Cronulla will be one of the most financially secure clubs in the NRL. This time next year you will be writing about Penrith, South Sydney and Manly."
The board's stubborn refusal to stand aside was supported by Cronulla Sutherland Leagues Club general manager Michael Wilkins, who said the board members were bound by the constitution to remain in their roles.
"There has been much media comment and calls for the board of directors of Cronulla-Sutherland Leagues Club to stand down immediately," Wilkins said.
"The Cronulla-Sutherland Leagues Club is bound by its constitution and is currently in the process of conducting an election for the positions of eight directors.
"Calls for directors to resign would be in violation of the election process and therefore in violation of the club constitution.
"We ask that the election process be allowed to proceed unhindered."
Last edited by a moderator:
moruya shark
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Yes they have to go !!!!!
Mark^Bastard
Great White
Just read a news article apparently the NRL are going down there around midday today and by this afternoon we should hear some news be it good or bad.
BackRowMadness
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I'd say that management will go GONE! Good ridance
BackRowMadness
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