SF
Mako Shark
We should buy Fusion at Cronulla, another step towards owning the whole mall 
Official Cronulla Sharks Board + Management
- Thread starter Google News
- Start date
Art Vandelay
Tiger Shark
ill chip in
Gal The Goat
Grey Nurse
- Joined
- Feb 21, 2021
- Messages
- 667
- Reaction score
- 287
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: $$$
SHARKS
Shrewd investments by the current Cronulla board and management in property and land have set the Sharks up to be in their strongest financial position in the club’s 57-year history.
The purchase of Kareela golf club, which included 12,065 square metres of land for $4.6 million in 2020, is delivering an extra $1 million in profit annually.
The potential for development of the land is real with an independent evaluation of the land estimated at $12.7 million.
The Sharks have also purchased a 562 sqm retail/commercial freehold building in the main street of Cronulla.
The huge fly in the ointment for the Sharks is the long overdue completion of their $750 million leagues club development on the land they own adjacent to Shark Park.
Broken promises from the developer and builder has led to the inordinate delay and cost blow outs by $30 million with no finish line in sight. The longer the club remains unfinished, the longer the financial pain will deepen for the Sharks, particularly with being unable to trade on their biggest return day of game-day.
Easing the pain is a new relationship with US-based billionaire and tragic Sharks fan Mike Dorrell, who recently handed a $5 million donation to the club.
RICH LIST RATING: $$$
Gibs
Great White
Western Sharkie
Jaws
Riccio?
Western Sharkie
Jaws
I think "Broken promises from the developer and builder" is a bit rich.
It's unfortunate circumstances as to why it's not yet complete. To name a few:
1. Tendering prices for the contract was off prices 2 years before covid struck, as was the signing of the contract.
2. Price escalation post covid in construction (let alone everywhere else) is enormous. Just look at your grocery bill.
3. A couple of key contractors on site went bust during covid (including the formworker who was the biggest subbie onsite). The cost to replace those were huge
4. Sharks took an educated gamble to re-use existing club shell instead of demolishing. Unfortunately this didn't pan out like they would have hoped (eg the facade needed a stack of bracing work and the roof required replacing)
The list goes on but you get my point.
Zambreros
SF
Mako Shark
No it’s still for sale. Offers over 4.9 million:
SF
Mako Shark
It’s good having Zambrero food truck at the ground now.
Western Sharkie
Jaws
Yep, I did think of them (and listed them initially) but not sure how “profitable “ they are compared to a Macca’s
Proud Shark
Jaws
- Joined
- Feb 3, 2015
- Messages
- 8,273
- Reaction score
- 2,561
Pretty sure the sharks now have 5!
I’ll get the rest if you wanna go halves?
SF
Mako Shark
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
egg
Jaws
- Joined
- Apr 11, 2010
- Messages
- 12,846
- Reaction score
- 1,035
What’s the Buzz: Memo reveals how close Sharks were to Perth move
Just two years after claiming their breakthrough title, Cronulla were on the verge of moving to Perth. PHIL ROTHFIELD reveals the letter that shows how close the Sharks went to being broke.The document has revealed just how close the Cronulla Sharks came to going broke and being forced out of the NRL – just two years after their fairytale 2016 premiership victory.
The Sunday Telegraph has obtained a secret show-cause notice sent from former NRL chief
executive Todd Greenberg to the Sharks in 2018, calling on the club to provide evidence it was financially sustainable to continue to hold a licence.
A relocation to Perth was even put on the table.
“The situation was as grim as it gets and not what you expect when joining a board,” says chairman Steve Mace, “we were showing annual multimillion-dollar underlying trading losses.”
Over an eight-year period the club had combined losses of more than $20 million, dealing with the crippling costs from the peptide scandal, salary cap cheating and football club overspending.
The Sharks of 2018 were in dire straits off the field. Picture: Mark Kolbe/Getty Images
Mace is quick to praise his board and management team for the stunning turnaround – a story of an astonishing financial comeback in which the club now has assets of almost $90 million – plus the support of billionaire U.S. businessman Mike Dorrell, who recently donated $5 million to the club.
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.”
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.
When Barry Russell quit as chief executive and Mace installed himself as the acting head of administration and Dino Mezzatesta, then Chairman and now CEO, headed up a substantial rebuild.
The fightback began in earnest.
“First we had to prove we were financially capable of holding onto our licence,” Mezzatesta said.
“It’s nice to win a premiership but not when the business is going broke.
“We had to provide a plan that we could sustainably build our way out of it.
“We had to roll the sleeves up and make it happen.”
Importantly the Sharks had independent commission chairman Peter Beattie and a then new commissioner – Peter V’landys – in their corner.
While the show cause notice came from Greenberg and the NRL’s chief financial officer Tony Crawford, V’landys and Beattie were determined to save the club.
“We have sure come a long way,” Mezzatesta said, “The support from Peter V’landys and the commission was rock solid when we really needed them.”
Mace is a highly successful businessman, believed to be worth several hundred million dollars in his own right.
He refuses to be critical of the previous administration and only agreed to comment in the story to give context around the show cause notice.
“You can’t pass judgement unless you were in their shoes at the time,” Mace said, “The off-field problems they were dealing with have been well documented.
“I have personally treated the club like it was my own business. That’s how important it is.
“We reengineered the whole structure and were very fortunate to build a board and management team led by Dino (Mezzatesta) capable of making the smart and strategic decisions that have led to where we are now.”
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.
SF
Mako Shark
Standard puff piece, makes me more nervous than reassured. Sounds like they are anticipating some tough questions at the AGM on Wednesday.
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.
This has always been my concern, it's just too hard to work out the actual status until everything is finished.
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.
Last edited: