Official Cronulla Sharks Board + Management

[fitz]

you're found out Fitz!!

Without sounding too much like Fat Bastard, I've had pieces of corn in my crap bigger than Damian Irvine.

But yes, we share the same hair stylist.

 

[dylan the villian]

Without sounding too much like Fat Bastard, I've had pieces of corn in my crap bigger than Damian Irvine.

But yes, we share the same hair stylist.

Haha and that's about as close as the resemblance goes!

 

[fancyman]

He who laughs last laughs loudest,
To all those smart ass answers
Buy today's telegraph.

 

[sharks2010]

He who laughs last laughs loudest,
To all those smart ass answers
Buy today's telegraph.

im sweet for toilet paper
What's in it?

 

[snowman]

Buy the smh, Read Proschenko's article. Our stadium is the ****ing security.

 

[sharks2010]

Sydney Morning Herald Cronulla Sharks delivered out of debt by pizza entrepreneur Paul Ellams
Sydney Morning Herald
Cronulla Sharks delivered out of debt by pizza entrepreneur Paul Ellams
DateMarch 1, 2014
Adrian Proszenko
Chief Rugby League Reporter

Read more: http://www.smh.com.au/rugby-league/l...#ixzz2ucScyEnn

The deal frees the Sharks from a heavy debt burden and could help the club ward off offers for Andrew Fifita. Photo: Brendan Esposito

A pizza shop owner has emerged as the mystery investor who has freed Cronulla of the bank debt that once threatened to ruin the club.

Fairfax Media can reveal a debt of about $3.5 million has been mortgaged to the superannuation fund of Paul Ellams to discharge a long-standing loan from St George Bank. The club's home ground of Remondis Stadium has been given as security.

Ellams is a Cronulla resident and Sharks supporter who recently negotiated the deal with club officials. The 60-year-old is a local businessman and developer who has run a number of companies, including a concreting business and a laundromat, which he has sold off in recent years. He is a friend of former Shimano boss John Dunphy, a local identity who considered running at the last board elections, and friends with several directors.

The identity of the mystery man has been a closely guarded by the club. However, Ellams spoke candidly about his involvement while on a fishing trip to Port Stephens. ''I've spoken to the new board about the club and which direction it's going to go,'' he said. ''I have a lot of faith in the club, and I thought we'd get rid of St George Bank and go forward from there. There were some business [discussions] with those guys, they make a few bucks, I make a few bucks, and that's as far as it went.''

Cronulla were on the brink of collapse when they owed the bank $14 million, and their future was at the mercy of the lender. However, an advance of $10 million from the long-awaited redevelopment of the Remondis Stadium
precinct in August 2012 wiped almost a $1 million a year in servicing fees, as the average interest rate was about 7.5 per cent.

Fairfax Media has obtained documents that show Remondis Stadium has been mortgaged to KPE superannuation, the private super fund for Paul and Kym Ellams. While Ellams wouldn't go into the details, he said the deal was a win for himself and the club.

''The commercial terms are I have first mortgage over the building, that's it really,'' he said. ''It helps the Sharks, and I've got a finger in the pie, too. It works both ways. They scratch my back, and I scratch theirs. That's as far as it goes.''

Cronulla insiders have raised concerns about the club being beholden to an unidentified figure, given the proposal wasn't communicated to members before the deal went ahead. It also raises questions about what could happen to the Sharks and their home ground if the loan were to be called in.

''What are the risks and the penalties? There's no security or terms around the deal that have been communicated to members,'' a source said. ''There have been a few concerns about the lack of transparency.''

The extra financial strength will help the Sharks in their bid to keep star prop Andrew Fifita, who has been the subject of significant interest from rugby and rival NRL clubs.

While he has sold out of most of his business interests, Ellams remains the owner of Al's Pizza, Pasta and Ribs on Kingsway. ''It's better the kids work there than in McDonalds; they earn more money there,'' he said. ''We bought that for something to do, and all the kids work there and my mates work there as well. It's a bit of a sideline for the kids.''

The Sutherland Shire entrepreneur was confident the Sharks had a bright future on and off the field. ''They've got a good young side that will go all right this year,'' he said. ''I don't think they will win the premiership but if in the next couple of years they keep recruiting young people they will be fine.''

Twitter - @proshenks

Source: http://news.google.com/news/url?sa=t...228-33r59.html

was talked about in the development plan thread

 

[Shark]

Banks are regulated by APRA and they way they hold security and price that security and any associated risk is governed and monitored extensively.

We've just sold the farm. We're now nothing more than tenants.

 

[Nulla Boy]

Banks are regulated by APRA and they way they hold security and price that security and any associated risk is governed and monitored extensively.

We've just sold the farm. We're now nothing more than tenants.

That's a load of ****.

 

[baanya]

We've just sold the farm. We're now nothing more than tenants.

Way off mate .. It's not that unusual deal to be done ...A lot of super funds take over existing debts as they provide higher rates of return than cash or fixed interest ... He would have no ability to do anything serious to the club....his mortgage over the stadium would equate to less than 5% ...

He probably had the 3.5mil sitting in a term deposit with a bank at 3.7% in his self managed super fund .. An now he is earning 4.5% from the club an saving the club at the same time ..

 

[BlackWhiteBlue]

Would this be mortgaging the whole stadium? Surely not. The land would be worth that.

 

[fitz]

Would this be mortgaging the whole stadium? Surely not. The land would be worth that.

KPE Superannuation Pty Ltd has a mortgage on Lot 2 which is the stadium itself.

 

[fitz]

I always love a good compare and contrast:

Rothfield article in Telegraph:

THE identity of the mystery man who has invested $3.5 million cash to save the Cronulla Sharks can finally be revealed … he’s a pizza shop owner.

The secret benefactor is retired 60-year-old Shire businessman and owner of Al’s Pizzas, Paul Ellems, a long time supporter of the club.

His recent cash injection secured Cronulla’s NRL future by allowing the board to clear all remaining debts with the St George Bank.

Ellems started a construction business, Faux Brick, more than a decade ago and made his money from selling it five years later.

He purchased Al’s Pizza Pasta & Ribs in Cronulla not long afterwards.

“My kids were working at McDonald’s getting not much more than $5 an hour so I opened a pizza place and the kids work there,” he said.

“Their friends and relatives work there too – and on better pay than McDonald’s.”

Three years ago Cronulla’s debt to St George Bank had blown out to more than $14 million, the interest repayments almost crippling the club.

The property developers provided $10 million up front and Ellems the rest.

“It’s like any loan – they are paying me interest but at a much better rate than their old bank loan,” he said.

“They’re not paying any penalties. They can pay it back tomorrow if they want.”

Ellems is a former Manly supporter who switched his allegiance to the Sharks.

“I’ve been in the Shire for 35 years and I go to as many games as I can,” he said.

Former Cronulla coach Shane Flanagan has been questioned by the NRL over his attendance at the Sharks' trial match on the weekend, with Dave Smith confirming he could be punished for his actions.

“I like the Sharks and I like Manly. I’m just pleased I’ve been able to Cronulla.”

He says he is not the slightest bit concerned about the ASADA issue or threats of legal action against the club.

“I’m just investing some money and I’m not worried about their future at all,” he said.

“They’ve already been fined and life will carry on. They’re in very good shape with the new board and money coming in from the development over the next few years.

“They’re on their way to the top. I can see them winning a premiership in the next five years.”

http://www.dailytelegraph.com.au/sp...all-club-saviour/story-fni3gol8-1226841352674

Proshenko article in Sydney Morning Herald:

Cronulla Sharks delivered out of debt by pizza entrepreneur Paul Ellams

A pizza shop owner has emerged as the mystery investor who has freed Cronulla of the bank debt that once threatened to ruin the club.

Fairfax Media can reveal a debt of about $3.5 million has been mortgaged to the superannuation fund of Paul Ellams to discharge a long-standing loan from St George Bank. The club's home ground of Remondis Stadium has been given as security.

Ellams is a Cronulla resident and Sharks supporter who recently negotiated the deal with club officials. The 60-year-old is a local businessman and developer who has run a number of companies, including a concreting business and a laundromat, which he has sold off in recent years. He is a friend of former Shimano boss John Dunphy, a local identity who considered running at the last board elections, and friends with several directors.

The identity of the mystery man has been a closely guarded by the club. However, Ellams spoke candidly about his involvement while on a fishing trip to Port Stephens. ''I've spoken to the new board about the club and which direction it's going to go,'' he said. ''I have a lot of faith in the club, and I thought we'd get rid of St George Bank and go forward from there. There were some business [discussions] with those guys, they make a few bucks, I make a few bucks, and that's as far as it went.''

Cronulla were on the brink of collapse when they owed the bank $14 million, and their future was at the mercy of the lender. However, an advance of $10 million from the long-awaited redevelopment of the Remondis Stadium precinct in August 2012 wiped almost a $1 million a year in servicing fees, as the average interest rate was about 7.5 per cent.

Fairfax Media has obtained documents that show Remondis Stadium has been mortgaged to KPE superannuation, the private super fund for Paul and Kym Ellams. While Ellams wouldn't go into the details, he said the deal was a win for himself and the club.

''The commercial terms are I have first mortgage over the building, that's it really,'' he said. ''It helps the Sharks, and I've got a finger in the pie, too. It works both ways. They scratch my back, and I scratch theirs. That's as far as it goes.''

Cronulla insiders have raised concerns about the club being beholden to an unidentified figure, given the proposal wasn't communicated to members before the deal went ahead. It also raises questions about what could happen to the Sharks and their home ground if the loan were to be called in.

''What are the risks and the penalties? There's no security or terms around the deal that have been communicated to members,'' a source said. ''There have been a few concerns about the lack of transparency.''

The extra financial strength will help the Sharks in their bid to keep star prop Andrew Fifita, who has been the subject of significant interest from rugby and rival NRL clubs.

While he has sold out of most of his business interests, Ellams remains the owner of Al's Pizza, Pasta and Ribs on Kingsway. ''It's better the kids work there than in McDonalds; they earn more money there,'' he said. ''We bought that for something to do, and all the kids work there and my mates work there as well. It's a bit of a sideline for the kids.''

The Sutherland Shire entrepreneur was confident the Sharks had a bright future on and off the field. ''They've got a good young side that will go all right this year,'' he said. ''I don't think they will win the premiership but if in the next couple of years they keep recruiting young people they will be fine.''

http://www.smh.com.au/rugby-league/...-entrepreneur-paul-ellams-20140228-33r59.html

 

[BlackWhiteBlue]

Wholey? Or a share of?

 

[Shark]

Whole of Lot 2.

I note from the alcoholic walking heart attack victim's article that the debt can be repaid and cleared at any time.

When a new board is elected next year I'd suggest this will be the first item of business.

 

[BlackWhiteBlue]

Whole of Lot 2.

I note from the alcoholic walking heart attack victim's article that the debt can be repaid and cleared at any time.

When a new board is elected next year I'd suggest this will be the first item of business.

Does this mean remondis' money does not go to the club now?

 

[sharks2010]

Does this mean remondis' money does not go to the club now?

lol that would be funny of he got it

 

[BlackWhiteBlue]

lol that would be funny of he got it

Well i dont think ANZ pay the rabbitohs or dogs

 

[baanya]

Whole of Lot 2.

I note from the alcoholic walking heart attack victim's article that the debt can be repaid and cleared at any time.

When a new board is elected next year I'd suggest this will be the first item of business.

Maybe not ... Not if the rate of interest he has offered is better than the banks ...

And don't get carried away on the whole "having a mortgage over lot no 2" thing ... The only way it would ever be a risk is if the debt to equity was out of proportion


Anyone want to throw a rough guess what lot no 2 would be worth as a parcel of land ???

 

[fitz]

As it is currently zoned "Private Recreational" I can't see it being worth much at all.

A zoning change would obviously hugely change that.

I can't imagine much community support for a zoning change in that case though. It was only community support that got the PAC approval of the current Sharks Development over the line.

 

[baanya]

As it is currently zoned "Private Recreational" I can't see it being worth much at all.

A zoning change would obviously hugely change that.

I can't imagine much community support for a zoning change in that case though. It was only community support that got the PAC approval of the current Sharks Development over the line.

I am surprised an NRL football club can operate a business / sporting club on a land zoning of private / recreational ... As they are a commercial operation ... Not for profit but not for charity either