Official Shark Park & Woolooware Bay Development

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The latest Development Update from the Sharks relating to the Residential & Retail/Club Precinct approvals for the Woolooware Bay Town Centre

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egg

Jaws
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From the other forum .
Pretty sad if true .

Been running at a significant loss since Irvine left. He put noses out of joint by insisting the club break even (his hand was forced by the banks, no other choice). Keogh waltzed in and got credit from benefactors, pizza men and dipped into forward property earnings. Subsequently, the club has serious cash flow issues at the moment.

There are also enormous concerns about the dwindling windfall from the stalled development.

I was going to run for the board this year but was warned off it due to the parlous state of the books by someone (not at the club) who knows all about it.
 

Mark^Bastard

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Pretty easy to see coming really.

Once the ****head unity carpetbaggers came in and keogh snorted it up his nose it was all over really. 2016 was nice and it will be fun while it lasts, but we blew our one shot. Rothfield better die soon or Ill be pretty pissed.
 

hank

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Egg is all over it. Cashflow problems significant. Heard that instead of owning the next stage of the development that includes retail (WOW, Aldi have committed) and a hotel that has secured a prominent operator on a long term lease the sharks are selling for a low ball price to get cash in the door day 1. (that said, the current deal is better than the one they almost had to do with a big listed entity).

Thats why Flanno is under so much pressure to cut back office costs but he is resisting. The club is still not shooting the lights out but the plan is the retail development will make it a more attractive destination.
 
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Egg is all over it. Cashflow problems significant. Heard that instead of owning the next stage of the development that includes retail (WOW, Aldi have committed) and a hotel that has secured a prominent operator on a long term lease the sharks are selling for a low ball price to get cash in the door day 1. (that said, the current deal is better than the one they almost had to do with a big listed entity).

Thats why Flanno is under so much pressure to cut back office costs but he is resisting. The club is still not shooting the lights out but the plan is the retail development will make it a more attractive destination.
dont flannos costs come from NRL footy club funding for footy operations? He has created a genuine top 4 team with what ever it is he is doing. If the club thinks thats an overspend......then they r ****ing retarded. Cut costs, cut quality. Back to the bottom end
 

egg

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dont flannos costs come from NRL footy club funding for footy operations? He has created a genuine top 4 team with what ever it is he is doing. If the club thinks thats an overspend......then they r ****ing retarded. Cut costs, cut quality. Back to the bottom end

I suppose it's a bit of a balancing act .
Won't be much good if we compete for 5 years eroding our assets and THEN don't have the long term income stream , to be a powerhouse for the rest of our days .
 

19ninety9

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Firesaling premium commercial space is always a great long term decision.
 

bort

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Obviously in a vacuum long term financial stability > short term gain, and it's not like I know all the facts, but worth considering it is easy to criticise the decision now while we have a strong team and aren't dealing with the issues that may have arisen if these actions hadn't been taken.

If we were in a dire spot right now how many of you would instead be saying to just sell off some of the development to get some money in because survival is the only priority.
 
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