slide rule
Jaws
The residential probably would have sold for way more than initially projected too.
Oh well I’m sure someone made out well.
Oh well I’m sure someone made out well.
Official Shark Park & Woolooware Bay Development
- Thread starter sharks.com.au RSS
- Start date
egg
Jaws
- Joined
- Apr 11, 2010
- Messages
- 12,830
- Reaction score
- 1,022
Seems incredible and pretty sad if somehow we managed to end up near survival mode yet again , especially once the developement $$$ started flowing in .
Surely as soon as we had a timeframe of potential income streams , you would live to think we lived within our means , to ensure the maximisation of them .
We had ONE opportunity to get this RIGHT .
Fingers Crossed we haven't blown it .
BlackWhiteBlue
Jaws
Wonder how much $ we invested into the womens league?
Capital_Shark
Kitty Master
- Joined
- May 7, 2006
- Messages
- 17,734
- Reaction score
- 2,393
Too much. If it was $1 our ROI was ****.
SF
Mako Shark
Not necessarily disagreeing on the financial situation, but selling our (relatively small) share of the retail/commercial space has been the plan for quite some time, and was discussed in detail at the AGM.
SF
Mako Shark
My memory may be faulty but I believe at the AGM they said we had a 10% share of the ongoing retail/commercial income. And that selling in a lump sum would bring in an amount that was nowhere near equivalent to being worth 3m/year. I won’t mention the figure they were hoping for.
And their plan was to sell it, not as a fire sale, but so as to not divide energy on also trying to be a retail development manager as well as a football club and a leagues club, and to reduce risk of property downturn. But then to invest the money. Something along those lines.
Highly recommend more people go to the AGM, it barely gets a quorum every year. I sometimes wish they would give a detailed report but some of it can be commercially sensitive.
bluey
Bull Shark
Any one know if we have put in another DA??? As i did read it somewhere Cheers
Heard the Sharks are a bit further up the blurter than first thought. Apparently keen to sell stage 4 of the development (ie including the retail) rather than own and receive the rent as originally planned. Must be some serious questions as to where the current money received has gone as my mail is the balance sheet is not in great shape despite significant cash receipts received already! One to watch!!!
slide rule
Jaws
this has been known for some time.
BlackWhiteBlue
Jaws
Um, paying off debt, paying for club renos, ground maintenance. Excess staff..... 10 people is about 750,000-1,000,000 a year in salaries or more
SF
Mako Shark
Yes feels like deja vu all over again in this thread
Much worse than you think!
HaroldBishop
Megalodon
You don't know Slide very well.
Sir Chadley
Jaws
Mate why be all dramatic about it? Only gives those hacks at the papers more negative **** to write about us.
If you know it's worse then tell us, if not then go away.
Nulla Boy
Bull Shark
- Joined
- Mar 21, 2006
- Messages
- 2,417
- Reaction score
- 50
[FONT="][h=1]$40M windfall turns Sharks one of the game’s financial powerhouse[/h][COLOR=var(--emphasis-color)][FONT=var(--sub-font-family)][/FONT][FONT=var(--sub-font-family)]MARCH 14, 2019[/FONT][/FONT][/COLOR]
The Cronulla Sharks have secured a game-changing $40 million cash injection that will turn the NRL’s premiership paupers into a long-term powerhouse.
[COLOR=var(--emphasis-color)]The Daily Telegraph [/COLOR]can reveal the Sharks are poised to announce an agreement to fast-track tens of millions of property development dollars, killing off speculation of a forced relocation or merger as the game looks towards the hot topic of expansion.
Under the agreement being finalised by lawyers, the Sharks will receive an immediate $9 million payment to get rid of all debts and cover their recent salary cap fine and a projected $3 million football club loss in 2019.
Cronulla look set to keep going up, up. Image: AAP Image/Dan HimbrechtsLater this year another $18 million from developers Capital Bluestone will go into a future investments fund that will provide long term income for the football club, estimated at $1.5 million annually to support the NRL side outside of sponsorship, membership and gate takings.
A further $12 million will go into an escrow fund, money held by a third party that becomes available to the Sharks once building work begins on the new Leagues Club and shopping centre on their Woolooware Bay site. The $12 million which must specifically be used for the new Leagues Club, which is expected to be completed in 2021.
How the Sharks’ new development will look.The Sharks have agreed terms with Capital Bluestone to sell their remaining interest in the Woolooware Bay Town Centre staged development to get the money advanced.
Cronulla, along with the Manly Sea Eagles and Wests Tigers, have for years been under threat of a relocation or merger as the game looks to expand and include Perth and a second Brisbane team before a new TV broadcast deal is finalised for 2022.
Cronulla chairman Dino Mezzatesta has ever right to be excited by the news. Image: Brett Costello“We’re not going anywhere,” declared chairman Dino Mezzatesta, “This club will carefully invest the money to ensure we have long term income outside of football and poker machines. The board has put in place an investment committee to ensure the funds would be carefully invested.
“It places us in an absolute position of strength for the future and guarantees the Sharks’ future will always be in the Shire.
“We’ve been around for more than 50 years and will be around for another 50.”
The sun will continue to shine on Cronulla. Image: Tony Feder/Getty ImagesThe Sharks had been under enormous financial strain without a major sponsor, having to deal with the salary cap scandal, the termination payment to coach Shane Flanagan and calls to strip the club of the 2016 premiership.
This is despite the fact the Sharks were actually $130,000 under the salary cap when they won the competition, although the NRL have since found two non-compliant third party deals, collectively worth $70,000.
The club was hauled before an NRL finance committee late last year to explain their precarious position with a warning from CEO Todd Greenberg of no future bailouts for financially stricken clubs.
The new funding deal elevates the Sharks to a powerful position alongside the most secure of the nine Sydney based clubs.
Outside of the $40 million, the Sharks are poised to receive a further $16 million from the State and Federal governments for ground improvements and a high performance facility at the venue they own.
“We will be as strong and secure as any of our rivals in Sydney,” Mezzatesta said.
“We have undergone the most searching compliance overhaul and can now move forward with a new coach and a great roster capable of playing finals football.
“This agreement enables us to de-risk rather than divorce ourselves from the development.
“We acknowledge and thank our partner Capital Bluestone for working towards this successful outcome for both parties and for its ongoing support for the Sharks.”
The Cronulla Sharks have secured a game-changing $40 million cash injection that will turn the NRL’s premiership paupers into a long-term powerhouse.
[COLOR=var(--emphasis-color)]The Daily Telegraph [/COLOR]can reveal the Sharks are poised to announce an agreement to fast-track tens of millions of property development dollars, killing off speculation of a forced relocation or merger as the game looks towards the hot topic of expansion.
Under the agreement being finalised by lawyers, the Sharks will receive an immediate $9 million payment to get rid of all debts and cover their recent salary cap fine and a projected $3 million football club loss in 2019.
A further $12 million will go into an escrow fund, money held by a third party that becomes available to the Sharks once building work begins on the new Leagues Club and shopping centre on their Woolooware Bay site. The $12 million which must specifically be used for the new Leagues Club, which is expected to be completed in 2021.
Cronulla, along with the Manly Sea Eagles and Wests Tigers, have for years been under threat of a relocation or merger as the game looks to expand and include Perth and a second Brisbane team before a new TV broadcast deal is finalised for 2022.
“It places us in an absolute position of strength for the future and guarantees the Sharks’ future will always be in the Shire.
“We’ve been around for more than 50 years and will be around for another 50.”
This is despite the fact the Sharks were actually $130,000 under the salary cap when they won the competition, although the NRL have since found two non-compliant third party deals, collectively worth $70,000.
The club was hauled before an NRL finance committee late last year to explain their precarious position with a warning from CEO Todd Greenberg of no future bailouts for financially stricken clubs.
The new funding deal elevates the Sharks to a powerful position alongside the most secure of the nine Sydney based clubs.
Outside of the $40 million, the Sharks are poised to receive a further $16 million from the State and Federal governments for ground improvements and a high performance facility at the venue they own.
“We will be as strong and secure as any of our rivals in Sydney,” Mezzatesta said.
“We have undergone the most searching compliance overhaul and can now move forward with a new coach and a great roster capable of playing finals football.
“This agreement enables us to de-risk rather than divorce ourselves from the development.
“We acknowledge and thank our partner Capital Bluestone for working towards this successful outcome for both parties and for its ongoing support for the Sharks.”
sharkstragic
Jaws
Assume the feral position Paul Kent
Sir Chadley
Jaws
It’s fetal but feral works just as good!
sharkstragic
Jaws
Hah that’s heaps better !
dylan the villian
Jaws
So whats in the fine print? What are we giving up exactly to recieve this suposed cash?