Wow loans got us in trouble in the first place. Though if we get $$ back quickly with opening of club house and Kareela pulling $1 mil a yr and other assets pulling in $ then I’m ok, but I hope we don’t stretch ourselvesLooking at late 2024 opening of the club. Club has reached some sort of agreement with developers and using various devices to push for a deadline.
Roof and facade cost have gone up to $9 million and fitout up to $28 million, even though scaled back a bit. Basically said it would have been better to knock down old club (though I guess we would have been away from the ground even longer). Currently 22 million in bank and 17 million loan approval to help cover this. Plus other assets.
Otherwise finances seem in control. Cronulla St lease looks like it would be cashflow positive against $4 million loan costs (3 million or so paid upfront). Kareela still making a million a year.
Exact Car parking setup for leagues club is unclear, and won’t be certain until a parking company is appointed. However I would think that they would still have to abide by DAs and traffic plans etc
Main presentation was short, then a few useful questions, and a lot of off topic questions. Good turnout though
Ground capacity predicted to be 17500 and another 500 or so in club. No chance of selling Shark Park for apartments, but would consider options of selling ground to government or NRL and leasing back, but nothing concrete there
Yeah I can't remember the exact figures but we paid a bit less than half, and then got a loan for a bit more than half.so we got an million outstanding For the old bank site? Or did it cost $7 million, and we paid up $3 million and got a loan of $7mil?
I wouldnt be open to seeking ground to government or NRL, as they puts a higher risk for us being moved from stadium.
Yeah that figure hasnt really changed. I heard of around that cost and even more if they wanted to link ET to southern to Peter burns (something in range of $160-$180 mil)One more note... they did an estimate last year of what it would cost to replace the ET Stand with a full-length Western side stand seating about 6000. Estimates then were $130 million or so. Both numbers might be slightly inaccurate.
Yeah those costs are poor but I thought the roof was covered by developers.Yeah I can't remember the exact figures but we paid a bit less than half, and then got a loan for a bit more than half.
I think the loans are seen as fairly standard/safe this time.
But the costs of the leagues club are a bit depressing.