Sharks seeing big bucks
BRAD FORREST
09 Jun, 2011 12:00 PM
CRONULLA Sharks’ property developers have come to an agreement with the club which could fast-track the Sharks from strugglers to one of the better-funded football clubs in the NRL in about 18 months’ time.
Buoyed by community and business support for their development plans, the Sharks are confident of gaining approval by the end of the year to build their $300 million retail, unit and entertainment complex at Woolooware Bay, beside Toyota Stadium.
The Leader understands the Sharks’ property development partners will put up a proposal to the club’s lender which would wipe out most of the leagues club’s debt.
One preferred deal, if approved, would see:
- The Sharks receive a fresh $3 million cash injection.
- About $7 million of the Sharks’ $11.5m in bank debt would be immediately retired.
- The club retain ownership title of the new retail complex, linked to the club, and providing the Sharks ongoing rental income.
- The Sharks and developers will share title of a new Sharkies Entertainment complex.
- The developers will retain majority ownership of the proposed residential complex of up to 700 units, developed in stages over six-seven years, with the Sharks gaining a ‘‘success fee’’ on sales made.
Sharks chairman Damian Irvine said by 2013 the Sharks football club would be at the centre of ‘‘a huge cultural shift’’ in Sydney’s south.
‘‘Within a year of a [3A state government] approval, the Sharks will be in a strong position to spend, with increased revenues and sponsorship, outside the NRL salary cap — and not burdened by paying up to $800,000 a year in bank interest [servicing present debt],’’ he said.
‘‘Combined with the new NRL television deal and the start to our development, the Sharks football club will become one of the better-funded clubs, not just in the short term, but for the long term.
‘‘The Sharks’ development will be quite unique and stand to benefit fans, families, footballers and the wider community in the entire Sutherland Shire.
‘‘No doubt, some of the game’s best footballers will want to be part of it and want to play for the Sharks.’’
He said, in time, the Sharks would also look at modernising the football stadium.
‘‘But buildling the retail, home unit and entertainment complex is the club’s priority, after consultation with the community groups,’’ Irvine said.
Developer Ben Fairfax (Bluestone Property) said: ‘‘We’ve had some doubters, sure, but I’d say in more than 30 presentations we’ve already made, 90 per cent of the parties who have seen the plans have expressed their support.’’
To offset the loss of the Sharks’ adjoining playing fields, joint developers Bluestone Property Solutions, Capital Corporation and Parkview have also agreed to build new community playing facilities at Cronulla High School, including a possible water polo pool, and relocate the Cronulla-Caringbah junior club to there.
The Cronulla and Woolooware high schools and the Wanda park areas would cater for most of the 13 Sharks home, game-day parking, combined with shuttle bus services to and from the ground.
