Official Shark Park & Woolooware Bay Development

bort

Jaws
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If that means blokes in the pool, shoulder to shoulder, drinking mid-strength beer for three hours, there's no way I'm dipping a toe in that toilet anyway!

The amount of pee will naturally change the colour
 

Art Vandelay

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It was good thinking putting in those clauses in the apartment sales contracts in regards to the noise/lighting etc. I imagine legally they might be difficult to actually enforce, but better to at least try.

Not sure about the pool.... I am thinking it would be pretty expensive to build and maintain on an upper floor like that, with the potential for leaks and need for structural support.

Guessing though that they see enough revenue from top-end sponsors on game day, or from an Ivy pool type situation. Doubt most of us commoners will set foot in it regularly :)


yeah its a hobnob spot for sure.
 
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If that means blokes in the pool, shoulder to shoulder, drinking mid-strength beer for three hours, there's no way I'm dipping a toe in that toilet anyway!

Somewhere i can piss myself at the footy without anyone knowing.....im keen
 

Matty C of the Shire

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Chairman's Address - July 2021

Author
Sharks Media
Timestamp
Wed 4 Aug 2021, 04:21 PM
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Dear Members,
Welcome to this second quarterly Chairman’s update following what has been an eventful start to our 2021 year to say the least. It really feels like déjà vu from 2020 as we again battle to keep the game alive with our various key stakeholders. As things come to hand in this very fluid situation the business will keep you abreast and we thank you for your patience and understanding.

The most recent lockdown has seen disruption across the group, with Sharks at Kareela closed, our Woolooware Bay Development coming to a temporary halt and the team relocated to Brisbane with all other Sydney clubs, the Canberra Raiders, Newcastle Knights and Melbourne Storm, just to keep the game going.

We can assure you that our management team has once again put in place a very solid and comprehensive remediation plan so that we also keep our business going well beyond this most recent setback and ensure that we will come out of this in reasonable shape with our staff our main priority.

It was not that long ago that we were standing side by side with some of you at our members information night at Sharks at Kareela on the 2nd of June, which was an excellent opportunity to share the progress in the Business and delve into our strategic intent. We also appreciated the honest and candid question and answer session.

Even with all the adversity before us the journey continues as we proceed to lay down the foundations in setting our great club up both on the field and off the field, that I can assure you.

See following reports from the various committees who have held meetings and conducted business during the past quarter.

Nominations Committee
With a full complement at Board level now since the last election, and both Matthew McGrath and Patrick Bourke well and truly settled in, we continue to operate in a cohesive and collaborative approach with our Executive Management to ensure governance and strategy is achieved across the Group.


Remuneration & Appointments Committee
As per the agreed Corporate Services Annual Calendar, the six (6) monthly reviews have been undertaken with all staff across the wider Sharks Group. It is fair to say we are very lucky to have within our Club such a professional and resilient team that keep rolling with the adversities of this ever-changing environment.

Football
Without duplicating the CEO update on the variables surrounding COVID impacts, I would just like to take the opportunity to thank all the players, administrators and equally their families for the unwelcome impacts relocating and lockdown would have on their personal lives and their family units. The sacrifice certainly does not go unnoticed and on behalf of the rugby league community we thank you greatly.

The Football operations continue to look bright for 2022 and beyond. As you would no doubt be across, we recently secured the services of Melbourne Storm Co-Captain, Dale Finucane on a four-year deal, as well as re-signing Interim Head Coach Josh Hannay as Assistant Coach for the 2022 season. When we overlay Craig Fitzgibbon, Nicho Hynes and Cam McInnes with our existing football operations I cannot help but get excited at what may lay ahead.

Building Committee
The committee has been busy with several important ongoing projects.

Taking some advantage from the COVID-forced shut down of Sharks at Kareela, the club has been actively upgrading the carpark. A well-overdue project, members and guests will now return to the Sharks at Kareela without the need for 4WD to access to the main entrance.

The committee is also working hard with management to prepare Pointsbet Stadium for our forecast return for the 2022 season. Whilst members will understand that there will still be active construction and upgrade works occurring in and around the stadium until 2023, we have responded to the calls of our valued members to return to our sacred heart stadium sooner rather than later.

We have all hands on deck to make this a reality. More information on this will come out shortly from the business.

Of equal importance is the ongoing redevelopment of our new Leagues Club. The month of August will see a few long-awaited milestones achieved for the redevelopment, including completion of the 70% fit out design. This milestone will enable the club the opportunity to start sharing the completed design details with our partners and members shortly thereafter. Appreciating the building is currently looking a little bit worse-for-wear, we assure you the club continues to work hard with our development partner in Aoyuan and its building contractor Parkview Constructions, to deliver what promises to be a first-class facility and one of the best clubs in the Sutherland Shire. Works are still on track for a completion towards early to mid-2023.

Disciplinary Committee
The committee was called upon to investigate and determine the unfortunate incident with Josh Dugan. Whilst he didn’t disobey public health or government orders it was a direct breach against the NRL protocols that each player is strictly governed under. The NRL investigated the matter as was widely reported and hit Josh with a $25,000 fine for the breach.

We have a zero tolerance when there is a blatant breach and although Josh has been punished by the NRL our own investigation and process has meant that Josh has fronted the DC. The determination of this is of a confidential nature and therefore the specifics of the outcome will not be shared externally.

Investment Committee
The Investment Committee (IC) undertook an ‘investment risk review’ prior to evaluating products in the market. The main three key items to the IC were as follows;
Preserve the capital invested
Generate return greater than inflation
Reasonable turnaround time to access the capital for future potential acquisitions and Club fit-out etc.

With these parameters in place the IC went to market sourcing suitable products. After an extensive evaluation period I am pleased to advise that the Board of Directors unanimously approved the IC recommendation to invest the available capital as follows;
Metrics Credit Partners (MCP) Fund - $15,000,000
Fund has over 185 loans secured by against company assets
>$2.5B loan balance across the fund (>$12B since inception in 2013)
Blue chip loan holders; Woolworths, Caltex, Qantas, Sydney Airports, Aveo, Metcash, Energy Australia, MYOB, Ventia, Sheraton, Arnotts etc
<1% loan defaults since inception
Capital available within 15days and no locked in period
Access to capital requires 2 Directors and CEO/CFO signature
Return is estimated at 5.8% net of fees and inflation
$2,000,000 into a term deposit (still to be confirmed)

All investments are direct with Sharks and not via an intermediary
The Audit and Risk Committee (ARC) independently reviewed all transactions and parties and has approved the investments.

If any members have any further queries, please contact the Club. Martin Kennedy (Chair of Investment Committee) or myself would be more than happy to address any concerns.

In closing
We hope you remain safe and well during this very challenging time and we ask you to support our team now more than ever as we fight for a finals birth in trying conditions.
 

Art Vandelay

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i like that we have put that money over there where we cant spend it on football

conservative estimate on returns should keep things more than ticking over
 

SF

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I wonder if that $17 million includes the $12 million that was in escrow for the leagues club fit out. Hopefully it’s still the separate investment fund. From an earlier post in this thread from 2019:

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
 

apezza

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At least the construction could recommence as it is outside the 8 LGA current in lockdown.

It's tough going though as many subbies come from those areas.
 

apezza

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You won't see much (from the street) for the next 8 weeks or so then if will start going up quick.
 

SJH

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I haven’t heard any updates for a while on our centre of excellence, surely it would be smart to build whilst we aren’t playing games at the stadium??
 
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I haven’t heard any updates for a while on our centre of excellence, surely it would be smart to build whilst we aren’t playing games at the stadium??

Up until we moved to QLD they were still training there so if they ever build it they'd likely need to relocate for a bit, or stagger the build.

Regardless there's no funding for it. Last I remember we had a commitment of some money from the state government but needed funding from the federal, or the other way around.

It would be nice to know what's going on there. Tigers and Manly are both getting COE's - will we be the only Sydney club with top facilities ?
 

Gal The Goat

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I don’t know how much truth to it but I remember seeing someone on Facebook I think, saying it’s been discussed at member meetings or something that we are basically no chance of the Federal funding now because of our situation with Scomo.

Imagine the outcry if during this National Covid crisis, the prime minister hands over $20m to his number 1 sports club for renos at their privately owned stadium. It would be a touch of career suicide atm.

Not sure what that means for us if we can’t get it
 
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I don’t know how much truth to it but I remember seeing someone on Facebook I think, saying it’s been discussed at member meetings or something that we are basically no chance of the Federal funding now because of our situation with Scomo.

Imagine the outcry if during this National Covid crisis, the prime minister hands over $20m to his number 1 sports club for renos at their privately owned stadium. It would be a touch of career suicide atm.

Not sure what that means for us if we can’t get it

Not sure I believe that.

Tigers got $5m from the Federal government

Manly got $12.5m from the Federal government

So other teams have gotten money so I don't see Scomo being in charge an issue. Bigger issue is prioritisation of funds especially with Covid etc. So might need to wait a bit before we go cap in hand.
 
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