Rustyrussell
Mullet
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- Mar 8, 2013
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Wilson - go eat a dick
http://www.news.com.au/sport/nrl/cr...sutherland-shire/story-fndv2ypb-1226729500894
THE Cronulla Sharks' NRL future has received a massive boost with news property developers at their Woolooware home base have offered to throw in an extra $10 million cash.
The Daily Telegraph can reveal Sharks directors have been in finance talks for several weeks to raise funds to pay off a $3 million bank loan and form a war chest to deal with ASADA expenses.
Sharks chairman Damian Keogh says the cash advance is an option the club’s board is seriously considering.
"The offer is there for up to $10 million," Keogh said.
"And there are another couple of possibilities too which we’re currently looking at."
Cronulla was always guaranteed $28 million from sales at the $300 million redevelopment over the next five years.
Under a new arrangement, $10 million would be upfront and then $18 million in stages.
The gain for developers is that the money would immediately clear a $3 million St George Bank debt and release any rights the bank had over land.
They also need the Sharks securely entrenched in the NRL to ensure strong property sales in an already booming Shire market.
The gain for the club is getting rid of the debt and securing the funds to pay what is shaping up as a hefty ASADA fine and legal expenses.
The Sharks have been under the spotlight since reports emerged last week that the NRL was looking at them as a possible relocation club in Queensland.
Keogh says he is not concerned by the speculation.
The money would put the Sharks in a far stronger financial position than their neighbours St George-Illawarra and most of their Sydney rivals, apart from Canterbury.
"Like everything else that has happened this year, this is is only galvanising support amongst our club, our members and our fans," he said.
"Sometimes things like this can work in your favour when the community rallies.
"Unlike about five other clubs who have gone to the NRL for grants in advance, we’re trading well and our cash flow is fine.
"The improvement at the club between April and September is quite staggering."
http://www.news.com.au/sport/nrl/cr...sutherland-shire/story-fndv2ypb-1226729500894
THE Cronulla Sharks' NRL future has received a massive boost with news property developers at their Woolooware home base have offered to throw in an extra $10 million cash.
The Daily Telegraph can reveal Sharks directors have been in finance talks for several weeks to raise funds to pay off a $3 million bank loan and form a war chest to deal with ASADA expenses.
Sharks chairman Damian Keogh says the cash advance is an option the club’s board is seriously considering.
"The offer is there for up to $10 million," Keogh said.
"And there are another couple of possibilities too which we’re currently looking at."
Cronulla was always guaranteed $28 million from sales at the $300 million redevelopment over the next five years.
Under a new arrangement, $10 million would be upfront and then $18 million in stages.
The gain for developers is that the money would immediately clear a $3 million St George Bank debt and release any rights the bank had over land.
They also need the Sharks securely entrenched in the NRL to ensure strong property sales in an already booming Shire market.
The gain for the club is getting rid of the debt and securing the funds to pay what is shaping up as a hefty ASADA fine and legal expenses.
The Sharks have been under the spotlight since reports emerged last week that the NRL was looking at them as a possible relocation club in Queensland.
Keogh says he is not concerned by the speculation.
The money would put the Sharks in a far stronger financial position than their neighbours St George-Illawarra and most of their Sydney rivals, apart from Canterbury.
"Like everything else that has happened this year, this is is only galvanising support amongst our club, our members and our fans," he said.
"Sometimes things like this can work in your favour when the community rallies.
"Unlike about five other clubs who have gone to the NRL for grants in advance, we’re trading well and our cash flow is fine.
"The improvement at the club between April and September is quite staggering."
