Investors in the Cronulla Sharks property development may be willing to provide an advanced payment to the club of up to $10 million, a figure that would allow the club to pay off its current bank debt and that could be used to pay any possible fine that comes out of the ASADA investigation.
The Sydney Daily Telegraph is reporting that the Sharks board is working behind the scenes to secure the clubs future and insulate it from any short term financial issues that would mean the prospects of the clubs being forced to relocate are virtually zero.
This is great news for the Sharks who have been at the centre of speculation surrounding their future viability at Cronulla. Reports last week linked the Sharks to a move to Queensland, something both the NRL and the Sharks themselves were forced to deny.
A sizeable cash injection would be just what the Sharks needed to make sure they are well prepared for any fines the NRL may decide to hand down once the ASADA investigation is concluded. Most within the game expect the Sharks will have a fine of some sort to pay.
While its not ideal that this money pay be spent in this way, it’s better than the alternative. If property developers are willing to step in and help the club out in this way then the club is very fortunate. They could have very easily told the Sharks they were on their own.
There are not too many people within the game that want to see any club forced to relocate to a new area. The Sharks have never been a club that could claim go be financially stable but this new development is going a long way towards changing that.
To survive long term the Sharks needed and ace up their sleeve. This $300 property development looks to be just the thing to keep the Sharkies where they belong!
Now, about that first premiership…
A well known Rugby League writer, League Freak has established a reputation among supporters of the game for his fearless commentary and unmatched insight. With a reach that spans both sides of the globe, League Freak has produced an independent network that allows him to distribute content to his many thousands of followers. He is the owner and main author of LeagueFreak.com
Jul 26, 2017 0
Jul 06, 2017 0
Aug 20, 2016 0