Cronulla Sharks secure financial future
EXCLUSIVE: The future of the Cronulla Sharks has been secured by final NSW government approval for a $300 million Leagues club development.
EXCLUSIVE: The future of the Cronulla Sharks has been secured by final NSW government approval for a $300 million Leagues club development.
The decision, to be revealed later today, allows the Sharks to immediately pay off a debt of more than $10 million to St George Bank.
Under the proposal approved by government’s planning assessment commission, a consortium of building developers will pay off the loan in return for sales from home units that will be built on the site.
The development will include a shopping centre, a residential area and a refurbishment of Shark Park.
“This secures our long term future in the NRL,” said one senior Sharks official.
“It is the biggest financial injection in the club’s history.
“We can now compete with the strongest clubs.”
The project will create 1100 jobs over an eight-year period
The club's chairman Damian Irvine said project managers were keen to re-employ hundreds of Caltex Refinery workers from the area who recently lost their jobs.