The Cronulla Sutherland Leagues Club Group has announced a consolidated loss for the 2008-2009 year of $3,448,000.
The Cronulla Sutherland Leagues Club (CSLC) has taken the first steps to ensure the on-going growth of all operations of the Group.
Cronulla Sutherland Leagues Club as the parent entity has absorbed all Cronulla Sharks Football Club outstanding debt, in lieu of a substantially reduced grant from the 2010 season.
The write off of previous costs associated with the Club’s property development ($1.4 million) and various restructuring costs have been accounted for in the Group Consolidated Loss.
The Cronulla Leagues Club ran at an operating profit before grants in excess of $1,300,000 during this period with expectations for this to increase under the new appointment of Ms Deborah Feening to the role of General Manager.
The Leagues Club net loss ($5.9m) reflected the write off of the development costs ($1.4 million), various restructuring costs, a grant to the Football Club ($2.0m) and the write down to nil of the debt due from the Football Club totaling over $3.8m.
The Football Club’s contribution to the Groups reported loss was $1,300,000 (after a $2 million grant from the Leagues Club during this period) and would have been substantially greater without the full review and reduction of costs under the new Board of Directors and Management Team in the later part of the year.
The Football Club had been consistently running at a loss of more than $2,500,000 before Leagues Club grant for each of the past 5 years and this has now been addressed.
Cronulla Sutherland Football Club CEO Richard Fisk backed the Board’s decision to crystallize and clear all outstanding bank debts into last year’s accounts.
“A line has been drawn in the sand to highlight the current financial position of the Club and clearly illustrates our present financial position. For the first time in many years our football club begins a new year without the legacy of a substantial bank debt."
“The Football Club has been bleeding for many years and new prudent initiatives have cut waste and stemmed the losses. We have had to share the pain around, however this was critical for the long term future and survival of the Club."
“We have had all operational contracts reviewed to reel in the over spending in the Football department, Leagues Club and Toyota Stadium maintenance."
“The forward projections for 2010 provide an even brighter picture of the Club under the new policy of controlled spending and we have budgeted to utilize the Club’s full salary cap,” added Fisk.
We are confident a clear picture has been provided and all areas of the group are working hard to complete the turn around of the Club.
“The 2010 and 2011 projections and budgets illustrate what can be achieved when there is a clear direction, strong control, financial prudence and a good team of people”.
“I can assure all fans and corporate partners we now have a stable formula to build a strong platform and competitive team for the long term future of the Club,” concluded Fisk.
The Cronulla Sharks have been boosted in 2010 with the signing of international electronic company Hisense as a major sponsor, Pokerstars.net, Coldwell Banker, Shire Steel Supplies, Salmon Buckets, Bullet Labour Hire, Douglas Maher Coleman, Carlton United Brewery, Schweppes, ISC, Gatorade, Harvey Norman Commercial, Body Science and over 160 local business partners.
We have restructured many areas of the Group to ensure every opportunity is provided to the Football Club to become self sufficient on a much reduced annual grant.
The Leagues Club is currently working on a strategic plan that would benefit the Group, involve the community, its members and supporters to make the Club the place to be.
http://www.sharks.com.au/?s=article-display&id=25460
The Cronulla Sutherland Leagues Club (CSLC) has taken the first steps to ensure the on-going growth of all operations of the Group.
Cronulla Sutherland Leagues Club as the parent entity has absorbed all Cronulla Sharks Football Club outstanding debt, in lieu of a substantially reduced grant from the 2010 season.
The write off of previous costs associated with the Club’s property development ($1.4 million) and various restructuring costs have been accounted for in the Group Consolidated Loss.
The Cronulla Leagues Club ran at an operating profit before grants in excess of $1,300,000 during this period with expectations for this to increase under the new appointment of Ms Deborah Feening to the role of General Manager.
The Leagues Club net loss ($5.9m) reflected the write off of the development costs ($1.4 million), various restructuring costs, a grant to the Football Club ($2.0m) and the write down to nil of the debt due from the Football Club totaling over $3.8m.
The Football Club’s contribution to the Groups reported loss was $1,300,000 (after a $2 million grant from the Leagues Club during this period) and would have been substantially greater without the full review and reduction of costs under the new Board of Directors and Management Team in the later part of the year.
The Football Club had been consistently running at a loss of more than $2,500,000 before Leagues Club grant for each of the past 5 years and this has now been addressed.
Cronulla Sutherland Football Club CEO Richard Fisk backed the Board’s decision to crystallize and clear all outstanding bank debts into last year’s accounts.
“A line has been drawn in the sand to highlight the current financial position of the Club and clearly illustrates our present financial position. For the first time in many years our football club begins a new year without the legacy of a substantial bank debt."
“The Football Club has been bleeding for many years and new prudent initiatives have cut waste and stemmed the losses. We have had to share the pain around, however this was critical for the long term future and survival of the Club."
“We have had all operational contracts reviewed to reel in the over spending in the Football department, Leagues Club and Toyota Stadium maintenance."
“The forward projections for 2010 provide an even brighter picture of the Club under the new policy of controlled spending and we have budgeted to utilize the Club’s full salary cap,” added Fisk.
We are confident a clear picture has been provided and all areas of the group are working hard to complete the turn around of the Club.
“The 2010 and 2011 projections and budgets illustrate what can be achieved when there is a clear direction, strong control, financial prudence and a good team of people”.
“I can assure all fans and corporate partners we now have a stable formula to build a strong platform and competitive team for the long term future of the Club,” concluded Fisk.
The Cronulla Sharks have been boosted in 2010 with the signing of international electronic company Hisense as a major sponsor, Pokerstars.net, Coldwell Banker, Shire Steel Supplies, Salmon Buckets, Bullet Labour Hire, Douglas Maher Coleman, Carlton United Brewery, Schweppes, ISC, Gatorade, Harvey Norman Commercial, Body Science and over 160 local business partners.
We have restructured many areas of the Group to ensure every opportunity is provided to the Football Club to become self sufficient on a much reduced annual grant.
The Leagues Club is currently working on a strategic plan that would benefit the Group, involve the community, its members and supporters to make the Club the place to be.
http://www.sharks.com.au/?s=article-display&id=25460
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