IT IS the money-spinner the embattled Sharks have been sweating on for eight years - council approval of a $110 million hotel and residential development next to Toyota Stadium.
But newly appointed Cronulla chairman Damian Irvine last night warned members and fans that the decision by Sutherland Shire Council on Monday night does not ensure the financially stricken club's short-term future is secure.
"It would be wrong for us to start acting like we've won Powerball," Irvine said. "This is not going to be the panacea to our financial problems. It's pleasing for this to have finally been approved, but our members and fans should not think that this is going to solve everything."
Which will surprise many of the Sharks faithful who have been led to believe for years that it would.
As revealed in The Daily Telegraph in March, the Sharks hope to haul in more than $7 million a year with a multi-level village erected on land adjacent to the carpark of Sharkies Leagues Club.
Plans for a multi-level village including 145 "lifestyle" apartments for over-55s, a hotel, supermarket and specialty shops were lodged with Sutherland Shire Council earlier this year.
It was said players, fans and sponsors would be given the opportunity to invest in the development.
Council approved the club's development application on Monday night with only minor conditions concerning access needing to be rectified in the next year before construction could start.
Former long-time chairman Barry Pierce, who resigned earlier this year after a litany of controversies at the club, was delighted the development had finally been approved.
"We've been trying to get approval for this for well over eight years," Pierce said.
"The process has stalled so many times, whenever there has been a change of planning minister at a state level it has set us back. The best part of this is that it secures the club's future."
The Sharks' dire financial situation has been well documented this year.
Last December, the football club was forced to approach St George Bank for a $1 million loan but received only half that amount.
A series of unsavoury headlines prompted major backer LG to declare it would not renew its sponsorship beyond this season.
Irvine, who was spirited into the role seven weeks ago to replace Pierce, said the club would not receive financial benefits from the new development for four or five years.
"The perception has always been this would be the problem solver and it's a perception that needs changing," he said. "We have to work out which structure we will put in place for it to be constructed, sold and leased. It could be four or five years before we see any financial benefit.
"It would be a grave mistake to think it will be the football club's primary source of income now that it has been approved."
