Sharks' future assured
BY BRAD FORREST
20/08/2009 2:03:00 PM
CRONULLA Sharks have the task of finding suitable investors and raising finance after finally winning Sutherland Council approval this week for their $110 million Sharks Village development.
Buoyed by international real estate brand, Coldwell Banker, signing on yesterday as the Sharks back-of-jersey sponsor for next season (for about $200,000), the club will decide on whether to issue a prospectus utilising Woolooware Bay Property Holdings a separate financial arm set up by the club's old board and/or decide on a different strategy to secure income from developers, investors and joint venture parties.
Those discussions started in earnest at a long Sharks' board meeting on Tuesday night the night after the council approved the development application for a 150-room hotel, 140-room apartment block for active retirees and a 1300-square metre convenience supermarket, and boutique shops.
Also approved is a basement car park for more than 620 vehicles, leagues club
extensions for northern views over Wollooware Bay, extensive new landscaping, a cycleway and foreshore buffer.
Club chairman Damian Irvine said the hard work of making the approval work for the club financially had just begun, forecasting members' nights to discuss the board's alternatives.
http://www.theleader.com.au/news/local/sport/rugby-league/sharks-future-assured/1601852.aspx