BY BRAD FORREST
19/11/2008 4:00:00 AM
CRONULLA Sharks Leagues Club expects to announce an increased profit and deliver the Sharks football club a grant of about $1.5 million, an amount it usually receives.
The club yesterday forecast a projected profit of between $1.5milion and $1.6million, up about $200,000 on last year, once accounts from the financial year ending October 31 are finalised.
While the Sharks' profits have been hit hard by the combined weight of the increased state government poker machine taxes and smoking bans, they have not suffered like many other clubs, some of which will report losses of between $1 million and $10 million.
``Things are tough all round, but unlike a report last week which suggested we were broke, we are working diligently through this tough period,'' said Sharks chairman Barry Pierce yesterday.
``Like many clubs whose income is reduced in the off season, we asked for an increase in our line of credit, and that led to this report [last week] in a newspaper.
``Since then we have been boosted further by $120,000 from the National Rugby League for making the NRL finals, and a bonus of more than $100,000 from [major sponsor] LG for doing well.''
Pierce said two months ago the Sharks commissioned accountancy firm and sleeve sponsor, PKF, to review the leagues club and football club
operations, with a report due out soon.
However, the Sharks said player salaries and staff redundancies were not being considered.
``The club has been prudent, that is why we expect to go close to matching the usual $1.5 million grant given to the football club, for season 2009,'' Pierce said.
``I'm sure our bank [St George] is pleased that we undertook a comprehensive review of both the licensed and football clubs.''
Sharkies Leagues Club announced its Sunday ``family days'' will return on December 7, with bands, kids' club, jumping castles, including a cheap barbecue for parents (contact 95230222).
