Where it showing on your books? I don’t doubt there is plenty of money going to be flowing but so far the only money showing in your accounts is the down payment which went straight to the banks. You might not read your own annual reports but you’ve been loaning money for last three years to pay the bills. At what point do the sales come to the sharks?
You really need to keep up to speed with the real world..Reading the books is one thing, but they are not up to date with what has happened since.
The first 300 units thereabouts, sales the Sharks do not receive profits as part of the deal with their joint partner/developer.
Thus it's not going to show in the books until revenue/profits received for the Sharks' share of profits , scheduled for 2017/2018 start.
The project according to Ben Fairfax MD of Capital Bluestone,indicate the Sharks should now generate about $55m-$60m in residential and commercial sales for the club, more than double projections.
When the residential project development is complete the club will receive 10% of the gross revenues.the $10m already paid is an advance on sales.
The club is also expected to be paid an ongoing dividend of between $750,000 -$1m pa if the JV retains ownership of the retail area,or $9m and 20% of the profit if it is sold.
The demand has been so great the final residential stage is now being put up for sale off the plan.
The Leagues club will be refurbished with new restaurants with scenic views,plus further clubs profits are expected.Project 18mths ahead of schedule expected to be completed 2020.
I know it upsets your jimmies, but the Sharks will be around for a long while yet.
