He we go...again

[yadamisha]

I would like to know more about this and what that means for the ground.

"Outside of the $40 million, the Sharks are poised to receive a further $16 million from the State and Federal governments for ground improvements and a high performance facility at the venue they own.
“We will be as strong and secure as any of our rivals in Sydney,” Mezzatesta said."

 

[Card Shark]

That’s a grant we were already promised I think?

 

[yadamisha]

That’s a grant we were already promised I think?

$8 mil was from State for COE. I haven't heard anything about Federal.

 

[txta2]

Glad it's going into trust accounts but their will always be scumbags internally and externally trying to extort the club.

 

[Stake Removed]

So we are getting basically all the money in he next couple of years, some goes into a trust, so we earn interest on that.

Do we have any further income coming in from the project, as wasnt this the idea, to have a revenue stream for years.

Do we have any more land after this we can sell off for future or is that it

 

[Card Shark]

Only extra income will be from the extra schooners we sell & supporters on our doorstep.

Not a bad thing may I add.

 

[Quigs]

“This club will carefully invest the money to ensure we have long term income outside of football and poker machines. The board has put in place an investment committee to ensure the funds would be carefully invested.

and

Outside of the $40 million, the Sharks are poised to receive a further $16 million from the State and Federal governments for ground improvements and a high performance facility at the venue they own.

and ...

How munch does the NRL give each club annually? We still get that.

This announcement has completely knocked on the head any sinister proposal Toddy and Pete might be planning re the revamping of the competition in 2020. You know the talk of expanding the game, maybe some relocating, maybe a geographic decision or two. They is completely pharkked right now.

Re the clubs ongoing survival I rate this announcemnt up there with when our club was one of the first to go with Superleague. It was survival.

The Pricks are/were gunning for us. You can bet your left and right on that.

 

[azzah72]

I think it comes down to the club not being able to survive until everything was built and the income started flowing.

This clears all the crap now and guarantees us a minimum 20 years of steady income from it now...... In theory.

There's probably pros and cons going either way but I wouldn't discount the dire situation we were in and this is the compromise/solution.

 

[Dragon Slayer]

Ok so to be able to get $1.5million annual interest from the $18million trust account they need the money to be earning around 8.5%.

This investment committee has to be on point. Would be great eventually if there was years that the Club didn’t have to rely on this money on an annual basis and let it build.

The $12million for the Leagues Club re build has to be spent smart and with a clear objective for punters to want to go there. In the end the Leagues Club has to be the engine room for our financial future.

Must have,

1. Easy access for patrons after games.
2. Great function rooms for hiring out.
3. Bloody big sports bar.
4. Shit load of pokies.
5. Great variety of restaurants/cafes.
6. Big merchandise shop.
7. Suitable size room for entertainers/entertainment and modern technology/lighting and chase the best acts/musicians etc.
8. Great facilities for children to have fun whilst adults eat/drink etc.
9. Bloody good marketing manager.
10. Any other ideas from you.

 

[AJB1102]

Seems a bit like they hit the "cash out" option on a multi. Don't know enough to say if its a good or bad move.

 

[bad boy bubby]

This was done just before the board elections. Was this political timing?

I'm sorry to all that are seeing the positive side but I've got a very bad feeling about this.
I would like to see what the projected income from the sale of apartments, and the rent from the retail sector was, compared to this new deal before i jump for joy.
I also would like some transparency on where the money is being invested and how much it will earn the club.
How many times has the club got hand outs, or windfalls, only for it to be squandered?
What makes the mob in charge now any different?

 

[Eion]

I would like to know more about this and what that means for the ground.

"Outside of the $40 million, the Sharks are poised to receive a further $16 million from the State and Federal governments for ground improvements and a high performance facility at the venue they own.
“We will be as strong and secure as any of our rivals in Sydney,” Mezzatesta said."

Has our number 1 fan come through with the goods?!

 

[Eion]

Seems a bit like they hit the "cash out" option on a multi. Don't know enough to say if its a good or bad move.

Exactly. But to be fair to the cash out option, the ongoing (what was it, a mill a year?) seemed to me at the time a bit meagre.

But to get 1.5mill a year from an 18mill investment seems optimistic to me. No way that is guaranteed and depending on how risky their return structure is (sounds risky), when a global financial hits this could be wiped.

I do like the quaranteeig of the leagues club money...but will the 15 mill be enough? When the delevelopment is finalised, that will be key to our ongoing prosperity.

On balance, I just don’t know.

I do get the sense, like quigs, that the nrl is keen on expanding and their ‘geographical footprint’. Whilst loving the idea of ongoing rental, it may have been the future income from rental would come to little too late in any event.

 

[bubs]

Whatever happened to the shopping center that was planned? Does this mean Bluestone gets this rental money too?
While it all seems optimistic to get the cash out option, I can see Woollooware becoming like the Kirrawee Brickpit devolepment. The shopping center there is new and handy for locals, but geez I reckon they had planned on more patronage by now. Even the Coles there is not very heavily used.

 

[Generalzod]

Whatever happened to the shopping center that was planned? Does this mean Bluestone gets this rental money too?
While it all seems optimistic to get the cash out option, I can see Woollooware becoming like the Kirrawee Brickpit devolepment. The shopping center there is new and handy for locals, but geez I reckon they had planned on more patronage by now. Even the Coles there is not very heavily used.

In regards to Kirawee my wife told there was a Facebook campaign to boycott the joint over the excessive over development...Saying that we live in Gymea Bay and still go shopping Parkside Plaza in Miranda

 

[fizman]

I agree with BBB 100%, interesting timing considering the Board elections are NOW!

I don’t believe that in today’s climate $40M is really that much money to preserve a professional club - if it had been $140M I would have been more comfortable.

We are only one loose cannon away from losing the lot.

 

[roboshark]

I agree with BBB 100%, interesting timing considering the Board elections are NOW!

I don’t believe that in today’s climate $40M is really that much money to preserve a professional club - if it had been $140M I would have been more comfortable.

We are only one loose cannon away from losing the lot.

Surely we wouldn't get a loose cannon at the Sharks would we

 

[bad boy bubby]

Understand this, if the money isn't invested the right way there is no more second chances.
After that there will be three options
1- sell the ground off and play out of the SFS
2- Relocation
3- Fold

Until the board shows their hand and we get to see the plan that is put in place, and is sustainable, they will not be getting my vote

 

[shadowboxer]

Is that the sound of hooper banging his ugly bald head repeatedly against the bonnet of some poor buggers car?

Nah he Kent and broken record Benny Ikin are currently tearing the article apart with Buzz to keep some sort of pantomime going for FoxSport commitments - sharks are always the fallback position when there is no other scandal afoot

 

[MilkShark]

Is anyone else getting annoying advertisements pop up at the bottom of the screen (PC not mobile) this morning?