Sharks for Sale?

Discussion in 'NRL' started by Vee, Jul 11, 2018.

  1. Vee

    Vee Juniors

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    https://www.foxsports.com.au/the-ki...g/news-story/6691f6135bebf4f3c45ed10aaac37775

    Sharks for sale? CEO’s secret meeting with cashed-up buyer


    According to a Fairfax media exclusive this morning, Cronulla’s chief executive Barry Russell held a secret meet yesterday with Australian businessman Michael Ibrahim, discussing investment opportunities in the club.

    While Russell claimed the meeting only regarded sponsorship opportunities, sources claimed privatisation of the club is on the agenda.

    Ibrahim has previously attempted to buy Manly and the Dragons with the backing of wealthy Middle Eastern investors, and is now considering a third attempt at an NRL club — this time in the Shire.

    Cronulla is struggling financially despite the significant redevelopment of their club, which could motivate members to support a privatisation move.

    But Russell said he “wouldn’t have thought” privatisation was a possibility at the present time, talking up the future prospects for his club.

    Can any Sharkies fans expand on the financial struggle? We've always been told the development was the end of the problem and the streets in future would be paved with gold.
     
  2. AlwaysGreen

    AlwaysGreen Immortal

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    The irony, cronulla owned by people from the middle east.
     
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  3. I Bleed Maroon

    I Bleed Maroon Coach

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    Another Bogan Riot in 3, 2...
     
  4. Barkley

    Barkley Juniors

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    >>>>>Perth
     
  5. Differ To The Coifed

    Differ To The Coifed Juniors

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    Read the article. Barry is looking for investment not a sale.

    The member wouldn’t allow it so everyone can calm down.

    The development is behind from the commercial side so is yet to contribute financially.

    There is no risk to the future of the club but I expect this thread to explode with innuendo from the haters.
     
  6. Silent Knight

    Silent Knight First Grade

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    I want to hear Perth Red's opinion on this.
     
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  7. siv

    siv Bench

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    Here we go - developers run into problems then the administrator's come in trying to get their money back
     
  8. Foreign Legion

    Foreign Legion First Grade

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    Buy Saford Reds they need the money
     
  9. Differ To The Coifed

    Differ To The Coifed Juniors

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    There aren’t problems. They went back and re submitted a DA which has since been approved for more residential apartments.

    As a result the commercial side of the development has yet to begin as the residential sits above the commercial.
     
  10. Generalzod

    Generalzod Coach

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    EXSSCLUSSSSIVE
     
  11. Frank Discussion

    Frank Discussion Juniors

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    The development consortium put the brakes on the retail construction on the eastern side of the club.
    They submitted a further D.A for a hotel and 222 extra units on that eastern side ON TOP of the shopping centre. This took 2 years. It was approved 2 months ago and construction will start in the off season.

    There is a 40 million windfall coming from the sale of the 700 units on the Western side, which is currently half finished and is already f**king massive ( I know because I see it every night, it looms over my neighbourhood).

    The club has "only" received $10 million from the development so far and thats where they are reading the "financial struggle" from. The money, and there is a shit tonne of it, is on it's way. The other thing is the current board wont allow the development money to go into club revenue, instead setting up a separate business centre with an operating war chest, so there is no nominal change to the constitutions P&L.

    As a local resident I despise the development. We have seen none of the promised community benefit (shops, parks, restaurants, transport) but have almost 600 new residents and a bunch of skyscrapers but in terms of the club; it's our white knight riding in on a horse made of money.
     
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  12. Life's Good

    Life's Good Coach

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    This Michael Ibrahim thinks he is a bit of a mover & sheiker.
     
    Last edited: Jul 11, 2018
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  13. veggiepatch1959

    veggiepatch1959 First Grade

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    I don't.
     
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  14. Generalzod

    Generalzod Coach

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    How Ironic lol
     
  15. carcharias

    carcharias Immortal

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    I want to read Perth’s opinion and then spend the next two weeks hammering the merkin for it.
     
  16. Generalzod

    Generalzod Coach

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    Is that Underbelly Ibrahim..lol
     
  17. muzby

    muzby Village Idiot Staff Member

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    I’ll give you $10.



    Actually, on second thoughts, $9
     
  18. Silent Knight

    Silent Knight First Grade

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    More than you offered for Souffs on Chalmers.
     
  19. Generalzod

    Generalzod Coach

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    Geez what a cheapskate lol
     
  20. Sans Souci Sainter

    Sans Souci Sainter Coach

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    Sheiky Sharks?
     
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