Sharks under Salary Cap investigation

[The Wheel]

Perth or Ipswich Sharks sounds good

 

[manlyfan76]

Coke.
This should be their sponsor.

 

[Harvies elbow]

Be great if they were forced to relocate and take buzz the boozehound with them...

 

[SeaEagle21]

Buzz was sinking the boot in every chance he got regarding our lack of funding/resources.

 

[manlywarringah]

Well I feel enough sympathy for them that I suggest we take Wade Graham off their hands.

It’s the least we can do

 

[HappilyManly]

Shark alarm sounds at Cronulla as ARL Commission prepares to dig deeper into club’s finances https://t.co/4zVhJF0jx6

 

[Ryan]

Loving that Manly are in the media for all the right reasons this off season. Optimism and hope versus what The Sharks are going through.

Putting on staff as opposed to sacking staff.

 

[MissKate]

Coke.
This should be their sponsor.

Don't you mean Pep-si

 

[Tragic Eagle]

The Sharkie self report may be have been aimed at exposing something within. It will be interesting when the Integrity Commission finally get into their books.

 

[SeaEagle21]

A loss of 4 million in 2017 and similar expected in 2018.... Those are huge losses and they have their heads in the sand if they think the development money will fix everything

 

[HappilyManly]

Loving that Manly are in the media for all the right reasons this off season. Optimism and hope versus what The Sharks are going through.

Putting on staff as opposed to sacking staff.

But Lyall will be distracted with Cap dramas for another year

NRL's arms length management of Licencees is clearly not viable for them to meet their Broadcast Deal commitments

 

[Eagles2nv]

Well it's reported on fox sports they have lost their front (major sponsor), back and sleeve sponsors leaving them about $2M short on revenue.

Apparently they had a new major sponsor lined up for a 5 year $6M deal but they backed out due to FiFi and duges antics on a podcast.

 

[The Who]

Perhaps Cronulla could sell Shark Park to the NSW Government to build a $700-M world class stadium which, they argue, will enable Sydney to compete for world-class events?
This solution is a win-win-win.
1. It provides Cronula with instant cash for the site
2. It saves the SFS from demolition
3. The NSW Government can still boast about Sydney being a world city

 

[Harvies elbow]

Buzz is lobbying Brown brothers to come on board for sponsorship...

 

[Loobs]

Personally I'm a bit perplexed how the 10 staff they are letting go who were media and comms staff will save 1.5M - how much were they paying these people?

Manly run a very lean operation and even in **** years haven't been losing 4M. Even in those ****ty CoCo Joy years we were losing a fraction of what other Sydney clubs do.

https://www.ausleisure.com.au/news/sydney-based-nrl-clubs-lost-34.1-million-in-2016-season/

 

[globaleagle]

Any chance of posting?

Cronulla chief executive Barry Russell has played down rumours of the Sharks’ imminent demise but the ARL Commission is ready to delve deeper into the club’s finances amid concerns that an already dire situation is worse than many feared.

The club lost nearly $4 million in 2017 and are expected to lose a similar amount this year, despite the massive lift in the club grant from the central administration — each side receives $13 million from the governing body.

It is understood the ARL Commission is deeply worried about the club’s finances and has planned more talks with Sharks officials amid concerns that the situation may be worse than has been portrayed in discussions between the parties to date.

We have some financial challenges. We have some exciting developments around. The challenge is not to waste that opportunity. For us right now, I think myself that the rumours are overstated.

“I am not trying to hide from the fact that we have financial challenges and have for some time. The challenge for us is to change our business model so we can at least get to break even or make a small profit.”
The Sharks’ financial woes have been ongoing for years but the development around their home ground was expected to solve their issues.

 

[Pittwater Legend]

Cronulla’s introduction to the comp never made sense to me due to their location. Did St George’s golden run during the 50’s/60’s help their introduction to the comp?

 

[Mark from Brisbane]

Well at least , for a change , it’s another club under the spotlight and for that I give thanks!!

 

[manlywarringah]

What am I missing with the sharks? Didn’t they have that development that was going to provide millions to them and secure their long term future?

Did they already get that money and blow it or is it still to come?

How did they NOT set themselves up long term?

 

[EaglesDontTweet]

Sharks shake off financial dramas to target Sea Eagles star Taupau
By Adrian Proszenko
30 November 2018 — 4:53pm

Cronulla’s financial problems haven’t prevented the club from splashing the cash on top playing talent, with the Sharks targeting Martin Taupau and Braidon Burns in a recruitment drive that is already poised to land Shaun Johnson.

The Shire outfit’s already small front office took a further hit when 10 staffers were made redundant during the week. Cronulla remain without a major sponsor or a naming-rights stadium backer and have reportedly emerged from their 2018 campaign $3 million in the red.

The Sharks could also face a fine if an NRL probe finds they cheated the salary cap, although the fact the club self-reported could limit the damage. The grim financial position comes at a time when all 16 clubs are being funded to the tune of $13 million per season - or 130 per cent of the salary cap.

Continues at link: https://www.smh.com.au/sport/nrl/sh...t-sea-eagles-star-taupau-20181130-p50jhn.html