Sharks financial trouble!

Spoonman84

Kennel Immortal
Premium Member
Joined
Oct 1, 2013
Messages
17,736
Reaction score
31,795
The cash-strapped Cronulla Sharks have been forced to sack 10 staff members to slash costs across the business amid genuine fears of the club’s long term viability.

Under directions from the board, chief executive Barry Russell handed out the redundancies to employees from commercial, digital/media and events on Tuesday.

The staff members will leave before Christmas.

The Daily Telegraph understands the Sharks finished last season with a $3 million loss, despite a $13 million grant from the NRL.

The sacking will save around $1.5 million next year.

NRL boss Todd Greenberg and his finance staff are monitoring the situation closely.

The Sharks have no major sponsor for 2019. Only one of four sponsor positions on the Sharks’ jersey has been sold.

Revenue from unit sales at the development site next to Shark Park has been used to clear debts of more than $6 million rather being invested into football operations.

Cronulla’s financial plight is of a huge concern to the NRL.

The club is also under investigation for salary cap rorting in 2015 and revelations of a fake invoice scam and bogus $100,000 loan to players.

The club is still paying off the loan and facing a huge fine from the NRL.

The Sharks have been unable to offer coach Shane Flanagan a coaching extension because of the financial crisis.

The sackings leave the Sharks with an administration staff of only 12 and all about 25.

They have to compete against teams like the Brisbane Broncos who employ 80 staff members.

The NRL is refusing to offer Cronulla any financial assistance.

The situation is so diabolical that a recent request for new computer equipment from the coaching staff was rejected.

There are suggestions the NRL side will be forced to play under the salary cap next year to save more costs although it will not affect the signing of champion Kiwi half-back Shaun Johnson, who will be getting the money from Valentine Holmes’ departure.

The Daily Telegraph is seeking comment from the Sharks and the NRL.

https://www.dailytelegraph.com.au/s...s/news-story/cf286ba8471021afbb31ab9a8ded0b97
 

B-Train

Kennel Immortal
Joined
Mar 1, 2004
Messages
32,591
Reaction score
48,171
The solution is simple. The NRL will just give the Sharks the money from our fines (with more to come I'm sure) so they can cheat the cap more.

Don't they have that giant redevelopment project on their land still going That was supposed to make them a financial powerhouse? Or did they blow all of that money on more roids for Gal?
 

BELMORE

Kennel Addict
Joined
Oct 28, 2013
Messages
7,929
Reaction score
9,192
The solution is simple. The NRL will just give the Sharks the money from our fines (with more to come I'm sure) so they can cheat the cap more.

Don't they have that giant redevelopment project on their land still going That was supposed to make them a financial powerhouse? Or did they blow all of that money on more roids for Gal?
They gave all the units away to their recruits
 

Baby Blues

Kennel Enthusiast
Joined
Aug 8, 2005
Messages
4,271
Reaction score
2,780
I thought the NRL was fully funding the salary cap to clubs now? Which meant they just needed to find their football operations? If this is the case and clubs are still struggling is the current salary cap affordable?
 

Trafford10

Kennel Addict
Gilded
Joined
Jun 26, 2015
Messages
6,414
Reaction score
5,240
How much are we paying of Woods salary again?
 

Malla

*********
Joined
Aug 30, 2007
Messages
10,870
Reaction score
13,470
If theres a team in Sydney that needs to relocate its the Sharks lol
 

Scorpio

Kennel Enthusiast
Gilded
Joined
Aug 24, 2010
Messages
1,831
Reaction score
676
How much are we paying of Woods salary again?
NIL - he took a pay cut last year to go there....
Klemmer is gonna make up the difference to Woods with his new Newcastle contract.... lol lol
 

Scorpio

Kennel Enthusiast
Gilded
Joined
Aug 24, 2010
Messages
1,831
Reaction score
676
Sharks have 4 options:
1/ Find some new sponsors and make money
2/ Merge with St George
3/ re-locate to Perth
4/ Perish - the NRL said they will no longer step in and help clubs
 

Bob dog

Hectik defence
Premium Member
Joined
Feb 26, 2005
Messages
19,324
Reaction score
3,564
Guess who can't run an NRL club, this is an ongoing issue out at the Shire, the supporters deserve better.
Buy a bloody calculator and do your sums Cronulla, get corporate help, who does the books, Gallen?
 

B-Train

Kennel Immortal
Joined
Mar 1, 2004
Messages
32,591
Reaction score
48,171
I thought the NRL was fully funding the salary cap to clubs now? Which meant they just needed to find their football operations? If this is the case and clubs are still struggling is the current salary cap affordable?
Since the NRL began in 98, the grant has almost always been the same or close to the amount of the cap.

And every year all but a handful of teams lose money. Football departments and clubs almost always run at a loss and generally clubs need to get bailed out by the leagues clubs, investors or the NRL
 

vegny

Kennel Enthusiast
Joined
May 12, 2017
Messages
1,655
Reaction score
1,186
Since the NRL began in 98, the grant has almost always been the same or close to the amount of the cap.

And every year all but a handful of teams lose money. Football departments and clubs almost always run at a loss and generally clubs need to get bailed out by the leagues clubs, investors or the NRL
I think this has changed. The grant now includes certain % on top of the players salary cap. Hence the article mentioned $13m.
 

Rodzilla

Terry Lamb 1996
Joined
Dec 22, 2004
Messages
42,535
Reaction score
6,140
"There are suggestions the NRL side will be forced to play under the salary cap next year to save more costs"

lol i like how they put this in
 

bulldogsfan_88

Left Right Out
2 x Gilded
Joined
Jun 4, 2008
Messages
2,205
Reaction score
1,299
Sharks have 4 options:
1/ Find some new sponsors and make money
2/ Merge with St George
3/ re-locate to Perth
4/ Perish - the NRL said they will no longer step in and help clubs
St George already merged with the Steelers so can’t see them merging again!! Really they need to relocate. Only way they are truly going to be viable
 

BELMORE

Kennel Addict
Joined
Oct 28, 2013
Messages
7,929
Reaction score
9,192
St George already merged with the Steelers so can’t see them merging again!! Really they need to relocate. Only way they are truly going to be viable
Once the southern Sydney a league team comes in it will be the beginning of the end for the Cronulla Sharks
 

dogluva

Kennel Immortal
Joined
Nov 23, 2007
Messages
17,562
Reaction score
8,150
"There are suggestions the NRL side will be forced to play under the salary cap next year to save more costs"

lol i like how they put this in
According to reports over the years they have basically always played under the cap figure at the time.


The solution is simple. The NRL will just give the Sharks the money from our fines (with more to come I'm sure) so they can cheat the cap more.

Don't they have that giant redevelopment project on their land still going That was supposed to make them a financial powerhouse? Or did they blow all of that money on more roids for Gal?
They are apparently having issues there too. Unfortunately like most parts of Sydney there is no real thought put into the infrastructure issues. Councils have rules and regulations but more and more developments are being allowed outside theses guidelines.

It would be pretty easy to hide some dodgy sales there if you know what I mean.....

https://www.smh.com.au/national/nsw...lopment-splits-the-shire-20180817-p4zy2s.html
 

dogluva

Kennel Immortal
Joined
Nov 23, 2007
Messages
17,562
Reaction score
8,150
NRL boss Todd Greenberg and his finance staff are monitoring the situation closely.

The Sharks have no major sponsor for 2019. Only one of four sponsor positions on the Sharks’ jersey has been sold.

Revenue from unit sales at the development site next to Shark Park has been used to clear debts of more than $6 million rather being invested into football operations.

Cronulla’s financial plight is of a huge concern to the NRL.
I bet they are closely monitoring it.....Remember what you said Todd ..there will be NO MORE HAND OUTS to clubs to keep them afloat.......
 

CroydonDog

Kennel Immortal
Gilded
Joined
Aug 1, 2012
Messages
19,531
Reaction score
16,530
Firstly, I will say that the NRL should not be propping up any struggling club.

But if I was a sharks fan, i'd still be a bit dirty that Knights, Dragons, Titans, Tigers etc got so much help.

But, on the other hand, if the sharks, still fairly fresh from their first premiership and owning its own stadium and land (which no other Club has), then they must be really shit.
 
Top