Sharks receive $10mill cash injection

The Cronulla Sharks received a $10 million injection of funds, representing the first payment under the terms of the development agreements with their financiers and development partner Bluestone Capital Ventures.

Sharks Chairman Damian Irvine recognised the payment, which was made by the Sharks development partner Bluestone Capital Ventures following recent Planning Assessment Commission approval, as a major milestone in the Club’s history. The payment was made to develop land owned and currently occupied by the Club.

“The receipt today of the first payment to the Club of $10m represents a tangible result for the years of hard work put into the redevelopment of the Club’s property holdings by a great number of people,” Irvine said. “While there remains a considerable amount of work to be done, this is an outstanding outcome for the Sharks and puts us in a strong position across the group for 2013 and beyond.”

The payment comes as Bluestone Capital Ventures is proceeding with final application plans for both the retail component and first stage of the residential development. Registrations of interest for both residential and retail developments can be made online at www.infoonsharks.com.au.

“This is a major milestone for the Sharks, Bluestone Capital Ventures and for the wider community which has been made possible with the support of our financier ANZ, who support us and share our vision for this exciting and vibrant master planned community,” said Bluestone Capital Ventures Director Ben Fairfax.

The positive financial news comes on the heels of the Sharks posting impressive membership growth for the 2013 season when compared to the same period in 2012, while the NRL team with the addition of an impressive list of new recruits is working hard on the training paddock in preparation for the season ahead as they look to build on the success of 2012.