Cronulla Sharks chairman Dino Mezzatesta says the club's $40 million deal with Capital Bluestone has ensured the Sharks' long-term financial future in the NRL - and in the shire.
The Sharks announced in a letter to members on Wednesday the club had completed a deal to sell off their remaining interest in the Woolooware Bay Town Centre development.
Mezzatesta said the club's relationship with Capital Bluestone would continue, with the company to build a new leagues club and football department head office due for completion in 2021.
The news comes just days after NRL CEO Todd Greensberg stated publicly that expansion of the competition would be put back on the agenda, potentially through the relocation of any of the nine Sydney NRL clubs.
The Sharks have been consistently linked to an interstate move.
"This agreement represents the start of a new era for the Sharks with unprecedented security for the club which will enact the strategic re-investment of funds and of which will be underpinned by a highly experienced investment committee," Mezzatesta said.
"Under the leadership of a robust management and board the agreement also enables us to focus on our core operation, which is to create a club that makes you, your family and friends feel welcome, while providing a range of services and support to our local community, including the Sharks Football Club."
While Cronulla's future already appeared strong on the field with a host of young local juniors at the club including Jayden Brailey, Kyle Flanagan, Blayke Brailey, Briton Nikora and Bronson Xerri, the deal looks to have secured the Sharks' future off the field as well.
The multi-million dollar pay off ends the eight-year partnership between Capital Bluestone and the Sharks Leagues Club that began in 2011.
Mezzatesta hailed the partnership as a success and said the agreement enabled the club to "de-risk rather than divorce" itself from the development, of which they would remain an "active and engaged stakeholder."
But Mezzatesta also warned that while the club was now in a strong financial position, there was still considerable work to be done to turn around the leagues club's trading performance which he said was not "where it needs to be."
"We will require time to start closing the gap to profitability, with the boost from the Capital Bluestone injection of funds assisting in the process but certainly not solving all the current issues," he said.
"It will be the priority of the board to use the development proceeds responsibly while reshaping our business model to ensure continued profitability long into the future."
Sharks Leagues Club-Capital Bluestone Woolooware Bay development timeline
2010: The leagues club board identifies the potential for the sale and development of its land holdings at Woolooware Bay to secure the future of the Sharks. An expressions of interest process is undertaken to identify a development partner to work with the Sharks to develop its land holdings, which cover approximately 10 hectares.
2011: Bluestone Property Solutions (now Capital Bluestone) is appointed as the club's chosen development partner.
2012: Capital Bluestone advances Cronulla Sutherland Leagues Club a $10million share of future revenue to pay down club's existing debt.
2013: Initial approvals for the town centre lodged, the first residential apartments and plans for the retail centre are approved.
2014: Work gets underway and the first residential stages are launched with a strong response from the market.
2015: The first two residential stages are sold out, one of the stage three buildings is too.
2016: Construction progresses well. Stage 1 is completed and stage 2 gets underway.
2017: Woolworths and Dan Murphy's agree to leases in the forthcoming retail centre.
2018: Construction continues as stage 2 is complete and stage 3 is commenced, however the residential market downturn means apartment sales in stage 3 slow.
2019: Construction of stage 3 to be complete and stage 4 to be launched. Stage 4 includes apartments as well as Bay Central shopping centre, a hotel, revitalised Sharks Leagues Club and more parking.