8 May 2009

Sharks for sale

6:04 am on 8 May 2009

Cronulla-Sutherland's chief executive Tony Zappia says the Sharks are now "for sale" and he will be seeking cashed-up equity partners in the National Rugby League club after a swift rejection of plans to relocate five home games to the Central Coast.

Zappia's told the Sydney Morning Herald he is extremely disappointed at the decision of the NRL's partnership executive, which decided not to support an $800,000 part-relocation idea at this stage.

Plan B is to seek financial backers prepared to buy a stake in the club, which is potentially asset rich - with undeveloped land beside the leagues club - but cash poor.

Last year, the Sharks lost $1.4 million, turned $6 million in the bank into a $2 million overdraft and have more than $12 million of short-term debt to be refinanced.