NRL: Sharks members approve $300m deal

A proposed $NZ397) million development is set fpr the area around Toyota Stadium. Photo / Getty Images

Cronulla are on the brink of financial security after Sharks members gave the green light to a proposed $300 ($NZ397) million development of the NRL club's land assets.

Over 98 per cent of the 575 members who attended Monday night's meeting at Sharks Leagues Club approved the plan to transform ten hectares surrounding the Toyota Stadium complex into retail and residential development.

The deal is expected to inject an immediate $2 million into the club's coffers and, while Cronulla still have to service debts believed to be in the region of $12 million, the development has the potential to make the club become one of the most prosperous in the competition.

Several former greats such as Andrew Ettingshausen and Gavin Miller, as well as current squad members, were on hand at the meeting to lend their support for the development.

For Sharks chairman Damien Irvine, the members' decision to back the venture partnership with Bluestone Capital Consortium marked a significant milestone.

"Our job is to research all possible options and leave no stone unturned in locating and performing due diligence on the best possible options for our membership," Irvine said.

"That our members have agreed to support our preferred partnership so resoundingly tonight is a fantastic endorsement for our club and our future.

"For the result to be so convincing only confirms to the greater community, that we are a proud united club, doing what needs to be done to not only survive into the future but also prosper."

Meanwhile, prop Kade Snowden's playing future remains in doubt despite businessman Nathan Tinkler ending his interest in buying NRL rivals Newcastle.

The Sharks were all set to announce a new three-year deal with Snowden last Thursday when it is believed Tinkler phoned the NSW Origin prop asking him to hold off making a commitment to Cronulla.

Snowden pulled out of his agreement with the Sharks, with reports Tinkler had offered him a four-year deal worth more than $1 million.

But as Snowden returned to Sharks training on Monday for the first time since the drama unfolded last week, Tinkler withdrew his bid to buy the Knights.

Sharks officials said there had been no development in talks with Snowden, while his manager Todd Buckingham was unavailable for comment.

Veteran prop Petero Civoniceva, who is the players' representative to the Rugby League Professionals Association, said more had to be done to protect young players being placed in similar predicaments.

"Already our young players are under enough duress in terms of what's going on in their personal lives," Civoniceva said.

- AAP