Sharks did not breach salary cap: report - Sports News - Fanatics - the world's biggest events

Sharks did not breach salary cap: report

23/09/2009 04:07:51 PM Comments (0)

An independent report commissioned by the new Cronulla Sharks NRL board has found that the previous administration did not breach any salary cap rules or benefit from the Beyond Sharks Foundation.

A detailed Probity Report, completed by BDO Kendalls, was commissioned by the new board back in May after some scandalous headlines surrounding the club.

Chief executive Tony Zappia had quit the club and had been linked to alleged insurance fraudster Clint Elford to set up the Beyond Sharks Foundation.

Zappia had acted without the knowledge of the club's board and reportedly accepted up to $30,000 from Elford which he donated to the football team.

But the report found "no evidence that the funds related to the Beyond Sharks Foundation had been used for the benefit of the club and found no evidence of a formal connection or relationship between the Beyond Sharks Foundation and the Club.

"The report also found no evidence of any transactions, financial or otherwise, that breached NRL Salary Cap Rules."

The report also discovered several areas of weakness for Cronulla to improve as a club, including the lack of up to date board approved policies and procedures including but not limited to a code of conduct and policies covering procurement and conflicts of interest.

New Cronulla chairman Damian Irvine welcomed the report and said it would now close the chapter on the club's most troubled season.

"This is another strong step towards our club re-establishing itself as a leader in our industry," said Irvine.

"We accept that things could have been done better in the past, but as a club we are totally committed to establishing the structures and policies that will best equip us to avoid any repeat of the events of 2008/09.

"Without the right protocol and planning, unsavoury incidents not only are more likely to occur but also have the ability to manifest into greater problems, and I think that has happened at the Club in recent years.

"I am very confident in moving forward with a new CEO and a board brimming with an exceptional financial, governance, football and black, white and blue balance."

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