5 hours ago
Sharks statement regarding salary cap
In relation to the matter of salary cap breaches and the allegation of improper payments to players, these matters relate to confusion regarding the application of Third Party Arrangements and Marquee Player allowances.
When the club became aware of the issues it contacted the NRL to alert them to the problems, with a number of meetings held with the NRL to fully discuss and resolve the matter. This has now been dealt with resulting in the club being fined $150,000
As previously advised, new policies and procedures have been established to ensure there are no further failings in this area.
As for the bank account highlighted in the report last night, in April 2012 a separate High Performance Unit account was opened. This account was utilised to deposit funds raised from a golf day and corporate luncheon, with monies from that account used to fund much needed improvements to our High Performance Unit and to purchase essential gym equipment in an effort to remain competitive in the NRL.