Cronulla’s financial future is seemingly assured with the approval of $300 million development application set to turn the Sharks into an NRL powerhouse.

Just a couple of years after they were on their knees and facing the very real prospect of being forced to fold, Cronulla have been given the go-ahead to develop the area around Sharks Leagues Club – with plans for a shopping centre and residential area to be built on the site.

The deal will give the club an immediate injection of funds, which will allow it to pay off a $10 million bank debt, while also creating a revenue stream into the future.

“The financial security this project provides the club with is something we have been striving to achieve for over four decades,” chairman Damien Irvine said in a statement.

“The Cronulla Sharks can finally operate on a platform of diverse and secure income and with a confidence in our future viability that has always been a struggle to obtain in the past.”

News of the development is a major shot in the arm for the club, which has seen it’s on-field results improve in 2012 as they head towards a return to the finals.

The club has also been active in recruiting top-shelf talent for 2013, with the likes of Luke Lewis and Michael Gordon set to join the club.

Sharks coach Shane Flanagan was optimistic about the future of the club.

“I’ve often said our players don’t go without here at the Sharks but this new development and everything that goes along with it will let us do what we do even better in the future,” Flanagan said.

“While the financial benefits will obviously help, it is the potential for us to become the sporting hub of the Sutherland Shire that has me most excited.”