Gold Coast chief Michael Searle has moved to quell rumours about the club’s financial position.
The scale of the debt at the Titans has been reported to be as much as $35million, mostly attributable to the club’s property arm.
Chief Executive Searle confirmed the club is looking to sell the Centre of Excellence building, located next to the Titans’ Skilled Park stadium.
He said an escalation in construction and legal costs put an additional $6million to the ill-fated project’s final bill.
However, despite a shortfall of around $2.5million so far, Searle says the club is expecting the club to make a profit this year.
“The current is shortfall is a result of poor home crowds on the back of a disappointing 2011 season, the ongoing servicing costs associated with the building dispute in 2010 and the overall economic downturn on the Gold Coast,” said Searle.
“Going forward the football club on its own, is profitable and sustainable. Our current discussions with the ARLC [Australian Rugby League Commission] are focused only on the Football Club funding to ensure its longevity and sustainability.
“The ARLC has been fully briefed on this situation throughout and we are confident that with the full support of the commission we will ensure the Titans remain a viable and competitive force in the NRL for many years to come.”