If the Sharks are crippled financially the NRL would take immediate control of the cash-strapped club, according to reports.

Fines totalling $800,000 were dished out to the club over the Shane Flanagan saga on Thursday, and further penalties are expected once the salary cap breach investigation is completed in January.

These significant hits to Cronulla’s coffers would throw the club’s immediate future into doubt, with the Daily Telegraph reporting the NRL’s considering the relocation of the one-time premiers.

Veteran league writer Dean Ritchie claims the NRL have held “Private talks at the highest level” because the governing body cannot afford for Cronulla to dive into brankruptcy without having a contingency plan.

Camera Icon Perth could take over the Cronulla Sharks, according to reports. Credit: Fox Sports

Ritchie says the option of relocating the Sharks to either Brisbane or Perth has been raised.

Of course, the Sharks - who endured a $3 million loss in 2018 and are currently without jersey sponsors - are confident they can avoid such a scenario, and have reportedly guaranteed two financial injections to keep them afloat in the short-term.

News Corp also understands the next stage of the Woolooware Bay development - based next to Shark Park - will result in another financial boon.

The NRL recently announced it would spend 12 months working on a relocation and expansion strategy.