The future of the Cronulla Sharks hangs in the balance after a plan to merge with the Sutherland District Trade Union Club fell flat.

The Tradies were looking to rescue the debt-ridden Sharks but the club's board unanimously voted against the move, fearing the Sharks' financial crisis would seriously hamper their own interests.

The Tradies took advice from premier accounting company KPMG, which advised against the deal.

With a $15 million redevelopment in the pipeline, and their support of groups such as Salvation Army and Meals on Wheels, not to mention the interests of their 32,000 members to consider, it was too much of a risk to save the Sharks, who are believed to be $12 million in debt.