Delmege yesterday said he had recently advised Sharks CEO Tony Zappia about privatisation, but denied there was any chance he would become a shareholder in a rival club.
"I'm a Sea Eagles man through and through," Delmege said.
Delmege could still play a role should a DA be approved by Sutherland Shire Council next month.
A Sharks director last night confirmed the millionaire property developer would be approached to invest.
"He did come down last year to speak with the board and look at the plans. From memory, he liked the residential project, which is the one we've decided to pursue," he said.
Asked about the last year's board meeting, Delmege replied: "I did meet with the board in relation to throwing a few ideas around for their property development.
"That's their lifeline. We haven't followed it any further."