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Nathan Tinkler's ownership of Newcastle under threat
Posted: Sun Dec 09, 2012 5:58 pm
by Stewie
Troubled billionaire Nathan Tinkler's ownership of the Newcastle NRL team is under threat due to a standoff with the Knights Members Club board over the terms of his $20 million bank guarantee.
In the same week that Tinkler had his $15 million private jet and a helicopter re-possessed, News Limited has learned Hunter Sports Group has asked for an independent audit of the Knights, which was due to be completed by next Saturday, to be pushed back to February 15.
But the Knights Members Club board have refused to comply unless Tinkler extends his $20 million bank guarantee - due to drop to $10.3 million on January 1 - across the same time frame.
"There's a lot of concern in Newcastle and the Hunter community. The Knights Members Club board are being asked to stay vigilant and alert," Knights Members Club board chairman Nicholas Dan said.
"We want to make sure the bank guarantee stays at its highest until they've finished the independent audit obligations, but HSG have a difference of opinion there.
"By moving the audit date but not moving the bank guarantee date means Knights members can no longer put pressure on HSG for any funds to be committed if there's a shortfall.
"We're communicating with them just about daily and we're pleased that the auditing process is commencing."
The latest development comes as Tinkler's empire continues to crumble, with horse racing arm Patinack Farm and another company, Mulsanne Resources, placed into liquidation.
And last Thursday, the NSW Government launched legal action against HSG over $600,000 in unpaid rent for Hunter Stadium.
Under the terms of Tinkler's 10-year $100 million privatisation deal, HSG guaranteed the Knights Members Club would be supplied with an independent audit on December 15 each year.
Failure to do so is a breach of the contract, but Newcastle chief executive Matt Gidley denied Tinkler's tenure as owner was under fire.
"Obviously (Tinkler's) had a number of issues in his own business world through the course of this year, but it sort of gets washed over the amount of investment he's poured into our club," Gidley said.
"To have someone like Wayne Bennett ... without Nathan Tinkler there's no Wayne Bennett at Newcastle.
"Having our membership where it is, we were third in crowd attendance this year even though we finished 12th.
"The club is well positioned to really push into 2013 and be a genuine contender.
"It's important we acknowledge that and enter 2013 focused on the footy and support our team as best we can. We look forward to meeting with the Members Club as soon as possible to find a resolution in order to continue to put the focus back on the club."
News Limited can reveal accounting firm Crosby Warren Sinclair will begin the audit this week, where HSG must make up any shortfall on the promised $10 million in sponsorship and $2.5 million in junior development.
Failure to inject the cash could result in the Members Club calling on the $20 million bank guarantee to be placed into a joint account.
If Tinkler's deal with the Knights were to collapse, the contract of Bennett and all other staff employed by HSG would be placed in jeopardy.
Read more:
http://www.news.com.au/top-stories/newc ... z2EXFn2TX4
Well what do you know, more issues with private ownership. When will the nRL and the A-League finally understand that this type of ownership structure doens't work in Australia?
Re: Nathan Tinkler's ownership of Newcastle under threat
Posted: Sun Dec 09, 2012 9:54 pm
by Raiderdave
Stewie wrote:
Troubled billionaire Nathan Tinkler's ownership of the Newcastle NRL team is under threat due to a standoff with the Knights Members Club board over the terms of his $20 million bank guarantee.
In the same week that Tinkler had his $15 million private jet and a helicopter re-possessed, News Limited has learned Hunter Sports Group has asked for an independent audit of the Knights, which was due to be completed by next Saturday, to be pushed back to February 15.
But the Knights Members Club board have refused to comply unless Tinkler extends his $20 million bank guarantee - due to drop to $10.3 million on January 1 - across the same time frame.
"There's a lot of concern in Newcastle and the Hunter community. The Knights Members Club board are being asked to stay vigilant and alert," Knights Members Club board chairman Nicholas Dan said.
"We want to make sure the bank guarantee stays at its highest until they've finished the independent audit obligations, but HSG have a difference of opinion there.
"By moving the audit date but not moving the bank guarantee date means Knights members can no longer put pressure on HSG for any funds to be committed if there's a shortfall.
"We're communicating with them just about daily and we're pleased that the auditing process is commencing."
The latest development comes as Tinkler's empire continues to crumble, with horse racing arm Patinack Farm and another company, Mulsanne Resources, placed into liquidation.
And last Thursday, the NSW Government launched legal action against HSG over $600,000 in unpaid rent for Hunter Stadium.
Under the terms of Tinkler's 10-year $100 million privatisation deal, HSG guaranteed the Knights Members Club would be supplied with an independent audit on December 15 each year.
Failure to do so is a breach of the contract, but Newcastle chief executive Matt Gidley denied Tinkler's tenure as owner was under fire.
"Obviously (Tinkler's) had a number of issues in his own business world through the course of this year, but it sort of gets washed over the amount of investment he's poured into our club," Gidley said.
"To have someone like Wayne Bennett ... without Nathan Tinkler there's no Wayne Bennett at Newcastle.
"Having our membership where it is, we were third in crowd attendance this year even though we finished 12th.
"The club is well positioned to really push into 2013 and be a genuine contender.
"It's important we acknowledge that and enter 2013 focused on the footy and support our team as best we can. We look forward to meeting with the Members Club as soon as possible to find a resolution in order to continue to put the focus back on the club."
News Limited can reveal accounting firm Crosby Warren Sinclair will begin the audit this week, where HSG must make up any shortfall on the promised $10 million in sponsorship and $2.5 million in junior development.
Failure to inject the cash could result in the Members Club calling on the $20 million bank guarantee to be placed into a joint account.
If Tinkler's deal with the Knights were to collapse, the contract of Bennett and all other staff employed by HSG would be placed in jeopardy.
Read more:
http://www.news.com.au/top-stories/newc ... z2EXFn2TX4
Well what do you know, more issues with private ownership. When will the nRL and the A-League finally understand that this type of ownership structure doens't work in Australia?
this is rich .. coming from a dickhead who's club can't even afford peanut butter sandwiches & koolaid at its xmas party
Re: Nathan Tinkler's ownership of Newcastle under threat
Posted: Sun Dec 09, 2012 10:43 pm
by Stewie
Raiderdave wrote:Stewie wrote:
Troubled billionaire Nathan Tinkler's ownership of the Newcastle NRL team is under threat due to a standoff with the Knights Members Club board over the terms of his $20 million bank guarantee.
In the same week that Tinkler had his $15 million private jet and a helicopter re-possessed, News Limited has learned Hunter Sports Group has asked for an independent audit of the Knights, which was due to be completed by next Saturday, to be pushed back to February 15.
But the Knights Members Club board have refused to comply unless Tinkler extends his $20 million bank guarantee - due to drop to $10.3 million on January 1 - across the same time frame.
"There's a lot of concern in Newcastle and the Hunter community. The Knights Members Club board are being asked to stay vigilant and alert," Knights Members Club board chairman Nicholas Dan said.
"We want to make sure the bank guarantee stays at its highest until they've finished the independent audit obligations, but HSG have a difference of opinion there.
"By moving the audit date but not moving the bank guarantee date means Knights members can no longer put pressure on HSG for any funds to be committed if there's a shortfall.
"We're communicating with them just about daily and we're pleased that the auditing process is commencing."
The latest development comes as Tinkler's empire continues to crumble, with horse racing arm Patinack Farm and another company, Mulsanne Resources, placed into liquidation.
And last Thursday, the NSW Government launched legal action against HSG over $600,000 in unpaid rent for Hunter Stadium.
Under the terms of Tinkler's 10-year $100 million privatisation deal, HSG guaranteed the Knights Members Club would be supplied with an independent audit on December 15 each year.
Failure to do so is a breach of the contract, but Newcastle chief executive Matt Gidley denied Tinkler's tenure as owner was under fire.
"Obviously (Tinkler's) had a number of issues in his own business world through the course of this year, but it sort of gets washed over the amount of investment he's poured into our club," Gidley said.
"To have someone like Wayne Bennett ... without Nathan Tinkler there's no Wayne Bennett at Newcastle.
"Having our membership where it is, we were third in crowd attendance this year even though we finished 12th.
"The club is well positioned to really push into 2013 and be a genuine contender.
"It's important we acknowledge that and enter 2013 focused on the footy and support our team as best we can. We look forward to meeting with the Members Club as soon as possible to find a resolution in order to continue to put the focus back on the club."
News Limited can reveal accounting firm Crosby Warren Sinclair will begin the audit this week, where HSG must make up any shortfall on the promised $10 million in sponsorship and $2.5 million in junior development.
Failure to inject the cash could result in the Members Club calling on the $20 million bank guarantee to be placed into a joint account.
If Tinkler's deal with the Knights were to collapse, the contract of Bennett and all other staff employed by HSG would be placed in jeopardy.
Read more:
http://www.news.com.au/top-stories/newc ... z2EXFn2TX4
Well what do you know, more issues with private ownership. When will the nRL and the A-League finally understand that this type of ownership structure doens't work in Australia?
this is rich .. coming from a dickhead who's club can't even afford peanut butter sandwiches & koolaid at its xmas party
but but but
Newcastle gaaaaaawn
Re: Nathan Tinkler's ownership of Newcastle under threat
Posted: Mon Dec 10, 2012 8:00 am
by Rabbit
If Tinkler goes Newcastle get 10 million. So either way Newcastle win.
Re: Nathan Tinkler's ownership of Newcastle under threat
Posted: Mon Dec 10, 2012 9:18 am
by Raiderdave
Rabbit wrote:If Tinkler goes Newcastle get 10 million. So either way Newcastle win.
its actually 20 million
if he pulls out .. the club gets the bank guarantee.
which would put them 26.3 Million ahead of Port Poopelaide at the start of 2013
are port crapelaide the poorest football club in Australia
me thinks yes
Re: Nathan Tinkler's ownership of Newcastle under threat
Posted: Mon Dec 10, 2012 1:18 pm
by Stewie
Newcastle's funds would dry out very quickly once Tinkler's been gone for a few years. Short term gain, long term pain.
Re: Nathan Tinkler's ownership of Newcastle under threat
Posted: Tue Dec 11, 2012 2:42 pm
by Raiderdave
Stewie wrote:Newcastle's funds would dry out very quickly once Tinkler's been gone for a few years. Short term gain, long term pain.
they'd travel along as if nothing happend for 5 years & by then would have sourced an alternative funding stream
Knights to be around for yonks
don't think pork swordelaide can claim the same
Re: Nathan Tinkler's ownership of Newcastle under threat
Posted: Tue Dec 11, 2012 4:49 pm
by Stewie
Raiderdave wrote:Stewie wrote:Newcastle's funds would dry out very quickly once Tinkler's been gone for a few years. Short term gain, long term pain.
they'd travel along as if nothing happend for 5 years & by then would have sourced an alternative funding stream
Knights to be around for yonks
don't think pork swordelaide can claim the same
We have enough members to survive, what we need though is a better stadium deal. It's well known we've got the worst deal in the AFL and quite possibly Australian sport. Better stadium deal = viable team.
Newcastle and 14 other nRL clubs on the other hand...
None of them can survive on memberships/crowds alone, that's why they are turning to private ownership in a desperate attempt to stay afloat. Once Tinkler's gone the Knights will follow suit. It's only a matter of time
Re: Nathan Tinkler's ownership of Newcastle under threat
Posted: Tue Dec 11, 2012 5:28 pm
by Xman
Raiderdave wrote:Stewie wrote:Newcastle's funds would dry out very quickly once Tinkler's been gone for a few years. Short term gain, long term pain.
they'd travel along as if nothing happend for 5 years & by then would have sourced an alternative funding stream
Knights to be around for yonks
don't think pork swordelaide can claim the same
But but but
