Nathan Tinkler relinquishes ownership of the Newcastle Knights

[eozsmiles]

Don't feel sorry for him. We've seen numerous articles about him stuffing around small businesspeople whose livelyhoods depend on getting paid on time.

Karma always comes round to bite ya on the arse.

As for the Knights? Remember when their fans were going nuts sooking that their board was holding up the sale to Tinkler? That happened because they wanted to guarantee the clubs protection if he went (big)belly up financially. And good thing too or the club would have been at risk.

They should build a statue of Tew in Newy.

In about 3 weeks that guarantee becomes $10 million I think.

So minus $3 million that is owed to Wayne over the next few years and allegedly an additional million a year in running costs for the football club compared to previous administration....how long does that money last if they want to maintain their current status of living?

Tinkler guaranteed sponsorship revenue of $10 million a year and from memory in 2012 only around $4 million came from businesses other than Tinkler. This was a significant drop from 2011 when they received around $7 million I think. This was most likely due to the Tinkler presence because obviously some previous sponsors are in competition with him and did not come back on board or were not wanted. So we can expect increased advertising revenue from the community IF Tinkler leaves. But a jump straight from $4m back to $7m? and then to $10 million worth? I would imagine a large amount of sympathy for the club if they get screwed by the fat man, so I would expect them to get some sponsors straight on board. But it is easier said than done in the current economic climate.

The Knights were losing money every year and it is fair to say that there was some major dissatisfaction with previous board members performance. Some things have changed since then independently of Tinlker IE the new ground, so that should help the bottom line.

But what else is there to suggest that the Knights are going to be able to avoid the problems they have been through in previous years? The problems that sent them broke and going to Tinkler cap in hand for cash loans?

 

[Chicken_Hunter]

Pretty sure the bank guarantee was 20mill. The knights are secure.

 

[perverse]

In about 3 weeks that guarantee becomes $10 million I think.

So minus $3 million that is owed to Wayne over the next few years and allegedly an additional million a year in running costs for the football club compared to previous administration....how long does that money last if they want to maintain their current status of living?

Tinkler guaranteed sponsorship revenue of $10 million a year and from memory in 2012 only around $4 million came from businesses other than Tinkler. This was a significant drop from 2011 when they received around $7 million I think. This was most likely due to the Tinkler presence because obviously some previous sponsors are in competition with him and did not come back on board or were not wanted. So we can expect increased advertising revenue from the community IF Tinkler leaves. But a jump straight from $4m back to $7m? and then to $10 million worth? I would imagine a large amount of sympathy for the club if they get screwed by the fat man, so I would expect them to get some sponsors straight on board. But it is easier said than done in the current economic climate.

The Knights were losing money every year and it is fair to say that there was some major dissatisfaction with previous board members performance. Some things have changed since then independently of Tinlker IE the new ground, so that should help the bottom line.

But what else is there to suggest that the Knights are going to be able to avoid the problems they have been through in previous years? The problems that sent them broke and going to Tinkler cap in hand for cash loans?

You are correct on all counts... Aside from the lack of recognition that Tinkler wiped all debts the day he got the keys (to the tune of 5+ mil) that were accumulated over the previous 20 or so years. We are totally debt free, regardless of what happens... It's hard paint the Tinkler situation as bad for the Knights when it's basically a free $15 mil dumped in the bank. Sure, there will be some months of pain while the Knights disconnect from HSG (not to mention battling the false media FUD)... But there's no way to look at it from a fans perspective aside from it being a giant leap forward for the club. Everyone seems to want a bad outcome for the Knights here, it's pretty disgusting tbh... however the outcome was delivered the moment Tinks took over. The previous board and membership ensured it... And if you weren't involved in the process then you really can't have a grasp of that, I guess.

Pretty sure the bank guarantee was 20mill. The knights are secure.

After Dec 31st this year, it drops to $10mil + yearly CPI adjustments or some such.

 

[Canard]

With the new TV deal, no club in the NRL needs an extra 10M+ yearly on top of that money?

So if the Knights are debt free, I reckon they have a good chance they will be fine.

The posters above seem to be operating on the premise that the 10M BG is the only money that the Knights would have coming in the door.

 

[Parra Pride]

Really? Have you seen a man eat his own head?

[youtube]nAarndPjoOs[/youtube]

 

[Perth Red]

Worse case the Knights start with a clean slate financially with maybe some $'s in the bank for a rainy day. They have an upgraded stadium, strong membership base and an extra $2mill a year from the NRL. There should be no reason a well run Knights can't be sustainable and one of the NSW big clubs.

 

[strewth_mate]

And one of Sam Stewart and Paul Marquet

Probably not the greatest idea - see my avatar, a statue of that would terrify the kids.

 

[WayneBennett]

I see an opportunity for the Mighty Hunter Mariners

 

[I Bleed Maroon]

So which club will become NSW's Gold Coast first, Penrith, Parramatta or Newcastle?

 

[Cumberland Throw]

So what triggers the Knights to get the $20M ??

 

[Loudstrat]

....

That alone is proof of a secret merger between the Knights and Cronulla.

 

[kdalymc]

The plot thickens..

Haha the fat guy in wheelchair was funny as

 

[Jobdog]

So which club will become NSW's Gold Coast first, Penrith, Parramatta or Newcastle?

I'll help you out. The Knights aren't going anywhere.

 

[macavity]

Probably us... parra and Penrith are shitholes no one would want to holiday there.

 

[Chicken_Hunter]

So which club will become NSW's Gold Coast first, Penrith, Parramatta or Newcastle?

Clearly you have no idea.

 

[AlwaysGreen]

Clearly you have no idea.

Of course he doesn't. I've always wanted to mention this but does he realise that everyone's blood is f**king maroon?

 

[Ulysseus]

So this guaranteed money................. is it already in an account?
Working in the same industry as Tinky Winky, and talking to some people who have dealt with him, I have but one thing to say to you guys:

Get the money in an account before it all turns sour if it already isn't in one.
Promises and guarantees are nice but can be worthless.

 

[Jatz Crackers]

So this guaranteed money................. is it already in an account?
Working in the same industry as Tinky Winky, and talking to some people who have dealt with him, I have but one thing to say to you guys:

Get the money in an account before it all turns sour if it already isn't in one.
Promises and guarantees are nice but can be worthless.

Its not so much a Tinkler guarantee. Its a bank guarantee. Which, in practice, is exactly as the two words describe.

 

[Ulysseus]

Its not so much a Tinkler guarantee. Its a bank guarantee. Which, in practice, is exactly as the two words describe.

Ok, so there are funds in an account that are only accessible by the club in the event of Tinklers insolvency and NOT him or creditors during bankruptcy proceedings?

And I assume its an Australian bank?


You know when you take stock of everything you can kinda see why the bloke left the country :sarcasm:

 

[9701]

I'm not overly worried these rich fatcats, usually land on their feet. If the coal prices jump up his troubles are suddenly over. If he goes bankrupt meh the Knights are still better off than when he took over. If he recovers the Knights continue on.