Id love to know the fine print about this bank gaurantee. It HAS to be tied to Tinkler's finances - banks just dont guarantee $20 million to a third party if a wealthy investor goes belly up. Then again, without it they would just be another creditor looking for its share of the carcase of a debtors empire.
Obviously they are holding it up so the Jan 1 deadline passes before the financial statement shows that the Knights have to call on the bank guarantee.
Still, for all the praise from Rob Tew, its clear that they were stupid to get into bed with this dick in the first place. He was late paying his takeover fees to the Knights in the first place, and even then stories popped up about his refusal to pay up staff and contractors. Clearly, a large percentage of his wealth was actually money he was withholding from third parties.
The Knights were blinded by his Golden promises - bring the gun Knights juniors back home, bring the expensive coach and his love child fullback. His handling of the Kade Snowdon purchase was insensitive to Cronulla and ignorant of the Salary Cap. Having Bennett fly up during the Dragons semi final campaign was also pathetic (on Bennett's part at least). So was his orchestrated media campaign against the board. In short, his conduct was brash and insensetive - and so far has delivered as much of the promised improvement as 3P has at Parramatta.
It looks like Tinkler's knights ownership is about to fall over, and the knights are in a fight for $10 million worth of guarantees which may or may not come - and if that money dos come, will it be entangled in a legal web, thus delaying its delivery until after the operational finances of the club dry up? FFS he hasnt paid the rent on Hunter Stadium - thus opening the door to the Knights losing their home ground.
With the ARLC moving at the pace of George Rose in a triathlon, The Knights may be in a distant but real threat of insolvency - and this is ONE club that Rugby League can NOT afford to see go under.
Sadly, it's on the cards. The ARLC needs to act quickly and act tough with Tinkler to make sure the Knights survive the incoming tidal wave that will financially wipe Tinkler and HSG off the face of the earth.
