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http://www.dailytelegraph.com.au/sp...over-the-club/comments-e6frexnr-1225950470591
MINING magnate Nathan Tinkler has launched an audacious bid to take over the Newcastle Knights and is prepared to take his offer to the community in a bid to get it across the line.
But Knights officials were last night reluctant, claiming the deal is not lucrative enough.
Tinkler, who already owns Newcastle's A-League club the Jets, has offered to settle the Knights' $2.75 million debt and provide up to $10 million in investment over the next 10 years.
But Knights chairman Robbie Tew says the offer does not go far enough.
"With no guarantee Nathan will at least cover our existing revenues, I don't see how it puts us in a superior financial position to the one we are in now," he said.
"I've conveyed to him that we don't think the offer goes far enough but I'm not sure if that is the end of it or not. The offer only arrived last night and I've had further correspondence today but that is as far as it has got."
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Asked would he be prepared to take Tinkler's offer to the Knights members for a privatisation vote, Tew said: "Not in its current form, no."
The Knights turn over $20 million a year with $7.5 million coming directly through sponsorship. It is understood some sponsors have indicated they may bail out if the club is privatised.
But Tinkler's right-hand man at the Jets, executive chairman Ken Edwards, said last night the offer was genuine and believes it is the way forward for the Knights.
"Nathan's been in negotiations with the Knights now for more than 12 months and the offer is a fair and genuine one," he said.
"It pays down the debt which is close to $3 million and just as he has demonstrated with the Jets since he took over the club, it is all about the community with Nathan and he is genuine about that."
The knights board are nuts..
1 - Under the board the club is in debt in a 1 team city ..
2 - Doesnt even put the offer to the club members.
3 - How many times will a person worth half a billon dollars come by to offer
the board thinks they are Manchester united...
all the proffesional clubs in major sports are mostly privately owned...
MINING magnate Nathan Tinkler has launched an audacious bid to take over the Newcastle Knights and is prepared to take his offer to the community in a bid to get it across the line.
But Knights officials were last night reluctant, claiming the deal is not lucrative enough.
Tinkler, who already owns Newcastle's A-League club the Jets, has offered to settle the Knights' $2.75 million debt and provide up to $10 million in investment over the next 10 years.
But Knights chairman Robbie Tew says the offer does not go far enough.
"With no guarantee Nathan will at least cover our existing revenues, I don't see how it puts us in a superior financial position to the one we are in now," he said.
"I've conveyed to him that we don't think the offer goes far enough but I'm not sure if that is the end of it or not. The offer only arrived last night and I've had further correspondence today but that is as far as it has got."
Start of sidebar. Skip to end of sidebar.
End of sidebar. Return to start of sidebar.
Asked would he be prepared to take Tinkler's offer to the Knights members for a privatisation vote, Tew said: "Not in its current form, no."
The Knights turn over $20 million a year with $7.5 million coming directly through sponsorship. It is understood some sponsors have indicated they may bail out if the club is privatised.
But Tinkler's right-hand man at the Jets, executive chairman Ken Edwards, said last night the offer was genuine and believes it is the way forward for the Knights.
"Nathan's been in negotiations with the Knights now for more than 12 months and the offer is a fair and genuine one," he said.
"It pays down the debt which is close to $3 million and just as he has demonstrated with the Jets since he took over the club, it is all about the community with Nathan and he is genuine about that."
The knights board are nuts..
1 - Under the board the club is in debt in a 1 team city ..
2 - Doesnt even put the offer to the club members.
3 - How many times will a person worth half a billon dollars come by to offer
the board thinks they are Manchester united...
all the proffesional clubs in major sports are mostly privately owned...
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