Nathan Tinkler relinquishes ownership of the Newcastle Knights

[Loudstrat]

You Parra dipstick.

There are at least a dozen halfbacks over the century plus years that I would rate above the doper.

You'd rate anal sex with a camel pretty highly too.

He repped in the mutant modern position of dummy half/non hooker.

That would be the mutant position that Robbie Farah excels in, right? Johns played there in the majority of his rep games too, right? Yep, Andrew Johns. One of the most overrated props that the Broncos ever produced :crazy:

 

[Sydney Knight]

Trev and Bloodnuts are a mile ahead.:lol:

Do you want me to name the dozen?

Yes. Are Dane Dorohay and Willie Newton on the list?

 

[magpie4ever]

You'd rate anal sex with a camel pretty highly too.

That would be the mutant position that Robbie Farah excels in, right? Johns played there in the majority of his rep games too, right? Yep, Andrew Johns. One of the most overrated props that the Broncos ever produced :crazy:

You need to stop slapping that electric eel of yours.:lol:

 

[magpie4ever]

Yes. Are Dane Dorohay and Willie Newton on the list?

Was Phar Lap a champ, of course they are.

 

[El Diablo]

http://www.dailytelegraph.com.au/ne...knights-tax-bill/story-e6freuy9-1226581460383

Nathan Tinkler settles Newcastle Knights tax bill

Andrew Carswell
The Daily Telegraph
February 20, 2013 12:00AM

NATHAN Tinkler will keep his most beloved toy - the Newcastle Knights.

The coal baron is believed to have paid off a substantial chunk of his company's tax debt to the Australian Tax Office, saving himself from being removed as owner of the NRL club.

In an 11th-hour breakthrough, sources close to the deal confirmed to The Daily Telegraph that "the Knights matter had been settled" after a confidential deal was reached over the $1.424 million the club owed the tax office.

However, Tinkler is still refusing to pay the $1.063 million the ATO says is owed by the Newcastle Jets and the $184,257 said to be owed by his umbrella company, Hunter Sports Group.

Last night he remained in negotiation with the ATO over the extent of those tax bills. Tinkler is understood to be keen to pay the bill, and has the cash. He is merely disputing the exact dollar figure.

That matter will be heard in the Federal Court in Sydney today, when it is understood an adjournment will be sought to continue negotiations.

Both the ATO and a representative of the Hunter Sports Group refused to comment last night.

While the NRL club was never in jeopardy of collapsing under the weight of the debt, the payment of the tax bill will be greeted with cheers at the Knights given Tinkler's popularity with fans and the club's administration.

Under a series of terms written into Tinkler's privatisation of the Knights in 2011, the former billionaire funded a $20 million guarantee with Westpac to be used by the club in the event his business empire collapsed and he failed to meet his obligations.

Among the obligations was that he provide $10 million in sponsorship, a $2.5 million investment in junior development, and enough working capital to ensure financial stability.

If Tinkler and his Hunter Sports Group had failed in their commitment, a certainty if the ATO had successfully wound up the Knights, the Members Club board had the capacity to buy back control of the club for $1 and lay claim to the $20 million.

However, last month an independent audit found Tinkler met all of those first-year obligations, a decision that immediately freed up $9.7 million from that bank guarantee, giving him the flexibility to pay his tax debts.

Tinkler's Hunter Sports Group owns 99 per cent of Newcastle Knights Pty Ltd, and 100 per cent of A-League club Newcastle Jets.

 

[Slackboy72]

Jesus. There go the Jets.

 

[Jobdog]

Tinkler tax cases dismissed

THE Federal Court has dismissed two tax debt cases against former billionaire businessman Nathan Tinkler’s sports interests, including the Newcastle Knights, after settlements were reached between the parties.

In the court in Sydney on Wednesday, the Australian Taxation Office cases against the Knights and Mr Tinkler’s Hunter Sports Group were dismissed ‘‘on the basis an accommodation has been reached’’.

But a third tax debt case involving the Newcastle Jets soccer club was adjourned until April 5 along with other actions involving businesses associated with Mr Tinkler.

According to documents filed in the Federal Court in Sydney, the Knights owed more than $1.4 million to the tax office, the Jets owed just over $1 million, while Hunter Sports Group was $184,000 in the red.

Wednesday’s dismissal of the case against the Knights dispels fears over the club’s future.


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The ATO had applied for the Knights, the Jets and the Hunter Sports Group to be wound up due to unpaid debts.

The lawyer acting for Mr Tinkler had little to say outside court but did indicate negotiations were continuing with the ATO over the Jets tax debt.

The court ordered that in the cases of the two dismissed actions, the defendants pay the ATO $4538 in costs for each case.

AAP

LINK

Oh and the Jets aren't going anywhere either.

 

[Canard]

I thought Tinkler's reps claimed the debt was paid around Xmas time??

Certainly thats what some posts on here indicated?

 

[Matchball]

I thought Tinkler's reps claimed the debt was paid around Xmas time??

Certainly thats what some posts on here indicated?

He was waiting for this cash to pay them.

However, last month an independent audit found Tinkler met all of those first-year obligations, a decision that immediately freed up $9.7 million from that bank guarantee, giving him the flexibility to pay his tax debts.

 

[Joker's Wild]

So is the sky still falling?

 

[Cletus]

He was waiting for this cash to pay them.

The guy sounds like he was basically broke before the guarantee was reduced. Whichever way you look at it the Jets will be looking for another sugar daddy soon

 

[Caesar]

You don't make a billion dollars out of luck. You lose it from mis-management. He's not quite Bond (he hasn't stupidly overpaid for anything substantial), not quite as crooked as Skase.

I didn't say it was just luck. There is an element of crude skill to gambling.

He has bought assets and left them without enough cash to operate. He did try to fix his cash flow issues - just happened to coincide with the arse falling out of the price of coal...

i.e. he is a smart gambler but a shit businessman. Which is why I was always nervous about him taking over, and was relieved when we secured the bank guarantee. Because eventually gamblers start losing, and you need a backup plan.

 

[eozsmiles]

Is it fair to say that Tinkler's financial position is more perilous today than it has ever been since the date he took over the Knights?

 

[Chicken_Hunter]

Is it fair to say that Tinkler's financial position is more perilous today than it has ever been since the date he took over the Knights?

yes

 

[kmav23]

http://www.theaustralian.com.au/bus...s-another-tumble/story-e6frg9df-1226588776574

Nathan Tinkler takes another tumble
From: The Australian, AAP March 02, 2013 12:00AM


FORMER billionaire Nathan Tinkler's wealth has taken another battering after shares in Whitehaven Coal fell to near four-year lows.

The embattled entrepreneur's 21 per cent stake in Whitehaven plunged to $570 million in value yesterday, from nearly $1.2 billion last April. The fall came on the same day the 36-year-old's luxury jet and helicopter were put up for sale in advertisements paid for by receivers seeking nearly $14m.

Australia's former youngest billionaire's business empire is debt-laden and struggling for solvency with various companies and subsidiaries placed into receivership and liquidation in recent months.

Whitehaven shares closed at 12c, or 4.3 per cent, weaker at $2.68. That compares to $5.58 last April when a merger with Aston Resources made Mr Tinkler its largest shareholder.

Analysts thought yesterday's fall was connected to Whitehaven's own troubles including forecasts this week that the second half of 2012-13 would be no better than the $47m first-half net loss it posted.

 

[kmav23]

hmmm he borrowed 750 million... (more with interest)

blew most of it on horses and failed companies

now shares are worth 570 million

 

[Clarke]

Hmm looking for Rugby League relevance apart from the obvious.

Nothing here.

 

[Charlie124]

Paid my rego today, so I know exactly how you feel, Nathan.

 

[BunniesMan]

Hmm looking for Rugby League relevance apart from the obvious.

Nothing here.

I understand people in South Australia are a bit slow. Has the news reached you that he has bought an NRL club?

An NRL club owner has debt that significantly outweighs his assets. His shares are sliding down hill.

When 3 months ago his fanboys were saying all will be right because his shares were undervalued and they'd start climbing any day now.

3 months later and they're even lower. Just like I told them.

This is significant to the NRL. Someone that conducts themselves the way he does is not a good look for the NRL.

Khoder Nasser and Nathan Tinkler. The biggest germs in rugby league.

 

[I Bleed Maroon]

I wonder how much longer he will dig his heels in on the ownership of the Knights.