Nathan Tinkler relinquishes ownership of the Newcastle Knights

[_snafu_]

Has this fat merkin paid up yet?

 

[BunniesMan]

That suicide note from HSG represents a great day for rugby league. The fat scumbag is on his way out. The rugby league world will be partying in the streets.

 

[Slackboy72]

Really? From all reports Bennett has been looked after extremely well. If there's one bloke Tinkler has continued to look after and put first while his empire is struggling it's Bennett. Tinkler isn't an idiot. You don't make billions of dollars to begin with by being an idiot. He knows his most important investment has always been Bennett...everything and anyone else (I.e. Boyd) has been put together as a result of Wayne. I also have a feeling that all this hoopla regarding Boyd not getting his third party money from Tinkler is mostly a media beatup (which wouldn't be a first during this saga). I won't go into it, but I really think we'd be hearing more noise from both Boyd and Bennett if they genuinely believed that Boyd was never going to see that money.

He made a billion by being lucky. He lost a billion by being an idiot.

 

[georgesnmith]

http://www.dailytelegraph.com.au/sp...-loses-ownership/story-fni3fbgz-1226865614605


"NATHAN Tinkler’s capacity to maintain control of Newcastle will dictate whether Wayne Bennett stays beyond this season, amid speculation an impending Brisbane Broncos takeover bid could entice the super coach home a year early.

With Bennett confiding to friends that his future is clouded because of uncertainty surrounding Newcastle’s ownership, The Daily Telegraph can reveal his four-year deal was done directly with Tinkler’s Hunter Sports Group (HSG) — not the Knights football club.

That means Bennett will become a free agent should HSG relinquish ownership of the Knights — a possibility that remains after Tink¬ler and the members club yesterday negotiated HSG’s $10.5 million bank guarantee to be placed into a joint account.

The Knights were yesterday unable to guarantee that HSG would retain control of the club into the foreseeable future, with the current model only guaranteed to persist throughout discussions with the members and the NRL.

Putting HSG out of the picture will trigger a get-out clause for Bennett, who has spent six years away from his family in Brisbane.

Although his salary and superannuation have been paid on time, the seven-time premiership winner is not ignoring the speculation that surrounds Tinkler’s stewardship.

Sources close to Bennett have confirmed he has expressed private concern over the ownership imbroglio, telling close friends — including a captain from a rival club — that his future beyond this year cannot be guaranteed."


what do they mean by an impending takeover bid????

for the knights? are the broncos buying the knights?

if its a bid to buy bennett they wouldnt say takeover would they?

 

[Noname36]

^ I think they mean there might be some kind of takeover in Brisbane. I'm not that privy to the Brisbane off field stuff but Bennett didn't leave on great terms did he? They might be implying that Bennett would return but only if they were under new control.

The devil will be ice skating in hell before the Knights let the Broncos take them over.

 

[BunniesMan]

http://www.dailytelegraph.com.au/sp...-loses-ownership/story-fni3fbgz-1226865614605


"NATHAN Tinkler?s capacity to maintain control of Newcastle will dictate whether Wayne Bennett stays beyond this season, amid speculation an impending Brisbane Broncos takeover bid could entice the super coach home a year early.

With Bennett confiding to friends that his future is clouded because of uncertainty surrounding Newcastle?s ownership, The Daily Telegraph can reveal his four-year deal was done directly with Tinkler?s Hunter Sports Group (HSG) ? not the Knights football club.

That means Bennett will become a free agent should HSG relinquish ownership of the Knights ? a possibility that remains after Tink¬ler and the members club yesterday negotiated HSG?s $10.5 million bank guarantee to be placed into a joint account.

The Knights were yesterday unable to guarantee that HSG would retain control of the club into the foreseeable future, with the current model only guaranteed to persist throughout discussions with the members and the NRL.

Putting HSG out of the picture will trigger a get-out clause for Bennett, who has spent six years away from his family in Brisbane.

Although his salary and superannuation have been paid on time, the seven-time premiership winner is not ignoring the speculation that surrounds Tinkler?s stewardship.

Sources close to Bennett have confirmed he has expressed private concern over the ownership imbroglio, telling close friends ? including a captain from a rival club ? that his future beyond this year cannot be guaranteed."


what do they mean by an impending takeover bid????

for the knights? are the broncos buying the knights?

if its a bid to buy bennett they wouldnt say takeover would they?

:lol:
Wow. There are rumours that someone is in to buy the Broncos from News. And no not Newcastle.

 

[Jatz Crackers]

:lol:
Wow. There are rumours that someone is in to buy the Broncos from News. And no not Newcastle.

If you sit up straight (ie not horizontal) and pay attention, you might consider this a type of vertical (perpendicular) merger ?

 

[Noname36]

If you sit up straight (ie not horizontal) and pay attention, you might consider this a type of vertical (perpendicular) merger ?

:lol:

 

[georgesnmith]

^ I think they mean there might be some kind of takeover in Brisbane. I'm not that privy to the Brisbane off field stuff but Bennett didn't leave on great terms did he? They might be implying that Bennett would return but only if they were under new control.

The devil will be ice skating in hell before the Knights let the Broncos take them over.

yeh that makes more sense.

bennett in his book made sly digs at news ltd, he blames them for not getting the cowboys job, and also believed they wanted him out of the broncos

bennett imo has no loyalty to newcastle

he only went there because he said tinkler reminded him of paul morgan

he wont stay at a club without cash.

if darius follows him theyll have k.hunt, barba, hoffman and boyd as fullbacks lol

 

[The Mad Hatter]

If you sit up straight (ie not horizontal) and pay attention, you might consider this a type of vertical (perpendicular) merger ?

:lol::lol::lol:

This Broncos takeover story has to be the apex of scuttlebutt.

Baseless rumours.

Surely to be tipped over on its head.

Surprised there isn't a parallel story in the DT.

 

[Ronnie Dobbs]

Who would take over News Ltd?

That 60% share is Lachlan Murdoch. Its his team - literally! He loves the Donkeys.

He's also just been given the plumb job in News by his Dad.

BunniesDerp is Derp.

 

[The Mad Hatter]

Lachlan Murdoch…all the toys.

 

[Noname36]

yeh that makes more sense.

bennett in his book made sly digs at news ltd, he blames them for not getting the cowboys job, and also believed they wanted him out of the broncos

bennett imo has no loyalty to newcastle

he only went there because he said tinkler reminded him of paul morgan

he wont stay at a club without cash.

if darius follows him theyll have k.hunt, barba, hoffman and boyd as fullbacks lol

My gut feeling is that Bennett wont go anywhere...at least for the next two years. He seems pretty happy by Bennett's standards and his whole reputation would be pretty much be destroyed if he picked up and left the club and players in the lurch now (especially when the McKinnon thing seems to have hit the players hard) just because he had to take a pay cut.

I also find it funny that the annual "Bennett wont see out his contract" story has come about when the Knights are going through crap with injuries and losses. The bloke is notorious for drawing attention to himself to protect his players. Not that we have any indication that any of this has come from Bennett whatsoever. For all we know this is just another media beat up and Bennett has made absolutely no suggestion of leaving.

 

[georgesnmith]

Who would take over News Ltd?

That 60% share is Lachlan Murdoch. Its his team - literally! He loves the Donkeys.

He's also just been given the plumb job in News by his Dad.

BunniesDerp is Derp.

signleton tried to bid for it ages ago

be interesting to see what they are worth

they make around $3 million pa, so potentially up to $60 million for the club.

will mark the final involvement of news ltd in league with the storm sold last year

they got on board around 1993 as sponsor or the broncos so its 30 years theyve been milking the game

broncos need new owners who can raise the crowds back to 40k +

 

[georgesnmith]

My gut feeling is that Bennett wont go anywhere...at least for the next two years. He seems pretty happy by Bennett's standards and his whole reputation would be pretty much be destroyed if he picked up and left the club and players in the lurch now (especially when the McKinnon thing seems to have hit the players hard) just because he had to take a pay cut.

I also find it funny that the annual "Bennett wont see out his contract" story has come about when the Knights are going through crap with injuries and losses. The bloke is notorious for drawing attention to himself to protect his players. Not that we have any indication that any of this has come from Bennett whatsoever. For all we know this is just another media beat up and Bennett has made absolutely no suggestion of leaving.

dunno

he came there for the money.

if hes forced to take a large pay cut my guess is hell go, and come up with some nice reasons like his son needs to be closer to home, or he needs to be closer to family.

bennett is a master media manipulator.

he wont want to stay at a poor club which could tarnish his record

the whole idea was to win 3 comps with 3 different sides.

 

[Chicken_Hunter]

You can pretty much guarantee that Bennett will seed the media with all sorts of bullshit and has told the players the truth.

The funny thing is, the media will take these seeds, plant them, feed them shit and grow them into something that is miles from he truth

 

[Jatz Crackers]

:lol::lol::lol:

This Broncos takeover story has to be the apex of scuttlebutt.

Baseless rumours.

Surely to be tipped over on its head.

Surprised there isn't a parallel story in the DT.

Could they provide a whole new angle ?

 

[Usain Bolt]

R.I.P Newcastle Knights 1988-2014

 

[Newcastlerabbit]

Nathan Tinkler could face court grilling over $5m Patinack stud payment



Transfer query: Former Patinack Farm owner Nathan Tinkler. Photo: Rob Homer

Newcastle Knights owner Nathan Tinkler could face a courtroom grilling over the liquidation of his Patinack Farm stud and $5 million owed to creditors.
Amid a scramble for company records, Adelaide liquidator Tony Matthews told Fairfax Mediayesterday he planned to issue examination summons to the former directors, Tinkler, Hunter Sports Group chief executive Troy Palmer and Patinack Farm Administration chief finance officer Tony Marshall, which could force them to appear before court.
A spokesman for Tinkler said last night that he was surprised by the action because, ‘‘We have satisfied all of the liquidator’s questions and have not heard from them in 12 months.’’
But Matthews said a $5 million payment from PFA, which was the main employer at Tinkler’s thoroughbred stud, to another Tinkler group company was at the centre of the probe.
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He said if crucial documents were produced to resolve unanswered questions, the former company executives could escape a public examination.
‘‘There is some information that we don’t have, and the summons will be issued shortly to see if we can get production of these documents,’’ he said.
Tinkler’s spokesman said the $5 million payment was ‘‘simply a book entry between associated entities that could be explained simply if the liquidator asked’’.
If Tinkler appears, it will be the second time he has faced courtroom scrutiny over his ongoing financial concerns.
In March last year, he faced the NSW Supreme Court to be grilled about his finances by liquidators for his mining company, Mulsanne Resources.
PFA was placed in liquidation in November 2012, over an unpaid $16,978 debt owed to the Workcover Corporation of South Australia.
The company has debt claims against it of about $5 million, including $4.6 million owed to the tax office.
A financial report provided to the Australian Securities and Investments Commission in December, 2012, found the company had $100 in cash only and no money in the bank.
Tinkler’s spokesman said the tax office was the only creditor and, ‘‘We have an ongoing relationship, and they’ll be satisfied in due time.’’
According to Matthews, PFA is owed about $5 million by one of two Tinkler group companies, and he is attempting to recover the ‘‘major debt’’.
‘‘Both entities we are looking at are within the Tinkler group of companies,’’ he said. ‘‘The exact amount owed is in dispute, but we are looking in the order of about $5 million.’’
Matthews said the process could take up to three months.




Read more: http://www.smh.com.au/rugby-league/...tud-payment-20140327-zqnrm.html#ixzz2xAMkpiXd

 

[georgesnmith]

http://www.brisbanetimes.com.au/rug...-battle-to-remove-tinkler-20140328-zqo7g.html


The process of removing Nathan Tinkler as Newcastle Knights owner appears certain to kick off early next week, but it could be a long and bitter coup. A number of informed sources have told Fairfax Media Tinkler’s Hunter Sports Group executives haveacknowledged the much-publicised $10.52 million bank guarantee will not be in place by the deadline of 5pm Monday.

‘‘It’s over,’’ one source said.

But another source warned: ‘‘This could take two weeks. Or it could take months, maybe more.’’

Barring an 11th-hour miracle, Tinkler will be in breach of the terms and conditions of his 2011 takeover agreement by close of business Monday, coincidentally on the third anniversary of the historic ballot at which 97 per cent of the club’s members voted in favour of privatisation.

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If he defaults on this fundamental commitment, Tinkler would entitle the Knights Members Club to buy the city’s NRL franchise back for$1, which they feel is an obligation rather than an option.

The only question now seems to be how the process will unfold. Once the members club announces its intention to take up the $1 buyback, which may happen as soon as Tuesday, a period of negotiation will follow with HSG. These talks are unlikely to be amicable, judging by past events. This is shaping as a protracted wrangle and the NRL may need to referee.

Attention is then expected to turn to the state of the Knights’ finances.

Fairfax Media has been told there is growing concern that a multimillion-dollar debt may be uncovered.

‘‘The first step in any transition will be to get HSG to open the books,’’ one source said. ‘‘You need to shine a torch in there and get an understanding of the magnitude of any liabilities.’’

The members club has already accessed the existing $10.52 million bank guarantee, a two-month interim agreement that expires on Monday, and had it converted into cheques, which were deposited in a joint-signatory account with HSG on Friday.

The bank guarantee was written into the original deed of sale as a ‘‘safety net’’. It was supposed to ensure the members club had a nest egg with which to pay any Knights’ creditors and establish a new entity.

Given that these funds can be withdrawn only when HSG and the members club both agree, there are concerns that disputes will arise. ‘‘If HSG has liabilities and bills to pay, you can imagine they will put pressure on the members club to release some of that cash,’’ a source said.

It is understood Tinkler believes he should be entitled to retain a stake in the Knights.

Informed on Friday that Fairfax Media intended to report that HSG would not comply with the bank guarantee stipulation on Monday, HSG chief executive Troy Palmer replied: ‘‘No comment.’’



Read more: http://www.smh.com.au/rugby-league/...ove-tinkler-20140328-zqo7g.html#ixzz2xIDzoDV3