Nathan Tinkler relinquishes ownership of the Newcastle Knights

[Noname36]

That's what I don't get. If the club was debt free in 2013, how can it be 18 mil in debt now? They got $10million+ last year just in sponsorship alone.

 

[BunniesMan]

Yes bunniesman a lot of billionaires have net assets of $5k. This would have to be up there with the stupidest comment you have ever made

I wasn't talking about actual billionaires. But every rich person we see that has a heap of assets and we think he/she is swimming it but all that is worth less than zero if they are under a mountain of debt bigger than their assets. In which case an asset poor debt free person is actually better off.

If Tinkler's situation is as bad as rumoured a cleaner with 5 grand in the bank and nothing on the credit card is richer than he is.

 

[coolsteve]

how many cleaners can buy a coal mine?

 

[Alex28]

An NRL club would struggle to spend $18M in a year. He's only had the club for 2 full seasons so far.

Unless Tinkler is counting money he has given the club I can't see how we owe that much money.

 

[Alex28]

In 2011 total expenses were $13.6M. Sure, some expenses have gone up but so has the NRL grant, and the $10M sponsorship guarantee increased our turnover too.

The $18M debt figure has to be crap.

 

[BunniesMan]

You have raised a good point. Does Tinkler include money he has spent on the Knights as debt the club owes?

 

[Alex28]

Who knows. If it is, the contract that he signed committing to clear the clubs debt at the start of 2012, $10M guaranteed sponsorship, et al disproves that it is genuine debt.

Let's see what the due diligence the members club will no doubt have to do to figure out how big the shit sandwich is and panic then. Remember we have $10M that Westpac are busting to give us as well...

 

[Card Shark]

In 2011 total expenses were $13.6M. Sure, some expenses have gone up but so has the NRL grant, and the $10M sponsorship guarantee increased our turnover too.

The $18M debt figure has to be crap.

Does seem very farfetched.

 

[Perth Red]

Yes sums don't add up re the debt. Increased NRL grant+ one off 1/2mill NRL payment t + tinklers guaranteed sponsorship would mean knights would have had to have been spending $25mill plus last two years! Mind you he would not be the first director to "invest" in a sports team to then announce it was in fact a loan when he wants to move on.

 

[Canard]

I think that might be the crux of the matter the so called "$10M sponsorship guarantee".

Of course this is all just speculation, there could be other underlying financial issues that we aren't aware of.

 

[BunniesMan]

Manchester United was bought by blokes who went into debt to buy the club, then they made the club pay off that debt.

Perhaps a similar story with Tinkler?

 

[jc155776]

The Tinklerfiles are becoming more and more deluded and desperate every day.

It is going to be a blast calling them out to admit they were 100% wrong when things finally finish up for Tinks.

CALLING ALL TINKLERFILES.

Show yourself.

Come on. Admit some of us on here knew what was going on from the very start. If only I had the time to go through some of the other great Tinkler threads and called him out for the dodegy merkin he was,.

 

[RUG13Y]

Where are the Tinkies?

 

[newman]

No because it's very likely he had much more than 333 million dollars in debt. His debt would have been manageable when the coal price peaked but it crashed and all of a sudden his debt was bigger than his assets and things like paying footy players regularly became harder to do.

You can have billions in assets and appear to be an extremely rich man but outsiders rarely know how much debt these super wealthy are in. Often in real terms they're poorer than the minimum wage worker with 0 debt and $5000 cash in the bank.

You are a monumental moron if you believe this.

 

[Sydney Knight]

CALLING ALL TINKLERFILES.

Show yourself.

Come on. Admit some of us on here knew what was going on from the very start. If only I had the time to go through some of the other great Tinkler threads and called him out for the dodegy merkin he was,.

Many of the predictions were around the knights folding and Tinkler becoming destitute and homeless. Let me know when one of these thIngs happens.

Despite wanting the Tinkler model to work due to the financial security that it would have offered most knights supporters now realise the current situation can't go on and we want stability.

Newcastle people are quite loyal and due to the fact that Tinkler wiped the debt and tipped in his own money pre ownership people at least wanted to give him a chance to get back on track. I think he has well and truly had that chance.

 

[BunniesMan]

You are a monumental moron if you believe this.

Having no debt and a small amount of cash is better than being insolvent.

 

[Diesel]

What's taking so long? I though if Tinkler didn't pay or screwed up somewhere then he relinquished the club back to the Knights members/board.

 

[Card Shark]

What's taking so long? I though if Tinkler didn't pay or screwed up somewhere then he relinquished the club back to the Knights members/board.

His representative from HSG has to sign it off..... It's headed for court.

Tinkler loves court.

 

[Lossy]

You are a monumental moron if you believe this.

Think we're way past that being open for debate, Newman.

 

[perverse]

lol, such a bunch of petty shit merkins. You don't think every Knights fan has a bit more on their minds than this thread?

There were suggestions that talks between HSG, the Knights and the NRL advanced well in the past 24-48 hours, and that Tinkler will likely be walking away by the end of the week. Hopefully for everyone involved that does prove to be the case. It will be interesting to see where the accumulated debt ends up, my guess is that it's tied up in HSG and that Tinkler will have to take most of it with him.

God knows where all this debt has come from, though... and how he managed to pass independent audits to keep control of the club up to this point. I'll certainly give Tinks one thing, he has crafty accountants.