Nathan Tinkler relinquishes ownership of the Newcastle Knights

[betcats]

I don't think any sane person thinks the Knights are going to fold. But will they enjoy the third party perks that attracted people like Bennett there anymore?

And to claim that a billionaire owner going broke isn't " news" is a bit much.

+1

Their whole financial plan is out the window, in fact all their plans are.

HSG owes $600,000.00 to the nsw gov in stadium rent which is also going before the courts i think i heard on the radio, will the Knights even be able to use the stadium?

 

[jc155776]

The Knights will no longer be able to offer race horses as signing bonuses to players as well.

 

[Jobdog]

Don't know of a single Knights player who has a horse :crazy:

 

[ME SO HORNBY!]

Don't know of a single Knights player who has a horse :crazy:

Obviously it was sarcasm lol

 

[Ron's_Mate]

http://www.theage.com.au/business/former-coal-buddies-in-royalties-battle-20121212-2b9ys.html
An interesting article about the falling out between Tinkles and his former business partner over a lucrative coal royalty scheme.
More here
http://www.smh.com.au/business/tinkler-royalties-stoush-could-be-worth-49m-20121213-2baz0.html

EMBATTLED mining magnate Nathan Tinkler and his former business partner Matthew Higgins are facing off in a legal battle over royalty payments from the New South Wales coal mine deal that propelled them from Hunter Valley pit electricians to millionaires.
Mr Higgins, who used to run Mr Tinkler's maintenance business in Muswellbrook, is taking civil action in the Brisbane Supreme Court to gain access to the financial records of Oceltip, in which both are directors and shareholders.
The case includes allegations that Mr Tinkler has diverted funds from Oceltip's bank account without Mr Higgins' knowledge or approval.

etc

 

[gUt]

Don't know of a single Knights player who has a horse :crazy:

That's a bit naive, he's been paying them in horses for months.

BTW word is that Clive Palmer is going to use Sinkler as his replica Titanic.

 

[Mr Angry]

I find no joy in this.

None.

 

[Perth Red]

Me either, looked like Newcastle was finally going to fulfil it's potential as a big club and this could drag it back to where they were a few years ago. Hopefully if new owners are needed they can find someone with the clubs best interests at heart.

 

[PaddyBoy]

There could be 11, 352 of them at last count, and with their debts wiped out there's no reason they couldn't fulfill potential with that.

 

[Alex28]

The big guy obviously knew how to make cash when the opportunity arose. However his recruitment policy to look after his assets has been seriously flawed. I've seen plenty of cases of rich people leaving their businesses without sufficient cash flow to trade to its potential, but nothing like this.

And that is fine if it is your own business like a horse stud. But the Knights/Jets is a community asset with the public paying over their own cash to be a member. I don't really buy the excuse Palmer dished out - who doesn't know they owe millions in tax?

The club will be fine - we get his cash, sponsors will come back and the club will be stronger for what it has been through.

As for Tinkler... I think he will scrape through, but he really needs to get his shit together. His name and reputation is just about beyond repair.

 

[eozsmiles]

Don't know of a single Knights player who has a horse :crazy:

Bedsy and Kidley are involved in horses. Pretty sure Mullo used to have a few tails running around but for obvious reasons he might not be involved anymore.

 

[betcats]

Me either, looked like Newcastle was finally going to fulfil it's potential as a big club and this could drag it back to where they were a few years ago. Hopefully if new owners are needed they can find someone with the clubs best interests at heart.

I think the member or supporter group can buy the club back for a dollar if Tinkler fails to meet his financial obligations,(10mil + 2.5mil for the juniors..i think) so with the 10 million in the bankthey should be ok.

I agree though, they will be nothing like the club that Tinkler promised.

 

[Bulldog Force]

This bloke had to sell 300 of his horses (and we all know how much they are worth) - and he still can't afford to pay, what it would be considering his networth, a queasy $2,700,000??? That's tightass for ya!

 

[Pugzley]

They could hit up Chris Houston for some cash. :sarcasm:

 

[Caesar]

Meh big nothing story for Knights fans, they'll be fine. The Jets on the other hand might be up shit creek without a paddle, which as a Soccer fan living in Canberra might be good news.

Canberra will never get a team while there is no side in Newcastle.

The Hunter region is one of the biggest soccer nurseries in the country. Even if the licence reverts to the FFA they will just put it straight back into the region.

 

[Caesar]

The big guy obviously knew how to make cash when the opportunity arose. However his recruitment policy to look after his assets has been seriously flawed. I've seen plenty of cases of rich people leaving their businesses without sufficient cash flow to trade to its potential, but nothing like this.

And that is fine if it is your own business like a horse stud. But the Knights/Jets is a community asset with the public paying over their own cash to be a member. I don't really buy the excuse Palmer dished out - who doesn't know they owe millions in tax?

The club will be fine - we get his cash, sponsors will come back and the club will be stronger for what it has been through.

As for Tinkler... I think he will scrape through, but he really needs to get his shit together. His name and reputation is just about beyond repair.

Come on, you're not still defending the guy?

He's basically this century's version of Bond or Skase. Smart gambler, shit businessman.

 

[Cumberland Throw]

Ring Gids

 

[Newcastlerabbit]

Don't know of a single Knights player who has a horse :crazy:

Steve Simpson does.

 

[Newcastlerabbit]

Ring Gids

Dont worry about ring older bro,he knows sfa.

 

[eozsmiles]

One thing is for sure - the HSG christmas party is going to be BYO this year. That sux.