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Tinkler pulls plug

Discussion in 'Rugby League Forum' started by Berkeley_Eagle, Feb 21, 2011.

  1. Berkeley_Eagle

    Berkeley_Eagle Current Status: 24/7 Manly Fan 2016 Tipping Competitor

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    Nathan Tinkler has pulled out of buying the Knights for $100 million for 10 years,he said the current management are impossible to deal with.
    Just reported on Fox,
    Knights to hold press conference this afternoon.
     
  2. Stevo

    Stevo Well-Known Member

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    ****en idiots. Who wouldn't jump at that sort of cash?
     
  3. Berkeley_Eagle

    Berkeley_Eagle Current Status: 24/7 Manly Fan 2016 Tipping Competitor

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    http://www.heraldsun.com.au/sport/nr...-1226009364159


    BILLIONAIRE mining magnate Nathan Tinkler has pulled out of a $100 million deal this morning to purchase the Newcastle Knights.
    Tinkler was to have met Knights officials at 2pm today in a bid to resolve issues between the two organisations so that a meeting of Knights members could be called to vote on his buy-out proposal.
    But sources have told The Daily Telegraph the meeting won’t go ahead because the deal is now off.

    The Knights have called a media conference for 2.30pm today where it’s expected they will make Tinkler’s decision official.
     
  4. Guest

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    if i was him i would withdraw it.. its been going on since start of Jan.. if the Knights management  cant  see the benefit, maybe Newcastle shouldn`t even have a team up there, bunch of fools..
     
  5. ManlyBacker

    ManlyBacker Winging it Staff Member

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    The deal was a bit complicated but the Knight's Board will have some explaining to do to the community.

    From SMH:
    After giving in-principle endorsement on January 19 to Tinkler's offer, Knights chairman Tew said three components of the deal had since been altered.

    Tew said ''the first and overriding issue'' was that the offer, as it stood, ''represents a significant departure from the $100 million proposal guaranteed to be paid over 10 years that was announced by The Tinkler Group last month''.

    He said: ''The present offer does not commit to a 10-year period. The offer of guarantee at present is for a period of two years, and does not commence until March 31, 2012.''

    He said TSG wanted to calculate all revenue, including ticketing and membership, in its definition of ''sponsorship income''.

    ''On that basis, the total is already as high as $10 million, and therefore the contribution by the Tinkler Group would be zero,'' Tew said.

    He said there was no guarantee if TSG sold the Knights within 10 years that the new buyer would commit to the same level of funding.

    The Knights insist the members should be given a ''stated buy-back sum at the outset of the agreement'' or be empowered to ''enforce the obligations of the guarantee and other conditions upon an incoming purchaser for the remainder of the 10 years''.

    Tew also alleged that TSG had ''removed the commitment to junior development from the documentation'', and the club would require ''an iron-clad commitment guaranteeing a minimum expenditure''.
    ----------

    Still, that type of offer should have been worked through quickly and resolved. As it is the Knights - it is all GOOD!!! :)
     
  6. The Eagle

    The Eagle Well-Known Member

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    Good Knight

    now cya drugcastle you dumb ****s
     
  7. kurri eagle

    kurri eagle Active Member

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    This is exactly what Tinkler wants , the members up here are already planning an extrodinary meeting to sack Tew and Burruston then he ride's into camelot with nobody to answer to and does'nt have to payout any CEO's . This will probably accelerate the process for him.
     
  8. Fro

    Fro Well-Known Member

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    yup, hes not a stupid man, he's playing hardball.
     
  9. SeaEagleRock8

    SeaEagleRock8 Sea Eagle Lach Staff Member Premium Member 2016 Tipping Competitor

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    ''On that basis, the total is already as high as $10 million, and therefore the contribution by the Tinkler Group would be zero,'' Tew said

    Exactly. In reality he'd be buying the club for SFA, simply being a guarantor in effect. I never cease to be amazed by people who see billionaires as altruistic knights in shining armour.
     
  10. Rusty

    Rusty Well-Known Member

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    He wants to own the Knights, he isn't used to not getting what he wants.

    He has a plan, and he will get what he wants. This is all just hardball. The club will either come begging or he will find another way.
     
  11. Jatz Crackers

    Jatz Crackers Moderator Staff Member

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    I get the impression many fans out there have this supremely naive perception that having a wealthy owner provides some sort of direct & unimpeded access to all the owners financial assets.

    There are a fair few pea brains out there in the general public you know.
     
  12. kurri eagle

    kurri eagle Active Member

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    I agree , i'm no knights lover ( yuck ) but i can't blame the club for dotting it's i's and crossing it's t's . He has a reputation round these parts as a bully ( if i was a billionaire i would be as well ) . The CEO and board were showing due dilligence so he pulled the pin , makes them out to be the bad guys and will still get the club but this time with a board who will agree to whatever he needs up to the offical takeover.
     
  13. The Eagle

    The Eagle Well-Known Member

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    Tinkler was going to make sure they survived
    If they dont get $10m a year whos going to foot
    the bills?
    Survival > Death
     
  14. kurri eagle

    kurri eagle Active Member

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    He will get the club , he only said he won't deal with the current board.
     
  15. DSM5

    DSM5 Well-Known Member 2016 Tipping Competitor

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    Tinkler was never going to put up the 100 Million.  Anyone who thinks he's the 'white Knight' needs a reality check.  Newcastle will survive because the NRL need a team between Sydney and Qld.  These so called saviours like Tinkler and Our Russ buy clubs for peanuts, are recompensed by sponsors and the NRL, and end up paying nothing.  Just look at the real estate Holmes a Court and Russ picked up in the middle of Redfern for next to nothing.    Just wait for the NSW Govt writing off the loan to do up Newcastle stadium, as did the mayor of Sydney putting in 20 Million to do up Redfern Oval for Souths training paddock.  The Libs will have the taxpayer pay for Energy in order to keep the seats they're about to win in the Hunter. 
     
  16. kurri eagle

    kurri eagle Active Member

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    Close
    The Gov't own's the Stadium in Newcastle , maybe we should get Warringah council to hand Brookie oval to the state gov't
     
  17. Jethro

    Jethro This space is for rent Staff Member Premium Member 2016 Tipping Competitor

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    The Gov't own's the Stadium in Newcastle , maybe we should get Warringah council to hand Brookie oval to the state gov't
    [/quote]

    They'd probably sell it off as they hate us too.
     
  18. Ralphie

    Ralphie Well-Known Member Premium Member 2016 Tipping Competitor

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    The Tinkler deal included him clearing their debts of $3-$4 million and a guarantee to pick up any income shortfall to ensure their annual income remains above $10 million. He showed his intentions in relation to player recruitment with Snowden & Idris. He was the real deal.

    Don't forget that is a similar deal that Max paid to buy the Mighty Eagles.

    I think the Newcastle Board were nuts to let him get away.
     
  19. DSM5

    DSM5 Well-Known Member 2016 Tipping Competitor

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    Too fat for mine.
     
  20. Jonesyv2

    Jonesyv2 Active Member

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    He has done a similar deal and owns the Jets up there, I actually think the guy just loves sport and newcastle
     

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