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Is all not well in Tinkler Town.

bandwagon

bandwagon

Worse case scenario, you're back where you started, but with a whole heap of shiny new equipment.

And a board who will have proven themselves to be pretty bloody capable in the face of some very serious criticism. 
knitey

knitey

Well, maybe a bit better than where we were, all our debt is now gone, but still not a great position to be in as we don't have a leagues club to help out. 
bandwagon

bandwagon

With zero debt and a grant from the Nrl of 7 Million, increased memberships and gate takings, plus an enhanced profile due in a large part to Tinkler's involvement, leveraging off which should make it easier to attract sponsors, I'd say the club is in a much better position than this time a couple of years ago. 
Maximus89

Maximus89

I wonder if Corabko and some other Knights fans still think Burraston and Tew are the devil for delaying the deal to do their due diligence work? The Knights would be screwed at this point if it hadn't happened. 
bandwagon

bandwagon

Very true. 
woodies

woodies

Nnnnnnnnnnnnnooooooooooooooooooooooooooooooooooooooooooooooooooooo!!!!!!!!!!!!!! 
knitey

knitey

Unfortunately.....yes.:( 
Marcus1979

Marcus1979

What's happened? 
knitey

knitey

The tax office is making moves to wind up HSG. 
Marcus1979

Marcus1979

whats the rammifications on that? You guys have secured the $20 Million right? 
knitey

knitey

Weeeeeellllllllllll, I hope it's there, but I wouldn't bet on it. 
bandwagon

bandwagon

http://ad-apac.doubleclick.net/6k;h=v8/3d4a/0/0/%2a/h;44306;0-0;0;55065750;30836-940/20;0/0/0;;~aopt=2/1/93/2;~sscs=%3f http://s0.2mdn.net/viewad/817-grey.gif
Debt-ridden Tinkler faces the loss of his main entity

DateDecember 11, 2012
[LIST]
[*]Read later
[/LIST]

http://www.brisbanetimes.com.au/business/by/Paddy-Manning Paddy Manning

http://www.brisbanetimes.com.au/business/by/Paddy-Manning View more articles from Paddy Manning
http://twitter.com/gpaddymanning Follow Paddy on Twitter [EMAIL="paddy.manning@fairfaxmedia.com.au"]Email Paddy[/EMAIL]

[LIST]
[*]THE former billionaire Nathan Tinkler's legal battles continue, with the Tax Office confirming it will seek to wind up one of his main private entitites, Tinkler Group Holdings Administration, over unspecified debts.
In the NSW Supreme Court on Monday, lawyers for Mr Tinkler and the Deputy Commissioner of Taxation confirmed the Tax Office would replace the NSW Office of State Revenue as petitioning creditor in the wind-up proceedings.
Sentia Media withdrew from the proceedings against Tinkler Group Holdings Administration after being paid. The case is one of almost half a dozen proceedings under way against private Tinkler entitites:
Ferrier Hodgson is winding up Tinkler-owned Mulsanne Resources over an unpaid $28.4 million debt to Blackwood Corporation. A spokesman confirmed Ferriers had received the company's ''report as to affairs'', along with books and records, and was seeking further information from directors including Mr Tinkler.
Advertisement
Adelaide-based Anthony Matthews and Associates is balancing whether to proceed with the wind-up of Patinack Farm Administration - the main employer at Mr Tinkler's thoroughbred stud - which also owes millions to the Tax Office but went into liquidation after a $17,000 debt to South Australia's Workcover agency went unpaid, apparently due to an ''administrative error''.
Queen Street Capital and Aston Copper are facing a wind-up by Brisbane-based HWL Ebsworth Lawyers for an unknown amount of money. HWL Ebsworth would not comment.
Lender GE Capital has appointed Taylor Woodings as receivers of TGHA Aviation, which last week repossessed Mr Tinkler's private jet and helicopter.
Hunter Sports Group is being sued by the NSW government for almost $600,000 in stadium rent owing from its Newcastle Knights rugby league team. Hunter Sports is also negotiating with the Knights to extend an audit deadline which falls this Saturday. The Knights also want to extend the $20 million bank guarantee which the company provided when the club was privatised. If the negotiations fail it could jeopardise Hunter Sports' ownership of the club.
Separately Joe Osborne, the managing director of Ireland's Kildangan Stud, which is owned by the ruler of Dubai, Sheikh Mohammed bin Rashid al-Maktoum, confirmed Mr Tinkler had paid about $98,000 in stud fees and court costs, after a judgment was recorded against him in the Muswellbrook Local Court, and the dispute was now resolved.

Read more: http://www.brisbanetimes.com.au/business/debtridden-tinkler-faces-the-loss-of-his-main-entity-20121210-2b5qc.html#ixzz2EthGbKGd
[/LIST]
 
bandwagon

bandwagon

Above makes the claims of being surprised by the actions of the ATO rather ridiculous. 
knitey

knitey

Yeah....it gets better by the minute. 
Morkel

Morkel

Whoever was the dude who held back signing the club away in order to secure the bank guarantee and the buyback condition, make him the CEO of the NRL. 
knitey

knitey

Robbie Tew........great foresight. 
Marcus1979

Marcus1979

Not trying to say I told you so but the writing has been on the wall for a while if you look at his failures we have read about over last few months. So Maybe Tew did not completely trust the solvency of the Tinkler empire? 
knitey

knitey

The ATO has applied to a court for the windup if bills aren't paid.

Similar things are happening in most Tinks companies.

He is waiting till the last second to pay his bills because he has no cash.

The risk is that his legal team could get it wrong like they did with one of his racing businesses where they paid a day late and it went into receivership.

Tinks has no cash and is not parting with a red cent till he has to - we knew that already. 
bandwagon

bandwagon

Would seem so, but he's robbing peter to pay paul, and that rarely ends well.

The damage his reputation is receiving will make it very difficult to do business as he has done in the past 
knitey

knitey

[h=2]Newcastle Knights will never die[/h] [INDENT] $20 million cash injection from Nathan Tinkler bank guarantee to keep Newcastle Knights alive

By Phil Rothfield

http://resources0.news.com.au/images/2012/12/13/1226536/421792-newcastle-knights.jpg

WITH or without Nathan Tinkler, the Newcastle Knights will never die.

Their future will in fact be safer and more secure if the debt-ridden mining magnate is forced out, courtesy of the $20 million cash injection from his bank guarantee.

The Knights are in a much stronger financial position than when Tinkler first purchased the club.

More than $6 million worth of debt has been paid off.

They now have a state-of-the-art training centre to match any rival NRL club.

They have a new 33,000- seat stadium and 19,366 members - up from 4500 two years ago - second only to the Brisbane Broncos.

And they now get a $7 million-a-year grant from the NRL from the TV broadcasting deal.

Throw in one of the NRL's strongest playing squads, which is boosted next year by the return of Kurt Gidley and the signings of Beau Scott and Jeremy Smith, and they are in better shape than most of their premiership rivals.

If the Hunter Sports Group collapses, it also reduces the financial stress of having the NRL team propping up the Newcastle Jets A-League team, which lost $2 million last year. Despite Tinkler's issues, private ownership in rugby league is not such a bad thing.

Manly and South Sydney would have gone the way of Newtown and North Sydney if it wasn't for the Penn family and Peter Holmes a Court and Russell Crowe.

They have been propping them up for years.

There would be no Melbourne Storm without the millions New Limited, publisher of The Daily Telegraph, has poured into the club.

Tinkler was always a different story because he has had cash-flow problems for almost as long as he's been in business.

It was common knowledge when he was buying the Knights that he had debts throughout the racing industry. Plus he still owed $42,675 for his corporate suite at the Knights' home ground from the previous season.

Many of his bills were paid on the steps of the court as a last resort to stop legal action.

Whenever it was mentioned, he would shrug it off as a media beat-up.

"There has definitely been a spirited media campaign to get me," Tinkler said. "There are no financial issues with either club. They are safe and secure, they are all fine."

The NRL cannot escape criticism either for this latest financial collapse of one of its teams.

Who is responsible for regularly checking the financial records of the 16 clubs?

At the beginning of the year it was the Titans and now the Newcastle Knights.

Payments for ground rental at Hunter Stadium, to suppliers, staff salaries and player superannuation have fallen behind all year.

The position of supercoach Wayne Bennett will be the subject of much speculation in coming weeks.

The club might be safe but whether it can afford a coach on a $1 million-plus salary is debatable.

Earlier this week Hunter Sports Group boss Troy Palmer insisted it was business as usual. That was before the taxation department revealed yesterday it was owed $2.7m.

The plane, the helicopter and his ANZ Stadium suite are all gone.

But the Knights will always survive under their former ownership model.

The NRL would never allow such a proud rugby league heartland to die.

Same club, same jersey, same colours. The only difference is the bills will be paid on time.

http://www.dailytelegraph.com.au/sport/football/fans-of-newcastle-knights-and-newcastle-jets-left-wondering/story-fndcv8ir-1226536480458 http://www.dailytelegraph.com.au/spo...-1226536480458 http://www.dailytelegraph.com.au/sport/football/fans-of-newcastle-knights-and-newcastle-jets-left-wondering/story-fndcv8ir-1226536480458
[/INDENT] 
bandwagon

bandwagon

His criticism of the Nrl in there is pathetic, Tinkler has an obligation to do an independant audit of the clubs financials, it hasn't been done. What are the NRL supposed to do? Pay to audit each club? 
knitey

knitey

It's Slothfield, what do you expect. 
bandwagon

bandwagon

I expect better,

I also expect to be dissapointed. 
knitey

knitey

Well there you go, 1 out 2 ain't bad.:D 

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