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Is all not well in Tinkler Town.

bandwagon

bandwagon

The company Tinkler set up to run the Knights will hold the liability, the member company can regain control of the license and there fore the club, but of course whether or not the Knights end up better off will depend on what entity owns the assets.

If that is the same company that holds the tax liability, then one would expect they would be sold off in liquidation, should of course that eventuate.

The Nrl license should be exempt from that process due to the contractual arrangement allowing the Members company to purchase it back in those circumstances for the princely sum of $1 
knitey

knitey

That's the bit I like.

According to rumour that may happen tomorrow, so we wait and see. 
Maximus89

Maximus89

Is that so? This thread calls bullshit on your claims

http://forums.rleague.com/showthread.php?82101-Will-Bennett-Take-The-Money-or-take-the-Challenge 
knitey

knitey

read what I wrote Max..did I say on this forum?....no!

So be sure of what your replying to, before you claim bullshit.:P 
southsport

southsport

Have the dragons got financial woes??? 
Marcus1979

Marcus1979

The media are making out we are broke just because the leagues club have cut some of the funding. I don't get it 
TS_Quint

TS_Quint

Don't we all? 
Marcus1979

Marcus1979

you talking about parra or personally :lol: 
TS_Quint

TS_Quint

The whole world.
Except for Izzy Folau - that guy got him some money. 
southsport

southsport

Andrew Bogut. 
knitey

knitey

[INDENT] Coach Wayne Bennett called on as Hunter Sports Group meets with club members

By Dean Ritchie, Paul Crawley

http://resources0.news.com.au/images/2012/12/14/1226537/183032-bennett.jpg
HEAVYWEIGHT BACK-UP: Knights coach Wayne Bennett.

WAYNE Bennett is expected to walk off the training field today and into a political dogfight - a meeting with Newcastle's members club board.

The meeting comes as Hunter Sports Group chief executive Troy Palmer declared: "We're not going anywhere - the job is just beginning."

Palmer and Knights CEO Matt Gidley will front the members board this morning to be "honest and open" about the club's precarious financial situation and it's understood that Bennett will be called in for some heavyweight back-up.

Newcastle's financial position is under scrutiny amid suggestions the members want to take back control of the club from Nathan Tinkler, who has injected $25 million into the Knights and Jets.

Palmer doesn't believe the members want to buy back the club, although one well-placed source said: "We need clarity and long-term security otherwise some hard decisions will have to be made."

The six-man members club board - the Knights gatekeepers - will seek exactly that.

"It will be a choice for Wayne whether he goes but he is a key part of our football club and it might be helpful that he be there from a football club perspective," Palmer said.

"We won't be afraid to answer any questions and will do so honestly and openly. We want to keep communication open because the members club play an important role.

"I don't believe the members club want to take over the Knights. They are acting in the best interests of the members in asking questions about the running of the club.

"The so-called push (to oust Tinkler) comes from those with personal agendas who aren't part of the members board. We're not going anywhere - the job is just beginning. We are now as well resourced as any club in the NRL or A-League.

The Australian Tax Office has started wind-up proceedings against Tinkler over a $2.7 million debt while he is being sued by the state government for $600,000 in unpaid rent on Hunter Stadium.

Despite this, Palmer spoke passionately about Tinkler's financial contribution to Newcastle.

"Look at where the club was and is now. The Jets and Knights were last in membership and merchandise and similar in sponsorship," Palmer said.

"The Jets now have 11,000 members, the Knights have 17,000, up there with Souths and Brisbane. That has been done in just 12 months.

"It wouldn't have happened without Nathan. People are quick to forget. He has done so much for this town."

The members club's principle role is to ensure HSG:

* INJECTS $2.5 million in junior development;

* GENERATES $10 million of sponsorship; and

* MAINTAINS the club's bank guarantee.

http://www.dailytelegraph.com.au/sport/nrl/coach-wayne-bennett-called-on-as-hunter-sports-group-meets-with-club-members/story-e6frexq9-1226537914380  
SaintAnger

SaintAnger

NRL 2013 season cancelled due to lack of interest...and funds. 
knitey

knitey

Oh come on....I expected better from you, a very poor effort. 
TheObserver

TheObserver

MR tinkler just sold a horse for $25 million :yay:he is on the way back . 
knitey

knitey

Cash-strapped owner Nathan Tinkler going nowhere, Newcastle Knights members told

By Paul Crawley

http://resources3.news.com.au/images/2012/12/15/1226537/273203-tinkler.jpg
STAYING PUT: Embattled Newcastle Knights owner Nathan Tinkler.

IT was billed as the most important meeting in the history of the Newcastle Knights but Nathan Tinkler was last night given a vote of confidence by the members - with a condition.

While the cash-strapped mining magnate wasn't on hand for the showdown that some speculated would end his reign, super coach Wayne Bennett joined Hunter Sports Group boss Troy Palmer and Newcastle chief executive Matt Gidley to talk over concerns Tinkler's business worries were putting the NRL club in grave danger.

But after an hour-long meeting, Palmer emerged standing alongside member's board director Nick Dan declaring Tinkler was still in charge and what's more he was going nowhere.

"The meeting went really well as expected," Palmer said.

"There were a number of questions that the member's board wanted to ask and I think we answered them as good as we could and to their satisfaction.

"I think everyone agrees what a great job Nathan and the team has done and where the club has gone in a short period of time and I think the member's club are more than happy with that after asking their questions. It is business as usual and I think we are all on the same page."

But Dan conceded the member's board wanted more transparency.

"The member's board respect the fact that the members voted for Nathan Tinkler to buy the club last year, a huge majority to do that," he said.

"They are happy with the way he had funded the football operations. We want to see the club fully capitalised as was said at the changeover and to make sure the business creditors get paid on time for what they do and Troy has said they have certainly taken that on board and would take steps to make sure that happened.

"We are going to meet a lot more regularly. We gave them an insight into how we ran things over the years. We would have cash flow problems from time to time and we would tell the community the problems we were facing and I think because of the community's great love for the Knights they would give us a couple of months and we would get things paid when we said we would.

"We have suggested to them that is what worked for us and maybe they should try that for the community."

It all relates to the ongoing audit that was due by December 15 before the members agreed to a extension until January 21.

But that was before the Australian Taxation Office last week launched action to wind up the Knights, the Newcastle Jets and parent company HSG because of an outstanding $2.7 million debt.

Palmer received backing from the Knights' long-time auditors Crosbie Warren Sinclair yesterday and last night again guaranteed the taxation debt would be paid before the February deadline.

And he also took aim at the Knights' previous management and people with agendas he claimed were distributing wrong information to the detriment of the club.

"As Nick said I don't think the member's club ever wanted to take over the club," he said. "I think they are in principle very happy with how the privatisation has gone and how the club has improved."

http://www.dailytelegraph.com.au/sport/nrl/cash-strapped-owner-nathan-tinkler-going-nowhere-newcastle-knights-members-told/story-e6frexnr-1226538648881 http://www.dailytelegraph.com.au/spo...-1226538648881 
knitey

knitey

[h=1]Business as usual for Knights[/h]


Monday 17 December 2012 9:14 PM

http://staticnrl.sportalhosting.com/site/_content/LeadImage/00054487-leadimage.jpg
It is business as usual for the Hunter Ports Newcastle Knights following Monday night’s meeting between club management and the Knights Members Board.
Hunter Sports Group CEO Troy Palmer, Knights CEO Matt Gidley and Knights head coach Wayne Bennett represented the club at the meeting, with Palmer addressing the media alongside Members Board Chairman Nick Dan afterwards.
“The meeting went really well, as expected,” Palmer said.
“There were a number of questions that the Members Board wanted to ask and I think we answered them as well as we could and to the satisfaction of the Members board.
“It’s business as usual, I think we’re all on the same page and are looking forward to the upcoming season."
Following the meeting, Palmer once again reinforced Hunter Sports Group’s unwavering commitment to the club.
“We’re here for one thing, which is the club and the Members and to give Newcastle something to be proud of, which is a winning team,” Palmer said.
“I think the Members Board, in principle, is very happy with how the privatisation has gone and how the club has improved dramatically over the past 12 months.
“I think everyone agrees what a great job Nathan and the team (at Hunter Sports Group) have done and where the club has gone in such a short period of time.” 
knitey

knitey

[h=1]Audit statement clears the air[/h]


Monday 17 December 2012 3:15 PM

http://staticnrl.sportalhosting.com/site/_content/LeadImage/00054482-leadimage.jpg
Newcastle Knights' auditors Crosbie Warren Sinclair has today released a statement clarifying some misleading assumptions reported in the media about the current audit being undertaken to meet the requirements of the Knights take over and the reporting process to the Member's Club.
The current audit report being prepared is for the calendar year January 1st till 31st December 2012 but as the attached statement makes clear, this was not possible to be completed under the time-lines signed off by the previous Knights management.
Hunter Sports Group CEO Troy Palmer was confident this statement would clarify a situation that has been clouded by comments from former management and others without all the information.
"We welcome this statement which will clarify some confusion for Members Club Directors. It is a sad situation when people just can't let go and continue to run with personal agendas, even when it is to the detriment of the club," Palmer said.
"I'm confident all the key milestones will be achieved in line with the clubs audit. Hopefully, this is another step to ensure future stories are about our football team and not personal agendas played out in the media," he concluded.
Troy Palmer and Knights CEO Matt Gidley will meet with the Members Board later today to ensure all questions on the future of the Knights under the HSG can be addressed.
http://nrladmin.sportalhosting.com/site/_content/document/00003639-source.pdf CLICK HERE to read the auditor's statement. 
southsport

southsport

Keep us up-to-date please knitey. 
knitey

knitey

I'll try, but at the moment I can only get the same information as everyone else, the person who usually feeds me info is not talking at the moment, just giving the company line...I imagine that he is in fear for his job. 
SaintAnger

SaintAnger

Didn't want to be too critical without knowing all the facts :help: 
knitey

knitey

Fair call, I don't think to many people really know what's going on.......the media on the whole, just speculate.:) 
knitey

knitey

Wow, another hot story by our friends at the Herald http://www.theherald.com.au/story/1194205/mario-fenech-backs-tinkler/?cs=306 Mario Fenech backs Tinkler 
novasaint

novasaint

Tinks and his Karnigits are going nowhere.
What he really needs to do is surround himself with better corporate suits. 
knitey

knitey

Whitehaven coal went up 6% today (Tinks got 30 Mill richer) on speculation a chinese company will launch a takeover bid.

If the takeover goes ahead they will have to pay full value for the company, so Tinks will be a billionaire again, only he will be holding a billion in cash.

Look out business world if a cashed up Tinks gets loose - he will try to buy the Dragons or something.:lol:

http://news.smh.com.au/breaking-news-business/whitehaven-downplays-shenhua-offer-reports-20121219-2blyg.html http://news.smh.com.au/breaking-news...219-2blyg.html 

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