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Tinkler Relinqueshes Knights Licence
- Thread starter Morkel
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- Jan 25, 2013
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Re: NRL General Discussion Thread
CONTROVERSIAL mining magnate Nathan Tinkler has officially relinquished ownership of the Newcastle Knights this afternoon.
After more than two months of negotiations, Tinkler announced the move in a statement obtained by The Daily Telegraph.
The statement says:
Tinkler Group Chairman Nathan Tinkler has confirmed the Hunter Sports Group will have no further role in the Newcastle Knights and has called for immediate action to ensure a speedy transition to a new ownership model.
After injecting over $20 million of my own money it is time to stand aside, and hopefully the Knights will prosper and not revert to the old management style
“This negotiation has dragged on for over 10 weeks and it is clear the Members Club has stalled the process,” Mr Tinkler said.
“After injecting over $20 million of my own money it is time to stand aside, and hopefully the Knights will prosper and not revert to the old management style and formula that almost sent the club into liquidation 3 years ago.
“Since HSG took over the Knights, we have lifted the annual spend of football operations to be over $3 million above the average NRL club.
“Commercial reality will mean staffing numbers will now need to be reviewed, grants cut to the junior League programmes and the local Newcastle competition.
“I have done my bit for the town by investing more than $20 million and saving the Knights from liquidation and now it is time for someone else to step up to the plate,” he added.
Mr Tinkler emphasised the reports in the media of a Club debt of $20 million have been exaggerated and mischievously reported.
“Any figure like this could only include money I have put onto the Club. The debts of the Club are substantially less than the $10.5 million, which is currently sitting in a bank account and not earning interest,” he said.
It is also the belief of HSG, the NRL and independent legal opinion, the original agreement does not provide for the Members Club to purchase the Knights back for $1 and receive the bank guarantee, despite being continually leaked to the media by interested parties.
“If this is the case, why hasn’t the Members Club stepped in, instead of resorting to the protracted negotiations,” Mr Tinkler said.
“We are determined to do everything to make it a smooth transition, but we require all accounts to be settled before leaving the Club — then it will be up to others to take the Club forward.
“Once all liabilities are paid there will be adequate cash flow available to support the new owners,” he added.
Mr Tinkler remains positive about the future for the Knights.
“Through our investment in junior development, our 20s are on top of the table, the Harold Matthews team won the National Title and SG Ball made it to the finals,” he said.
“Over the past 3 years we have also provided every opportunity for the Knights NRL team and coaching staff and I’m sure this will pay-off down the line.
“On a personal level, the most inspirational moment of the past three years was last week when I visited Alex McKinnon in hospital and saw what the true Newcastle spirit was all about.
“I want a successful Knights Club, which generates pride for the whole Hunter, but I cannot understand why the local press simply want to criticise the Club, its players and attempt to bring down everything that is great about Newcastle and the Knights.
“If people don’t put self interest in front of what is best for the Knights, the future is extremely bright.
“The Club is in a far better position than it was when HSG took over, with the Club then drowning in $7 million of debt, inadequate administration facilities and no formal training facility,” Mr Tinkler concluded.
The Hunter Sports Group wish to emphasise its hope is that negotiations can conclude quickly and the NRL will support the Knights, if needed, during this transitional period.
The Club and Mr Tinkler will make no further comment.
CONTROVERSIAL mining magnate Nathan Tinkler has officially relinquished ownership of the Newcastle Knights this afternoon.
After more than two months of negotiations, Tinkler announced the move in a statement obtained by The Daily Telegraph.
The statement says:
Tinkler Group Chairman Nathan Tinkler has confirmed the Hunter Sports Group will have no further role in the Newcastle Knights and has called for immediate action to ensure a speedy transition to a new ownership model.
After injecting over $20 million of my own money it is time to stand aside, and hopefully the Knights will prosper and not revert to the old management style
“This negotiation has dragged on for over 10 weeks and it is clear the Members Club has stalled the process,” Mr Tinkler said.
“After injecting over $20 million of my own money it is time to stand aside, and hopefully the Knights will prosper and not revert to the old management style and formula that almost sent the club into liquidation 3 years ago.
“Since HSG took over the Knights, we have lifted the annual spend of football operations to be over $3 million above the average NRL club.
“Commercial reality will mean staffing numbers will now need to be reviewed, grants cut to the junior League programmes and the local Newcastle competition.
“I have done my bit for the town by investing more than $20 million and saving the Knights from liquidation and now it is time for someone else to step up to the plate,” he added.
Mr Tinkler emphasised the reports in the media of a Club debt of $20 million have been exaggerated and mischievously reported.
“Any figure like this could only include money I have put onto the Club. The debts of the Club are substantially less than the $10.5 million, which is currently sitting in a bank account and not earning interest,” he said.
It is also the belief of HSG, the NRL and independent legal opinion, the original agreement does not provide for the Members Club to purchase the Knights back for $1 and receive the bank guarantee, despite being continually leaked to the media by interested parties.
“If this is the case, why hasn’t the Members Club stepped in, instead of resorting to the protracted negotiations,” Mr Tinkler said.
“We are determined to do everything to make it a smooth transition, but we require all accounts to be settled before leaving the Club — then it will be up to others to take the Club forward.
“Once all liabilities are paid there will be adequate cash flow available to support the new owners,” he added.
Mr Tinkler remains positive about the future for the Knights.
“Through our investment in junior development, our 20s are on top of the table, the Harold Matthews team won the National Title and SG Ball made it to the finals,” he said.
“Over the past 3 years we have also provided every opportunity for the Knights NRL team and coaching staff and I’m sure this will pay-off down the line.
“On a personal level, the most inspirational moment of the past three years was last week when I visited Alex McKinnon in hospital and saw what the true Newcastle spirit was all about.
“I want a successful Knights Club, which generates pride for the whole Hunter, but I cannot understand why the local press simply want to criticise the Club, its players and attempt to bring down everything that is great about Newcastle and the Knights.
“If people don’t put self interest in front of what is best for the Knights, the future is extremely bright.
“The Club is in a far better position than it was when HSG took over, with the Club then drowning in $7 million of debt, inadequate administration facilities and no formal training facility,” Mr Tinkler concluded.
The Hunter Sports Group wish to emphasise its hope is that negotiations can conclude quickly and the NRL will support the Knights, if needed, during this transitional period.
The Club and Mr Tinkler will make no further comment.
Big Pete
International Captain
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Well, I hope it's a step in the right direction for them.
It's been a real bludger of a season for the Knights. Between losing their star player in what was supposed to be a hit and giggle exhibition tournament to that horrific injury to McKinnon, nothing has gone right for them. However, it was pretty clear that there were other issues going on behind the scenes and a few of their stars were playing nowhere near as good as they were in the past year - not being paid and treated well will probably have that effect on you.
Unsure what Benny does from here. Their season is effectively over and he's going to have to start planning for the future. He's got players playing right now who aren't up to it at this level.
It's been a real bludger of a season for the Knights. Between losing their star player in what was supposed to be a hit and giggle exhibition tournament to that horrific injury to McKinnon, nothing has gone right for them. However, it was pretty clear that there were other issues going on behind the scenes and a few of their stars were playing nowhere near as good as they were in the past year - not being paid and treated well will probably have that effect on you.
Unsure what Benny does from here. Their season is effectively over and he's going to have to start planning for the future. He's got players playing right now who aren't up to it at this level.
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I'm sure I hear on one of the programs that he's prepared to take a pay cut to remain at the club, at least for this season.
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Broncoman
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I've always thought that getting egotistic millionaires involved in sports clubs was a gamble at any time and in this case Tinkler seemed like he wanted to run everybody involved in the club. Him standing down is all for the best and it should help Newcastle improve their results it's been a hell of a year for them.
Kaz
State of Origin Captain
- Mar 5, 2008
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They had nuffies running the show. (They still have nuffies there.)
They couldn't organise a brothel in a submarine full of sex starved sailors.
On their Advisory Board it's a job for the boys club.
Advisory Board - Knights
Now Tinkler is gone, each year they will again ask the NRL to bail them out.
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broncos4life
International Captain
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I wonder how much of his own money he invested? His statement didn't really make it clear
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Bull Shark
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This had a sense of inevitability about it right from the start ..
Kaz
State of Origin Captain
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They said on news 20 million.
That is including WB contract of 1 million a year. (WB is contracted to the Tinkler group, not the Knights)
broncos4life
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gordjw
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Homer Simpson: How much is this free resort weekend?
Glen: It's free.
Homer Simpson: And when is this weekend?
Glen: It's this weekend.
Homer Simpson: Uh-huh. And how much does it cost?
Kaz
State of Origin Captain
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Broncoman
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Just read this article. It's from a tele journo (bleh) but it's a pretty good read
Nathan Tinkler will be remembered as a tyrant after his failed foray into league | News.com.au
Nathan Tinkler will be remembered as a tyrant after his failed foray into league | News.com.au
broncos4life
International Captain
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Haha god I love the Simpsons.
broncos4life
International Captain
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