Tinkler and the Knights

[DIEHARD]

Also he bought the Newcastle Jets soccer club and while they were drowning and I guess he can do what he wants. But one of the first things he did was change the Jets colours to mirror the Knights which really pissed off the Jets fans. Who used to wear gold.

I know the name, colours and location can't be changed. But I'm sus on it all.

Changing a club's colours is one of the worst things you can do.

[Blazertaser]

It like changing the gold coast titans colours brown, yellow and white.... id be furious

[DIEHARD]

Billionaire Tinkler facing 'mutiny' over failure to pay employee super contributions

THE horseracing empire of self-made mining magnate Nathan Tinkler is in deep financial crisis after having failed to meet the superannuation payments of its workers since November.

Internal documents from Mr Tinkler's racing company, Patinack Farm, show staff are on the point of "mutiny" after a series of failed promises to have the unpaid super made up. It is also understood that, following complaints from employees, the Australian Taxation Office has begun an investigation.

In one internal email seen by the Herald, staff were told the delay was due to "cash flow management", while in another correspondence a member of the accounts team admits: "It's very frustrating for everyone - I haven't got mine either!"

A staff member said it needed to be resolved soon ''or there's going to be a mutiny''.

Advertisement The failure of Patinack to meet its wage responsibilities comes as Mr Tinkler, who BRW estimated to be worth $915 million, was last week unable to raise $28.4 million to fulfil an obligation to buy a 34 per cent stake in the listed coal company Blackwood Corp.

On Friday the Herald revealed Mr Tinkler unsuccessfully tried to sell his racing and breeding interests to a Qatari sheikh for $200 million, about $100 million less than he has pumped into the sport in the past four years.

A Patinack worker who asked not to be named said staff were deeply upset at their treatment by Mr Tinkler.

"This guy's supposed to be a billionaire, so why can't he pay people what they're due? There's a lot of anger and frustration amongst the staff."

He added: "There's a sense that the whole Tinkler house of cards could collapse. People are definitely worried we won't ever see this money."

Having failed to offload the whole racing operation - which is costing him in the region of $500,000 a week - to Sheikh Fahad al-Thani, Mr Tinkler will sell 350 horses in October through the Magic Millions sales company owned by the retailing billionaire Gerry Harvey. Racing sources believe Mr Harvey has given Mr Tinkler a cash sum in advance of the sale of about $20 million to help his cash flow.

On Saturday Mr Tinkler suffered disappointment on the track when his best colt, All Too Hard, a half brother to champion Black Caviar, failed to win a group race despite being a heavily backed odds-on favourite.

Should the colt continue to perform poorly, it would soon affect its estimated $10 million value as a potential stallion.

Mr Tinkler has a reputation as a master deal maker after building his fortune on the back of a $500,000 loan to buy a coalmine in which others saw no potential.

He is now attempting to privatise the mining company Whitehaven, in which he holds 21 per cent of the stock. To succeed in that $5.3 billion deal, he needs to raise at least $1 billion from partners.

But Mr Tinkler's Whitehaven stock has slumped recently. On Friday his shares were worth $778 million, down from $1.2 billion in April.

Under federal law, employers are supposed to make super contributions at least every three months. Wage slips for employees still state that contributions are being made, though no money is arriving in super funds.

Mr Tinkler's spokesman declined to comment last night.

http://www.smh.com.au/

[DIEHARD]

Queensland coal explorer Blackwood to pursue Nathan Tinkler in courts for $28.4 million

HAS the young businessman affectionately known as "the Whale" finally beached?

That was the question yesterday as new creditors came out of the woodwork trying to extract money owed by former Newcastle electrician turned mining entrepreneur Nathan Tinkler - a man who at his peak was worth a reported $1.1 billion.

Tinkler's extensive coal, property, rugby league and horseracing empire edged closer to the brink of collapse after Queensland coal explorer Blackwood confirmed it would pursue Tinkler in the courts for $28.4 million owed from a promised equity placement.

The giant Mirvac property group also confirmed yesterday that it was taking Tinkler's Buildev group to court to recover $17 million from a failed property deal over industrial land at Newcastle, which was to have been part of a failed coal shipping terminal.

At the same time there were calls yesterday for Tinkler cash from people associated with his racing empire, Patinack Farm, surrounding merchants near his stables in Queensland and his precious Newcastle Knights National Rugby League team.

Tinkler became the owner of the Knights last year, and was hailed as the club's financial saviour, with his dollars helping lure Wayne Bennett from the Dragons to coach the team.

Tinkler's Patinack Farms are believed to have run up hundreds of thousands of dollars worth of debts in Canungra and Beaudesert.

One business owner - who is owed thousands, but did not wish to be named because he still hoped to recover some of his money - described the situation as "a nightmare".

"It would go for three or four months without paying bills and then the business would shut his account and he would just go somewhere else and do it all again," said one local trader.

"When he first came in to town, everyone thought he was a hero and we were all going to get steady income out of him. But it has been a nightmare."

It is believed several contractors who worked on the Patinack Farms estate are still waiting to be paid months after finishing their work.

Patinack management did not return calls to The Courier-Mail yesterday. Tinkler was in Singapore and not returning calls to his mobile.

His Sydney spokesman Tim Allerton of City PR said he had "no comment to make" and doubted he would be saying anything further later this week.

His reluctance to talk comes as a growing number of investors, staff and creditors are becoming increasingly concerned about his financial credentials. Nathan Tinkler burst on to the Queensland corporate scene in 2008.

He made his money in 2007 when he and his father Les sold their Bowen Basin mines to Macarthur Coal for $275 million.

He floated his major company Aston Resources in August 2010, although the bourse debut was less than spectacular.

His major investment today is his 21 per cent stake in Whitehaven Coal, a stake that accounts for the bulk of his wealth but which has lost more than 40 per cent of its value since an April merger with Aston Resources and his private Boardwalk Resources.

He tried unsuccessfully to privatise Whitehaven in an ambitious $5.25 billion deal which never got off the ground. A slump in coal prices has also impacted on Tinkler who has substantial debts secured against his stake in Whitehaven stake.

"Everything is leveraged," one analyst said last night of his worsening plight.

http://www.couriermail.com.au

[Toads]

Oh well.. It'll be interesting to see if Tinkler can wiggle out of this one. After hearing this latest news, it makes me glad he never did buy into DJR (Dick Johnson Racing).

[DIEHARD]

Maybe this was why he was trying to get out of the Jets in Newcastle as well.

[DIEHARD]

Newcastle Knights Boss Going Broke?

With club owner Nathan Tinkler reportedly being chased for unpaid debts, doubts are increasing over the future of the Knights.

Former Newcastle Knights player, Triple M's Matty Johns exclusively revealed that club credit cards have been cancelled.

"I know some Newcastle Knights staffers went to pay for certain things on a club credit card and it had been cancelled. From that point of view, there are some obvious concerns. I just hope that Wayne Bennett got his money up front," Matty told The Grill Team.

Matty Johns says "The Knights short term future is assured." Former Knights chairman Robbie Tew put safety nets in place before Tinkler took ownership of the Knights, but the worry is that the club's reputation is now inseparable from Tinkler's.

And, although the club would still have solid financial footing, MG says "if you are a player or on the coaching staff, you'd be starting to get a little bit twitchy."

Matty hopes that the Knights continue to be one of the powerhouses of League, but he says "the real concern is that every single day I pick up the paper and there are new revelations about Nathan Tinkler. Not only is it a real problem for the Newcastle Knights, it could be a real problem for the NRL."

http://www.triplem.com.au/

[DIEHARD]

Robbie Tew deserves a medal.

[Toads]

A bit premature. But I wonder how the Titans would go if we uprooted Carty 'n cast him aside, then slotted Bennett in his place?

[DIEHARD]

Well Bennett was poised to sign with the Cowboys, so anything is possible.

[DIEHARD]

Ex-Knights chief and Tinkler at loggerheads over tax bill

A BITTER war of words has erupted between former Newcastle chairman Rob Tew and Nathan Tinkler's Hunter Sports Group over an unpaid $350,000 tax bill.

Tew broke his silence yesterday, describing the situation as ''another example of HSG not paying their debts''. Tinkler's group blamed the debt on the previous Knights administration's ''poor accounting''.

It is understood the debt was uncovered by the Australian Taxation Office during an audit of the Knights Members Club, and comes at a time of growing uncertainty about Tinkler's financial position.

The Newcastle Herald reported last month that Knights suppliers, including medical providers, had been forced to employ debt collectors to chase outstanding bills.

A spokesman for HSG said yesterday all Knights Members Club debts, totalling more than $6 million, were paid at the time of acquisition, or August 5, last year.

''This new debt has come to light due to poor accounting from the previous Knights administration and came to light following a recent audit of the members club,'' he said.

''Now that HSG is aware of this new debt, this will be extinguished in the normal course of business.''

But Tew, who is credited with ensuring the Knights' future by demanding a host of non-negotiable terms and conditions as part of the takeover, including the $20 million bank guarantee, described the criticism as ''nonsense''.

He said the debt was incurred because Tinkler failed to meet the initial agreed handover deadline on June 30 last year, forcing the Knights Members Club to trade into the following financial year.

Tinkler was supposed to have provided a $20 million bank guarantee and settled all the club's outstanding liabilities by the end of the financial year but requested an extension and settled the takeover bid on August 5.

''As a consequence of normal trading, due to the delay in settling by HSG, we traded beyond June 30 and incurred normal trading expenses and revenues that attracted GST,'' Tew said. ''GST is acquitted or remitted quarterly in arrears, so it was not due to be reported until the end of September and was payable in December ? What I won't have is, 'This is a mistake by the previous board,' or that it was unforseen. That is nonsense, and it is clearly the responsibility of HSG.''

Knights members club chairman Peter Corcoran confirmed that under the terms of the privatisation deal, the tax debt had to be paid by HSG.

''We forwarded on the notice to HSG, and as far as I know it is being taken care of,'' he said.

Tew said he spoke with Corcoran on Monday after hearing about the tax bill, and Corcoran assured him all invoices, including tax bills, were forwarded to HSG for payment when they were received.

http://www.smh.com.au/rugby-league/

[DIEHARD]

Ex-Knights chief and Tinkler at loggerheads over tax bill

A BITTER war of words has erupted between former Newcastle chairman Rob Tew and Nathan Tinkler's Hunter Sports Group over an unpaid $350,000 tax bill.

Tew broke his silence yesterday, describing the situation as ''another example of HSG not paying their debts''. Tinkler's group blamed the debt on the previous Knights administration's ''poor accounting''.

It is understood the debt was uncovered by the Australian Taxation Office during an audit of the Knights Members Club, and comes at a time of growing uncertainty about Tinkler's financial position.

The Newcastle Herald reported last month that Knights suppliers, including medical providers, had been forced to employ debt collectors to chase outstanding bills.

A spokesman for HSG said yesterday all Knights Members Club debts, totalling more than $6 million, were paid at the time of acquisition, or August 5, last year.

''This new debt has come to light due to poor accounting from the previous Knights administration and came to light following a recent audit of the members club,'' he said.

''Now that HSG is aware of this new debt, this will be extinguished in the normal course of business.''

But Tew, who is credited with ensuring the Knights' future by demanding a host of non-negotiable terms and conditions as part of the takeover, including the $20 million bank guarantee, described the criticism as ''nonsense''.

He said the debt was incurred because Tinkler failed to meet the initial agreed handover deadline on June 30 last year, forcing the Knights Members Club to trade into the following financial year.

Tinkler was supposed to have provided a $20 million bank guarantee and settled all the club's outstanding liabilities by the end of the financial year but requested an extension and settled the takeover bid on August 5.

''As a consequence of normal trading, due to the delay in settling by HSG, we traded beyond June 30 and incurred normal trading expenses and revenues that attracted GST,'' Tew said. ''GST is acquitted or remitted quarterly in arrears, so it was not due to be reported until the end of September and was payable in December ? What I won't have is, 'This is a mistake by the previous board,' or that it was unforseen. That is nonsense, and it is clearly the responsibility of HSG.''

Knights members club chairman Peter Corcoran confirmed that under the terms of the privatisation deal, the tax debt had to be paid by HSG.

''We forwarded on the notice to HSG, and as far as I know it is being taken care of,'' he said.

Tew said he spoke with Corcoran on Monday after hearing about the tax bill, and Corcoran assured him all invoices, including tax bills, were forwarded to HSG for payment when they were received.

http://www.smh.com.au/rugby-league/

[DIEHARD]

Ex-Knights chief and Tinkler at loggerheads over tax bill

A BITTER war of words has erupted between former Newcastle chairman Rob Tew and Nathan Tinkler's Hunter Sports Group over an unpaid $350,000 tax bill.

Tew broke his silence yesterday, describing the situation as ''another example of HSG not paying their debts''. Tinkler's group blamed the debt on the previous Knights administration's ''poor accounting''.

It is understood the debt was uncovered by the Australian Taxation Office during an audit of the Knights Members Club, and comes at a time of growing uncertainty about Tinkler's financial position.

The Newcastle Herald reported last month that Knights suppliers, including medical providers, had been forced to employ debt collectors to chase outstanding bills.

A spokesman for HSG said yesterday all Knights Members Club debts, totalling more than $6 million, were paid at the time of acquisition, or August 5, last year.

''This new debt has come to light due to poor accounting from the previous Knights administration and came to light following a recent audit of the members club,'' he said.

''Now that HSG is aware of this new debt, this will be extinguished in the normal course of business.''

But Tew, who is credited with ensuring the Knights' future by demanding a host of non-negotiable terms and conditions as part of the takeover, including the $20 million bank guarantee, described the criticism as ''nonsense''.

He said the debt was incurred because Tinkler failed to meet the initial agreed handover deadline on June 30 last year, forcing the Knights Members Club to trade into the following financial year.

Tinkler was supposed to have provided a $20 million bank guarantee and settled all the club's outstanding liabilities by the end of the financial year but requested an extension and settled the takeover bid on August 5.

''As a consequence of normal trading, due to the delay in settling by HSG, we traded beyond June 30 and incurred normal trading expenses and revenues that attracted GST,'' Tew said. ''GST is acquitted or remitted quarterly in arrears, so it was not due to be reported until the end of September and was payable in December ? What I won't have is, 'This is a mistake by the previous board,' or that it was unforseen. That is nonsense, and it is clearly the responsibility of HSG.''

Knights members club chairman Peter Corcoran confirmed that under the terms of the privatisation deal, the tax debt had to be paid by HSG.

''We forwarded on the notice to HSG, and as far as I know it is being taken care of,'' he said.

Tew said he spoke with Corcoran on Monday after hearing about the tax bill, and Corcoran assured him all invoices, including tax bills, were forwarded to HSG for payment when they were received.

http://www.smh.com.au/rugby-league/

[DIEHARD]

Knights blame former player for no-pay rumours

NEWCASTLE has blamed a disgruntled player for spreading rumours that prompted renewed speculation yesterday about Nathan Tinkler's ownership.

The millionaire mining magnate bought the Knights last year but his time at the helm has been shadowed by ongoing rumours about his financial position. The latest allegations centred on suggestions some players had not been paid on time. The Knights responded to the reports by issuing a statement, saying all players and staff had been paid, and pointed the finger at a former player for causing the problems.

"It is unfortunate the rumour today, which the club believes has come from a disgruntled player who was not re-signed for next season, has caused considerable speculation," the statement said.

Chief executive Matt Gidley added: "This is an absolute non- issue at the Knights. I have yet to field one phone call or inquiry from an employee or player in regards to this matter."

Nevertheless, the ARL Commission has kept a close eye on the situation and made fresh inquiries yesterday. It was assured the club was secure.

"We have been advised that a clerical error in relation to the processing of some bank payments over the weekend has resulted in the timing issue reported today," interim commission chief executive Shane Mattiske said.

"The Knights have provided assurances that this has been corrected today and that all parties have been paid."

http://www.dailytelegraph.com.au

[DIEHARD]

Robbie Tew is my new hero, with his foresight to include provisions such as $20million bank guarantee and members buy back for $1.

And I remember many people getting angry with the former Chairman for pumping the breaks on the Knights ownership handover process.