Nathan Tinkler - what is that stink?

[sharks4ever]

Newcastle Knights give in-principle agreement to fresh takeover offer from Nathan Tinkler

IT'S on again.
Tinkler's offer, lodged yesterday afternoon, prompted the Newcastle board to hastily convene last night - and the warring parties now appear ready to broker a rich new peace.

"Negotiations will continue but it's fair to say there has been a major breakthrough," a source said. But The Daily Telegraph has obtained documents that reveal how close the Tinkler deal came to being derailed by an ugly and hugely expensive legal war that was still being waged yesterday.

The documents show Knights chairman Robert Tew chased Tinkler for $42,675 for his corporate suite at EnergyAustralia Stadium last season

And a furious Tinkler responded by asserting that the Knights, in fact, owed him $457,000 from an old loan of $500,000 in 2008.

He had given the club until Monday to begin repaying the loan or else he would add more than $100,000 in interest charges.

But with the threats flying both ways, last night it emerged that Tinkler's lawyers had lodged a third bid. It is understood the deal is still for a guarantee of $100 million over 10 years but the structure and wording of the offer has changed.

"If a formal proposal is now

drawn up and presented in the same way it was tonight, the board will support the offer and take it to a meeting of Knights members to be ratified," a source said last night.

It is understood the meeting to decide the future of the club will be held around the end of March.

With board support, the deal appears certain to go through.

Former Knights board member and current NIB chief executive Mark Fitzgibbons has been a key intermediary between the two organisations over the past 48 hours.

The breakthrough came as the members' petition to overthrow the current Knights board reached about 140 signatures - 40 more than was needed to force an extraordinary general meeting.

NRL boss David Gallop also entered the fray yesterday to back the Knights' management over their reluctance to accept Tinkler's offer in its earlier form.

The Knights have been secretly chasing the Tinkler corporate suite money through a series of text messages between chairman Tew and Tinkler. A source close to the club said: "Nathan told Rob Tew several weeks ago he would pay the next day, then sent him a text the next day saying he would pay by the end of that week. No payment has been made."

A series of documents leaked to The Daily Telegraph reveal the details of the squabble between the membership-owned club and one of Australia's richest men. They show that at 10am on November 9 last year, Tinkler personally emailed Tew after his first round of negotiations to buy the Knights had stalled.

"I thought my offer was incredibly generous and would appeal to the community at large but you are too good for me," he wrote.

"I will have Troy [Palmer] work with Steve [Burraston] on the forgiveness of the outstanding loan as my final gesture of supporting the club. There is no more I can do.

"On that basis I rescind the offer [to buy the club] made yesterday and wish you all the best in the future with the club. I now consider this matter closed."

In an apparent backflip, a letter signed by the Tinkler Group's chief financial officer Troy Palmer to the Knights two months later demanded full repayment of the original loan - minus what was owing on the corporate suite.

The Tinkler Group issued the following statement last night:

"We tried to work with Steve on forgiving the loan through a reasonably simple commercial negotiation, but this proved to be too difficult to achieve. We then tried to convert the loan into a sponsorship agreement, which unfortunately didn't occur except for the contra taken up in the 2010 box, as shown by an email from the club. Everything we have done over the last few years has been directed at supporting the club, including our offer to privatise it."

http://www.dailytelegraph.com.au/sp...m-nathan-tinkler/story-e6frexnr-1226011035394

Just proves how arragant he really is and couldnt reall give a toss about the club

 

[A.Snowden]

What a goose.

 

[Ramzyv1]

Tinkler sounds like a bit of dick and a liar. I am worried to hear this may be going ahead as I believe the longer it takes, the more chance Snowden will turn around and sign with us anyway as he will not have a firm/stable offer on the table and may get frustrated. If Tinkler can take over soon then I would be worried.

 

[fitz]

Why the Newcastle Knights took the fight to Nathan Tinkler

Phil Rothfield
Sports Editor-at-large
The Daily Telegraph
February 24, 2011 12:00AM

NRL boss David Gallop has supported Newcastle's reluctance to sell the Knights to mining magnate Nathan Tinkler under the current terms.

Gallop met with the club's CEO Steve Burraston and Knights lawyers this week to get an update on the negotiations that have split the Newcastle community and its army of rugby league supporters.

"It is perfectly reasonable to run a fine toothcomb over a proposal that would see ownership of a club passed over from the members to a private individual - that's a massive step," Gallop said.

"The Knights are loved by all Novocastrians and they are not on the brink of financial trouble. In fact, with the new grandstand and new television money coming up, the club's financial position will only improve in the years ahead.

"I have spoken to Burro in the last 24 hours. They are not opposed to private ownership but are within their rights to be looking for a deal that warrants such a massive change."Gallop's comments came on the day the fight for the Knights turned ugly when it was revealed Tinkler owed the Knights $42,000 for his corporate box at Energy Australia Stadium last year.

Tinkler fired back claiming he was, in fact, owed $457,000 by the club from a loan in 2008.

It was also confirmed the NRL was launching an investigation into Tinkler's phone call to Sharks forward Kade Snowden and whether the player had a legal commitment to the Sharks after verbally agreeing to terms.The prop has told the Sharks he was offered $2 million over five years.

The battle

No wonder Tinkler wants a slice of the action. The Knights are a profit-making business.

They've made a profit for the last two years, one of only three NRL clubs to do so, despite operating on game days with half a stadium and losing $1.7 million in revenue from demolishing and rebuilding the new stand.

Increased club grants from the NRL Independent Commission and the re-negotiation of television rights for 2013 stand to deliver a significant financial windfall for all NRL clubs and make the Knights an even more valuable asset with the potential of making millions a year.

On top of that, there is the likelihood of all clubs getting an extra $1.5 million a year from the sports gambling case of bookmakers being charged for using the game's intellectual property, as has happened in racing.

There is an argument that Tinkler has never actually made a $100 million offer. That it would only be $100 million sale if the Knights didn't have a single sponsor for the next 10 years.

They sold $7 million worth of sponsorship last year and have about the same this season on top of commitments for 2012 and 2013.

"If they've been getting $7 million from sponsors while the team has been struggling, imagine what they'll they become when they are a bit more competitive," said one insider. "In five years they could easily be getting $12 million a year.

"That means Tinkler owns the club but puts absolutely nothing in. Not a cent. Not a bad deal for him and much better than Russell Crowe and Peter Holmes a Court got when they paid with their own cash and lots of it for Souths."

The control freak

COACHES, recruitment managers and chief executives are normally in charge of negotiating with and signing the players.

Not Tinkler. He rang State of Origin prop Kade Snowden himself last week and asked him not to sign with the Sharks because he wanted him in Newcastle.

No one at the Knights was even consulted. How did he know coach Rick Stone and recruitment guru Keith Onslow didn't want Dave Shillington or Tom Learoyd-Lahrs? Or even big Matthew Scott from the Cowboys?

The same with Jamal Idris. How does Tinkler know the coach didn't want Michael Jennings, Joel Reddy or Shaun Kenny-Dowall?

Racing interests

Tinkler has form in the thoroughbred industry.

Anthony Cummings was the first of several trainers he withdrew Patinack Farm-owned horses from. Others were Mick Price, Jason Coyle and Gabrielle Englebrecht.

Cummings and Tinkler are now locked in a court battle.

Andrew Johns

Knights legend Johns attacked the club's directors in yesterday's The Daily Telegraph. Johns left the coaching staff recently over a row about his payments.

"What the hell are they doing? We don't want Greg Bird playing for Gold Coast. We don't want Kade Snowden at Cronulla. We don't want Dane Tilse playing for Canberra," Johns said.

Tinkler's wallet wouldn't have saved any of them.

Bird left for Cronulla at the end of 2001.

It was the year the Knights won the premiership and spent all their money keeping their grand final heroes.

Kade Snowden joined Cronulla because coach Brian Smith didn't want him.

They had the money under the cap to keep him but wanted others instead, including Danny Wicks and Chris Houston from St George-Illawarra.

Dane Tilse ... he was sacked for jumping into bed with a female university student in a drunken incident in Bathurst in 2005.

Like the others, money had no bearing on him leaving.

The same applies to Roosters rookie Boyd Cordner, the teenager featured on the back page yesterday.

The Knights had plenty of money to keep him - but again, Brian Smith didn't want him.

Pressure tactics

Tinkler has a way of getting what he wants.

With the Knights it's a case of: take the offer or I'll get my highly-paid PR advisers to orchestrate a media campaign to throw you out of office.

Enter Tim Allerton, the managing director of City PR who handles the accounts of many of Sydney's biggest movers and shakers. He also handled Crowe and Holmes a Court's purchase of Souths.

He doesn't allow journalists who talk to Tinkler to grill him about the Knights offer. Interviews are done by email - or not at all.

Enter Richard Fisk, the veteran footy administrator and media man who has spent the last eight weeks leaking negative stories about the Knights to anyone who cares to take his phone calls.

Last night Newcastle directors were meeting to consider a new offer from Tinkler's lawyers. In the wake of this offer, another chapter in the dispute could be written as early as today.

Source: http://www.dailytelegraph.com.au/sp...fight-to-tinkler/story-e6frexnr-1226010984983

I find the last section titled "Pressure Tactics" very interesting.

That, and in combination with Ricky Stuart's spray on the Sharks last week is very curious indeed!

 

[stevie013]

I find the last section titled "Pressure Tactics" very interesting.

That, and in combination with Ricky Stuart's spray on the Sharks last week is very curious indeed!

i dont find it curious at all. that is what fisk is like.

 

[ABshark]

I do wonder how Flano feels about his old mate Ricky sledging the club and so on and undermining the good work he's done this off season... Because personally, it would piss me off no end.

 

[goodbyepenrithhellosharks]

very interesting read, I wonder how many knights supporters have read this.

 

[snowman]

none, they are all too stupid

 

[goodbyepenrithhellosharks]

none, they are all too stupid

Your love of newcastle is just so overwelming

 

[bluey]

I do wonder how Flano feels about his old mate Ricky sledging the club and so on and undermining the good work he's done this off season... Because personally, it would piss me off no end.

Thought the same myself, it was a hard way to have a go at DI

 

[FLEETY]

I do wonder how Flano feels about his old mate Ricky sledging the club and so on and undermining the good work he's done this off season... Because personally, it would piss me off no end.

Hopefully Flano has the boys do our talking on the field this season :take that

 

[PMQ_Tony]

very interesting read, I wonder how many knights supporters have read this.

It's on their forum, I ensured it was.

 

[snowman]

Your love of newcastle is just so overwelming

wait til we play parra...

 

[FLEETY]

wait til we play parra...

You have to survive Round 2 first

 

[snowman]

hahaha, that will be easy

 

[sharks4ever]

wait til we play parra...

Oh no what do you have plan?

 

[snowman]

nah you think i hate the druggies, i hate the shEELers worse

 

[Henchmann]

In my opinion Tinkler is not trustworthy in any way!

The article that was written by Rothfield is spot on, what about that Poole guy and the Patrons Trust? That was going to provide the Knights with big money for no risk whatsoever? Why risk selling out to Tinkler at all? I really think they would regret it in the end.

Also, I found it interesting that he uses these PR hotshots – they can’t be that great because in my opinion they’ve done a lousy job on Tinklers public image. Does anyone really think he comes across as a likable kind of bloke? haha

 

[Capital_Shark]

In my opinion Tinkler is not trustworthy in any way!

The article that was written by Rothfield is spot on, what about that Poole guy and the Patrons Trust? That was going to provide the Knights with big money for no risk whatsoever? Why risk selling out to Tinkler at all? I really think they would regret it in the end.

Also, I found it interesting that he uses these PR hotshots – they can’t be that great because in my opinion they’ve done a lousy job on Tinklers public image. Does anyone really think he comes across as a likable kind of bloke? haha

No, he comes across as a bloke who knows what he wants and will stop at nothing to get it. I'm pretty sure thats the way he likes it and doesn't give a toss if people like him or not.

Besides I think his hotshot PR blokes are more about rubbishing his opponents and highlighting how big a number $100 MILLION is.

 

[Henchmann]

Yeah I agree Cap, and generally I’ve found that people who don’t give a toss what people think of them are bad news!