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 Knights "agree to terms" with Tinkler Privitisation

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Thehattrickrabbit
Guru
Thehattrickrabbit

Posts : 7831
Location : Sydney,NSW

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PostSubject: Knights "agree to terms" with Tinkler Privitisation    Knights "agree to terms" with Tinkler Privitisation  Icon_minitimeThu Jan 20, 2011 3:44 am

Knights agree to Tinkler offer

NEWCASTLE Knights board agreed “in principle” to
mining magnate Nathan Tinkler's $100 million offer to buy the club in a
meeting Wednesday night.

The offer guarantees the club at least $10 million a year
in sponsorship revenue for the next 10 years and wipes out its
estimated $4 million debt.

As a consequence – the Knights board have agreed in principal to the
revised Tinkler Group offer subject to further negotiations on detailed
matters which will form part of an anticipated completed agreement.
A funded patron’s model had also been tabled at the board meeting but was rejected in favour of the Tinkler’s plan.

Knights chief executive Rob Tew released the following statement to Knights fans last night following the meeting.

“The Tinkler Group offer is a $10 million dollar per annum guaranteed
sponsorship for 10 years and is a significantly higher financial
commitment than the previous Tinkler Group offer and is a superior offer
to the patron’s trust model,” Tew said.

“The Board of the Knights agree to make all reasonable endeavours to
reach agreement on the detail and present the proposed agreement to the
members for their determination in March 2011.

“There are a number of details which require further clarification
but we are optimistic we can reach a commercially realistic outcome.
“The Board has agreed to the Chairman and Chief Executive, meeting
with representatives of the Tinkler Group to further negotiations in
order to reach agreement.

“This is a critical matter for the Knights and it is most important
that we give it appropriate consideration and take the time necessary to
ensure the best outcome for our members, sponsors, staff, players and
other important stake holders.”

Just two months earlier, Knights chairman Tew rejected a $10m offer
from Tinkler for the licence but he substantially increased that amount
and won the board over.
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manly4lyf
Guru
manly4lyf

Posts : 1807
Age : 27
Location : Sydney mate.

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PostSubject: Re: Knights "agree to terms" with Tinkler Privitisation    Knights "agree to terms" with Tinkler Privitisation  Icon_minitimeThu Jan 20, 2011 4:57 am

Newcastle would have been quite mental if they didn't decide to take the offer, good to see they did.
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ptabutoa
Trainee


Posts : 10

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PostSubject: Re: Knights "agree to terms" with Tinkler Privitisation    Knights "agree to terms" with Tinkler Privitisation  Icon_minitimeMon Feb 07, 2011 9:16 am

The knights would have been real narks if they had not taken the offer. I just don't know why it has taken so long, but well done on the board for securing a long term future for the knights.Nathan is a true blue novocasrian and he does not jump in the deep end without proper consultation
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PostSubject: Re: Knights "agree to terms" with Tinkler Privitisation    Knights "agree to terms" with Tinkler Privitisation  Icon_minitime

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