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 Official: Tinkler backs out of $100m dollar deal

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Holy Grail
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Holy Grail

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Official: Tinkler backs out of $100m dollar deal Empty
PostSubject: Official: Tinkler backs out of $100m dollar deal   Official: Tinkler backs out of $100m dollar deal Icon_minitimeMon Feb 21, 2011 9:06 am

Newcastle officials are confident members will back their alternative plan after mining magnate Nathan Tinkler's bid to privatise the NRL club collapsed in acrimony.

Club chairman Rob Tew and chief executive Steve Burraston announced on Wednesday that they would take a "patrons trust model" to members, whereby benefactors would guarantee the club's financial future.

Local businessman Andrew Poole is one of three patrons said to be willing to donate between $6-10 million to the Knights over a four-year period under the plan.

Tew described Tinkler's final offer to buy the NRL club as a "pale imitation" of the $100 million bid initially proposed last month.

He claimed that the Tinkler Sports Group (TSG) had moved the goalposts before withdrawing the offer to buy out the club on Monday morning.

"Put simply, the much-talked about $100 million offer turned out to be a mirage," Tew told a media conference in Newcastle.

"The real value of the offer ultimately put on the table is a year-by-year commitment of between $0-10 million paid over 10 years with a maximum guarantee of two years.

"We always intended to go to the members, the only issue being whether the final deal would be good enough for the board to unanimously endorse.

"Despite our best efforts there are still significant differences between the deal that was announced by the Tinkler Group last month and the offer we currently have on the table."

A frustrated Tinkler announced in a statement on Monday morning that he'd taken his offer off the table due to "too many differences between the two parties that remain unresolved."

He also reportedly sent an email to board members where he laid the blame for the failed deal squarely on the shoulders of club directors.

Burraston was confident that the board's reluctance to accept TSG's offer would not lead to a member revolt.

The club will hold an information meeting for members next Monday to clear the air surrounding the embattled club's future.

"We felt that a community structure is vitally important to this club, more so than any other NRL club, and that if we could find a structure that preserved the members' rights and preserved the Newcastle Knights as a community operation then that's the way we'd like to head," Burraston said.

The beleaguered CEO said that he hoped Poole's presence at Monday's meeting would restore any confidence the board may have lost during the drawn-out saga.

"I think the people who are informed with the details of the (Tinkler) document are very positive in rejecting it.

"And it's those who have not seen the details - and we're hoping that this conference will deliver those details - that are misinformed," Burraston said.

"We're disappointed too that it's not a $100 million offer but it's certainly not."
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Panthers
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Official: Tinkler backs out of $100m dollar deal Empty
PostSubject: Re: Official: Tinkler backs out of $100m dollar deal   Official: Tinkler backs out of $100m dollar deal Icon_minitimeMon Feb 21, 2011 12:12 pm

Don't reckon we've heard the last of this... the bloke obviously has some serious $$.

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