Tinkler officially takes over the Knights
By Nathan Ryan
31 March 2011 08:08PM EST Share
MINING magnate Nathan Tinkler has been overwhelmingly endorsed as the saviour of the Newcastle Knights after tonight's members vote.
Nathan Tinkler will officially take over the Knights after being voted in by the members
After months of planning and negotiations, Tinkler received the 75 per cent backing from the members he needed to become the owner of the club.
In fact, he won an amazing 97 per cent of the vote. "It is a resounding successful proposal for the Tinkler Sports Group," Knights Chairman Rob Tew announced to the members. The news was met with a massive applause and Newcastle chant, with the Tinkler Sports Group executive chairman Ken Edwards saying history had been made.
"There were two heroes in all this, one was Rob Tew and the board," Edwards said. "The other was Nathan Tinkler." Two resolutions were voted and agreed on, paving the way for the club to be privately owned for the first time in its 23 year history.
Member’s proxy votes had to be lodged by 7pm on Tuesday, with between 1300 and 1500 members voting in person at Newcastle Entertainment centre. Under the Tinkler Sports Group’s ownership, they will invest at least $2.5 million annually to junior rugby league for the first 10
Knights Newco, a proprietary company limited by shares, will acquire all of the assets of the members club. They are required to operate the Knights as a not-for-profit
organisation, and the members club and HV Sports group, who are a
subsidiary of TSG, need to seek approval from both parties before
making a change to their operating status.
The ballot was attended by voting and non-voting members where the
extraordinary meeting was opened by a question and answer session.
The support for the millionaire was clear from the outset, with the
Newcastle board having already endorsed the bid and aksing members to
do the same
The final comment from a passionate member was “let’s get it on” and
with that his comments were met with a massive cheer from the crowd.