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SBD Global/March 26, 2014/Franchises

NRL Side Newcastle Knights Owner Misses Deadline To Meet A$10M Guarantee

National Rugby League side Newcastle Knights Owner Nathan Tinkler "failed to meet a deadline on Tuesday to secure a multi-million dollar bank guarantee," according to Robert Dillon of the SYDNEY MORNING HERALD. After Tinkler's Hunter Sports Group was unable to produce a new bank guarantee by 5pm, Knights members club Chair Nick Dan will visit Westpac Bank to access the A$10.3M ($9M) surety already in place, which expires on Monday. That will leave Tinkler with five days to prevent the members club directors "from launching the process that will enable them to oust the struggling tycoon and buy the Knights back" for A$1. The members club will instruct Westpac to place the A$10.3M into a joint signatory account -- "accessible only when HSG and the members club concur -- for safekeeping." If Tinkler defaults on Monday, the members "will then lay claim to the cash and approach Tinkler to relinquish control of the club" (SMH, 3/26).
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