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SBD Global/March 27, 2014/Finance

NRL Newcastle Knights Owner Nathan Tinkler Needs $9.7M Bank Guarantee By Monday

National Rugby League side Newcastle Knights Owner Nathan Tinkler "has not given up hope of retaining control of the club," according to Robert Dillon of the SYDNEY MORNING HERALD. Tinkler "has until close of business on Monday" to secure a A$10.5M ($9.7M) replacement bank guarantee. But it "now appears Tinkler's Hunter Sports Group has privately conceded that will not be possible, which will entitle the Knights members club to start the process of buying back the club" for A$1 from the "struggling tycoon." In "the meantime," Knights CEO Matt Gidley has held "last-ditch negotiations with the members club and the NRL in the aim of creating a new 'unified' business structure." How this can be achieved "remains to be seen, but if a new bank guarantee is not in place by 5pm Monday, Tinkler will have reneged on his obligations, and the members club will have the upper hand in any negotiations." It would "then appear HSG would need to produce an extraordinary proposal to persuade the members club not to activate the process of buying the club back" for $1 (SMH, 3/26).
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