SBD Global/April 1, 2014/FranchisesPrint All
The ownership of National Rugby League club Newcastle Knights "is up for grabs" after Nathan Tinkler’s Hunter Sports Group failed on Monday to meet a deadline to provide a new A$10.52M ($9M) bank guarantee, according to Brett Keeble of the SYDNEY MORNING HERALD. The guarantee, which was to have provided a financial safety net for the Knights until Jan. 31, was due by 5pm local time on Monday. By missing that deadline, Tinkler "has technically defaulted on the terms and conditions of the privatisation agreement" HSG signed in Aug. '11, "clearing the way for the Knights Members' Club to begin the process to buy back" Newcastle for A$1. The members' club "did not exercise that option immediately and has instead entered into talks with HSG" brokered by the NRL. The NRL said that negotiations "would be confidential, could take some time to be completed, and none of the parties will make any public comment until they are completed" (SMH, 3/31).