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SBD Global/August 12, 2014/Finance

Harvey Norman Chair Gerry Harvey Expresses Interest In Nathan Tinkler's Patinack Farm

Australian retailer Harvey Norman Chair Gerry Harvey met with the Tinkler Group on Monday after the "latest sale of Patinack Farm to a Middle Eastern consortium proved a Group 1 flop," according to Christian Nicolussi of the Sydney DAILY TELEGRAPH. After Nathan Tinkler's "messy exit" from National Rugby League side Newcastle Knights, the "one-time billionaire is now desperately trying to find someone to snap up his breeding and racing operation." It was announced in May that Patinack Farm "would be sold to a group of investors in the Middle East, with the deal brokered by UAE-based investment firm Cibola Capital." But "alarm bells started to ring loud when the actual existence of Cibola Capital was questioned." A Tinkler Group spokesperson said, "The previous buyer has defaulted, and we are now in discussions with other parties. We won’t be making any further comment." Harvey is "owed millions by Tinkler, and holds a caveat over Patinack's racing and breeding assets," which includes around 550 horses. Harvey was not surprised the "latest deal with the Middle Eastern consortium had fallen through." He said, "I'm always suspicious until the money is in the bank" (DAILY TELEGRAPH, 8/11).
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