Tax Office to wind up Tinkler's teams

[Kaz]

The Tax Office has moved to wind up the Newcastle Knights and the Newcastle Jets, along with their parent company the Hunter Sports Group, over unpaid debts of some $2.7 million, as owner Nathan Tinkler's debt problems continue to mount.

Documents filed on Wednesday in the Federal Court in Sydney show the Deputy Commissioner of Taxation is applying for the wind-up of Hunter Sports Group (owing $184,258), Newcastle Jets Pty Ltd (owing $1.063 million) and Newcastle Knights Pty Ltd (owing $1.424 million).

The applications have been set down for hearing on February 20.

http://www.smh.com.au/business/tax-...klers-teams-20121213-2bb7w.html#ixzz2Et3ImW9K

My prayers have been answered.

The NRL will bail them out again.

 

[ningnangnong]

Why shouldn't they?

Newcastle is a rugby league heartland. Without a team here, you're doing a lot more damage than good.

I could understand if it was some shitty team in a saturated market like across Sydney, but the NRL needs the Knights. They don't really have any choice but to bail them out.

If you don't think Newcastle deserves an NRL team, then quite frankly, you're not a fan of rugby league at all.

 

[pennywisealfie]

sucks for the Jets, Hope they can survive. Knights will survive no matter what.

 

[Kaz]

Why shouldn't they?

If you don't think Newcastle deserves an NRL team, then quite frankly, you're not a fan of rugby league at all.

Because the have bailed them out several times.

If you don't think Newcastle deserves an NRL team, then quite frankly, you're not a fan of rugby league at all.

What a load of cr@p

 

[dukey]

I honestly have no idea what your point is Kaz. You don't like Newcastle because... the NRL have bailed them out before?

 

[Kaz]

IMO: Tinkler will pay the outstanding tax in the next few days.

 

[Anonymous person]

so which chequebook will Bennett and his team of mercenaries go to if this happens? Roosters are always happy to throw theirs around, as are the Eels.

 

[Nashy]

Knights will be fine. If the NRL doesn't get them, local business' will probably chip in. They need a team, but it pisses me off that these dud teams get bail outs.

 

[Anonymous person]

oh i have no doubt theyll be fine, no chance in hell the NRL would let them go under.

but i would assume that the first thing they would do is null and void any and all player contracts and have them be renegotiated, and i highly doubt that bennett would keep his multi-million dollar contract if the NRL are the ones having to foot the bill. since all he cares about is the money, he'll go where that is - and it wont be newcastle.

 

[ningnangnong]

 

[ningnangnong]

What a load of cr@p

Kaz, I know you hate Newcastle and the people that live there, but put that hatred aside for one minute - do you genuinely believe the NRL would be better off without a team in Newcastle?

 

[Kimlo]

1.4 million? That's loose change, the NRL just signed a 200m p/y deal. If that's all that's required of course the NRL will bail them out but I assume that means Tinkler loses what ever he "owns" at the club.

 

[Nashy]

Kaz, I know you hate Newcastle and the people that live there, but put that hatred aside for one minute - do you genuinely believe the NRL would be better off without a team in Newcastle?

Anyone. And I mean ANYONE, who thinks Newcastle is fine without a team is a complete fucking imbecile.

 

[Ari Gold]

Not sure if this will apply or not but it seemed like the old Knight's board put in some safeguards. Don't know what happens if Tinkler isn't made insolvent before the year's end though.

http://www.foxsports.com.au/league/...fed-the-nrl-club/story-fn2mcuj6-1226466166972

 

[dukey]

Not sure if this will apply or not but it seemed like the old Knight's board put in some safeguards. Don't know what happens if Tinkler isn't made insolvent before the year's end though.

http://www.foxsports.com.au/league/...fed-the-nrl-club/story-fn2mcuj6-1226466166972

Here's what happens:

Tew also insisted on a clause which meant Tinkler had to place a $20 million bank guarantee which would go to the club if he became insolvent by December 31 this year.
If Tinkler became insolvent after the December 31 deadline, the Knights would receive $10.3 million and be able purchase the club back from him for $1.

 

[Ari Gold]

I sure probably learn to read better! Regardless, it's nice to see that the previous management had the foresight to put something like that in the terms of the sale. Hopefully this will mean no bailouts will be required.

 

[Kimlo]

What if he goes bust before the 31st?

 

[Coxy]

And when is this free weekend?