Mining magnate Nathan Tinkler has made a final offer to buy the Newcastle Knights rugby league franchise.
The last offer he made for cash strapped rugby team in November was rejected. The present deal has been put together with a number of inputs from the team’s demands. The proposal will be put to the board of the Newcastle Knights soon.
Nathan Tinkler has warned that this $100 million offer is his last offer and if for any reason the deal is refused he will walk away. With this deal the Newcastle Knights will see their debt of $3 million being paid by Nathan Tinkler and will have a guaranteed sponsorship of $10 million a year for the next ten years.
The ten year clause had come from the chairman of the Newcastle Knights when he rejected the last offer two months ago. Nathan Tinkler has said that if the deal does not go through he would not be making another offer but would concentrate on his other sports interests such as his A-League soccer club the Jets.
Rob Tew the chairman of the Newcastle Knights said that he would be taking the new offer from Tinkler to the board on Wednesday night. The 23 year old club has a current sponsorship of $ 7 million a year and this deal would give them an extra $3 million to play around with annually. A 75% vote would be needed for the deal to go through by the Knights board.
In 2008 Tinkler was listed on BRW's Young Rich list, then worth about $441 million.In July 2010, Tinkler floated his company, Aston Resources with $400 million worth of shares offered. Leaving Tinkler with $600 million worth of the company. Tinkler already owns Newcastle United Jets FC (soccer) who play in Australia’s A-league.