Tinkler Pulls Out - NBN News reporting

Nathan Tinkler withdraws Knights offer
21 Feb, 2011 11:59 AM
SPORTING and mining magnate Nathan Tinkler has withdrawn his $100 million takeover bid for the Newcastle Knights and said he would have no further dealings with the NRL club under their current management.
Tinkler and the Tinkler Sports Group management team were due to meet at 2pm today with Knights chief executive Steve Burraston and chairman Rob Tew to resolve their differences but a furious and frustrated Tinkler has told the Newcastle Herald that the meeting has been cancelled and his offer withdrawn.

Fed up with what he perceived to be procrastination by Knights management since they rejected his initial $10 million proposal three months ago, which he upgraded on January 17 to up to $100 million for the next 10 years, Tinkler said he had done all he can but had had enough.

Burraston and Tew have called a 2.30pm media conference today.
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http://www.theherald.com.au/news/lo...-tinkler-withdraws-knights-offer/2082126.aspx
 
Time for Burraston to go. Now instead of players like Idris and Snowden, we can continue to sign players like Joe Blow from Central Charlestown third grade
 
I have a feeling it is Tinkler making a big push, and will try and get the members to vote out the current management. This is by far over yet!
 
Not saying the board shouldn't be questioned, but I think Tinkler could have handled it another way instead of walking out and looking like a tool.
 
Aidos said:
Not saying the board shouldn't be questioned, but I think Tinkler could have handled it another way instead of walking out and looking like a tool.
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This, Tinkler has acted like a porkchop since this whole thing started he needs to give himself an uppercut.
 
OneblueoneRedEye said:
Tinkler said he won't deal with the current board. So all members must take action and remove the current board.
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This is what Tinkler hopes to gain by doing what he is doing. He is making a big push to stir up peoples emotions to get the board voted out. He is either a very smart man, or just some rich yobbo who doesn't like it when the lower class citizen stands in his way.
 
the members need to stand up and vote burraston and tew out they aint doing nothing for the club all they are doing is protecting there jobs which is of no advantage to the knights because we aint going forward with them there we are going backwards
 
CrabMacDougall said:
100 million over 10 years isn't ripping any one off in anyones terms
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Its not 100 million over 10 years though!!! The contract was only for 2 years starting next year!!. Plus he was guaranteeing that we earn 10 million a year including sponsors, money we make from tickets etc which we already earn over 10 million. So basically he was buying out the knights for 3 million or what ever our debt is and thats all he had to pay. So to me that sounds like he was ripping us off!!!
 
everyone grab your pitchfork there be some rioting to be had...
crowe and that other yobbo bout souths for $2 million.... i think nathan has the clubs best interest in mind...
 
josh2010 said:
Its not 100 million over 10 years though!!! The contract was only for 2 years starting next year!!. Plus he was guaranteeing that we earn 10 million a year including sponsors, money we make from tickets etc which we already earn over 10 million. So basically he was buying out the knights for 3 million or what ever our debt is and thats all he had to pay. So to me that sounds like he was ripping us off!!!
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I have heard that the Knights receive $7 million a year currently in membership, that means that Tinkler was only contributing 3 million. If the Knights were to pick up more sponsorship, or receive a greater cash flow, Tinkler adds less, yes it's only a Guarantee the Knights receive 10 million a year.
 
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