Tinkler on verge of giving up the Knights

Written By Unknown on Senin, 19 Mei 2014 | 18.48

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EMBATTLED millionaire mining magnate Nathan Tinkler was believed to be on the verge of bailing out of the Newcastle Knights and handing the club back to the community following crisis talks involving NRL officials in Newcastle on Monday.

The NRL met with representatives from Tinkler's Hunter Sports Group and the Knights members' club in a bid to end two months of stalled negotiations over the club's ownership which was brought to a head late last week following revelations as many as 20 players and staff had not been paid on time.

Tinkler with Wanye Bennett, Hunter Sports Group CEO Troy Palmer, and CEO Matt Gidley. Source: News Limited

No one was commenting on the outcome of the talks with an NRL spokesman suggesting they may be in a position to make a statement today.

But given the enormous public pressure on Tinkler to walk away after three years as owner and with little backing from the NRL, it appears his days as owner are numbered with the Knights members' club ready to step in.

I DON'T KNOW IF I'LL HAVE A JOB: BENNETT

Chairman Nick Dan has already flagged his club's intention to take court action to remove Tinkler if he refuses to go of his own accord given that he has already reneged on the terms and conditions of his privatisation agreement.

But that prospect was looking increasingly unlikely with the NRL keen for an amicable end to the dispute.

Bennett talks to his players after revelations the club did not pay its staff last week. Source: News Corp Australia

Just what financial position the club finds itself in if Tinkler does walk will be intriguing.

There has been speculation the $10.52 million currently sitting in a joint signatory Knights bank account might not cover the debt and that the NRL may be forced to offer financial assistance to bail the club out if that is the case.

TINKLER SHOULD GO NOW

There is also increasing speculation surrounding where the formation of a new entity to run the Knights leaves coach Wayne Bennett and his football staff.

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It's understood Bennett's $1 million a season contract is with Hunter Sports Group or one of Tinkler's subsidiary companies and not directly with the Knights and the same goes with some members of his staff.

If that is the case, there is a possibility the game's highest paid coach will have to renegotiate a new contract and, more than likely, have to agree to take a pay cut to stay at the club.


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