SMH: $2.7 million debt: Tax Office moves to wind up Tinkler's teams

[dibo]

SMH: $2.7 million debt: Tax Office moves to wind up Tinkler's teams

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The Australian 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.
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The ATO has moved against a number of Tinkler entities this week, yesterday it moved to continue to wind-up proceedings against Queen St Capital and on Monday as creditor of one of his main entitities Tinkler Group Holdings Administration. The extent of those debts is unknown.
Another two Tinkler companies, Mulsanne Resources and Patinack Farm Administration, are in liquidation.
Last week the former billionnaire’s private jet and helicopter were repossessed as receivers were appointed to his TGHA Aviation.
MORE TO COME

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Read more: http://www.smh.com.au/business/27-million-debt-tax-office-moves-to-wind-up-tinklers-teams-20121213-2bb7w.html#ixzz2Et8Z7FIO

The Jets are f**ked. Nathan Tinkler is a f**king arsehole. Can't this league go 5 minutes without some shithead getting wound up and losing their licence?

Before any of us get too f**king cocky, they should remember, there but for the grace of God...

 

[FFC Mariner]

Agree completely but.................

No,sorry, have to gloat. Self righteous scum tried to stop us even being in the comp yet they have fallen over twice (well, soon to be twice)

The unpaid rent on the Scumdome and their inability to renew the $20m bank guarantee to the Knights is a more pressing concern as both will come to a head before the next ATO court date in February.

If he cant commit to the bank guarantee, the Knights will revert back to the group who were going broke originally. (As I understand it but that could be wrong)

 

[Forum Phoenix]

Dibo, point duly noted.

Moving on.

On the day Griffiths signs for SFC. After they just got trounced in the derby at home. Ha. Now all we need is Becks to sign for us.

I assume the FFA would step in and would not let the Jets fold. They have the crowds. And I don't want to see any team go under. It's bad for the league... But if there was one team we had to lose...

just sayin...

 

[style_cafe]

I`d hate to see the Jets fold.
As much as I don`t like them ,they are a vital team to the Aleague with their regional support & their benefits to the local football community.
I love the derby`s as well as the rivalry we have with them.It`s kinda like "beating your big brother" then gloating until the next time.
Keep the Jet`s, Keep the rivalry,Keep beating them & putting crap on them!

 

[FFC Mariner]

Screw em.

We will have their juniors, their development areas, their sponsors and possibly a few fans.

 

[adz]

Could have them anyway? Apart from their fans, who nobody really wants anyway?

 

[dibo]

A new buyer is by no means impossible now that the new TV deal guarantees revenue streams from 2013/14 on. However, Tinkler might well have f**ked the domestic revenue streams by the aggressive discounting of memberships - once you've cut prices, they're very hard to uncut, no matter how much damage it might be doing to you.

 

[FFC Mariner]

I work alongside people who bought the family passes and dont go to all games! Go figure.

Where any prospective new owner will have a problem is if Tinkler releases the football club but the rights to the Scumdome remain with either HSG or the Knights (or both).

The terrible stadium deal was what caused them financial problems in the 1st place.