midfielder
Well-Known Member
Shot me, ban me, flog me... but for the greater good of Football and the A-League the Jerks are in a spot of financial bother with a difficult owner living mainly overseas [cough cough I am talking about the Jerkd not us] ... I hope they get through it and the article indicates FFA may have to step in and take over ...
The ATO is moving in on Tinkler and it seems a lot of Tax is unpaid by the Jerks is a huge issue [ ground hog day you may say and I repeat its not us the article is about]
http://www.theherald.com.au/story/2644473/jets-tax-office-moves-on-tinkler/?cs=306
NATHAN Tinkler could be forced to hand control of the Newcastle Jets back to Football Federation Australia before the end of the year amid reports the embattled former billionaire faces tax debts of almost $40million.
Tinkler put the Jets up for sale in August, but the Newcastle Herald understands that the club’s financial situation is at crisis point and the time to find a buyer is running out. On a dramatic day for Newcastle’s A-League club, it emerged:
● The Australian Taxation Office has taken out two mortgages over four Tinkler stud farms which go to auction starting Thursday in an attempt to recoup nearly $40million in debt;
● British billionaire Marwan Koukash ruled out buying the Jets; and
● the club struggled to meet wage payments this month for coaching and ancillary staff.
The Herald has been told that, barring a miracle sale, FFA could assume control of the club by Christmas.
It was speculated that the sale of Tinkler’s Patinack Farm properties would reap $50million for the cash-strapped Singapore-based businessman.
But website Crikey has reported that the ATO has taken the unusual step of registering two mortgages over the stud farms following a recent deed of settlement with Tinkler. The mortgages were signed last month and in May, with one reportedly relating to a $20.1million debt, signed between the Tax Commissioner, Tinkler, a string of Patinack entities and the companies that own the Jets and formerly the Knights.
The other is for $19.5million and relates to other Tinkler Group and Patinack Farm entities.
Tinkler is also understood to still owe Gerry Harvey several million of an initial $40million after a dispersal sale of his racehorses last month netted $34million.
The ATO threatened to wind up the Jets in 2012 over a $1.063million debt.
Sources close to the situation confirmed that the current ATO debt was a significant issue for the future running of the Jets.
The Herald reported on Wednesday that the Jets had held preliminary talks with Koukash, who owns Salford Super League club and is keen to buy an NRL club.
But hopes that the former refugee, who is worth up to $3billion, might step in and save the Jets were dashed when he tweeted: ‘‘I have no interest in the Newcastle Jets.’’
Former Hunter Sports Group chief executive Troy Palmer, Jets boss Robbie Middleby and assistant coach Michael Bridges went on a sales pitch to the United Kingdom last month.
But any potential leads are unlikely to come to fruition in the immediate future.
The Jets’ cash-flow situation has not been helped by playing the opening four games away due to the resurfacing of Hunter Stadium.
Player wages are covered by $2.45million in grants from the FFA specifically for that purpose, but the Herald understands that the Jets struggled last week to meet coaching and ancillary staff wages due on the 15th of the month.
FFA has repeatedly assured Jets fans that if required it would prop up the club as long as needed.
The governing body stepped in when former owner Con Constantine could not meet player entitlements in September 2010 before Tinkler assumed ownership.
“FFA has been in regular contact with the Tinkler Group in light of the decision to seek new investors in the Newcastle Jets,” an FFA spokesperson told the Herald on Wednesday.
“We’ve been closely monitoring the situation in order to be satisfied that the football club would make a smooth start to the A-League, W-League and Youth League seasons.
“Despite the circumstances, the Jets management has given the coaches, players and team staff what they need to get on with the job of competing in the national competitions.”
Since the end of last season the Jets have cut costs dramatically, despite the transfer of midfielder Josh Brillante (Fiorentina) and striker Adam Taggart (Fulham) to European clubs for an estimated $700,000.
While the Jets’ situation is dire, any ongoing financial issues Tinkler has with the tax office have nothing to do with the Knights or the NRL, an NRL spokesman said.
‘‘There are no outstanding tax debts and Mr Tinkler has no debts with the NRL,’’ the NRL spokesman said.
Knights Members Club chairman Nicholas Dan was certain all outstanding debts were settled during the members club’s protracted settlement negotiations with the NRL and Tinkler’s Hunter Sports Group management company this year.
‘‘All of that was taken into account during our negotiations. They were the sorts of things everyone wanted to make sure were covered at the time,’’ Dan said.
The NRL took over from Tinkler and HSG as controlling owners of the Knights on June 14.
In a statement issued at that time, NRL chief executive Dave Smith said what was left of Tinkler’s $10.52million bank guarantee would be used to pay HSG’s ‘‘existing employee and supplier obligations and to provide $5.1million in start-up funds for the new club’’.
The ATO is moving in on Tinkler and it seems a lot of Tax is unpaid by the Jerks is a huge issue [ ground hog day you may say and I repeat its not us the article is about]
http://www.theherald.com.au/story/2644473/jets-tax-office-moves-on-tinkler/?cs=306
NATHAN Tinkler could be forced to hand control of the Newcastle Jets back to Football Federation Australia before the end of the year amid reports the embattled former billionaire faces tax debts of almost $40million.
Tinkler put the Jets up for sale in August, but the Newcastle Herald understands that the club’s financial situation is at crisis point and the time to find a buyer is running out. On a dramatic day for Newcastle’s A-League club, it emerged:
● The Australian Taxation Office has taken out two mortgages over four Tinkler stud farms which go to auction starting Thursday in an attempt to recoup nearly $40million in debt;
● British billionaire Marwan Koukash ruled out buying the Jets; and
● the club struggled to meet wage payments this month for coaching and ancillary staff.
The Herald has been told that, barring a miracle sale, FFA could assume control of the club by Christmas.
It was speculated that the sale of Tinkler’s Patinack Farm properties would reap $50million for the cash-strapped Singapore-based businessman.
But website Crikey has reported that the ATO has taken the unusual step of registering two mortgages over the stud farms following a recent deed of settlement with Tinkler. The mortgages were signed last month and in May, with one reportedly relating to a $20.1million debt, signed between the Tax Commissioner, Tinkler, a string of Patinack entities and the companies that own the Jets and formerly the Knights.
The other is for $19.5million and relates to other Tinkler Group and Patinack Farm entities.
Tinkler is also understood to still owe Gerry Harvey several million of an initial $40million after a dispersal sale of his racehorses last month netted $34million.
The ATO threatened to wind up the Jets in 2012 over a $1.063million debt.
Sources close to the situation confirmed that the current ATO debt was a significant issue for the future running of the Jets.
The Herald reported on Wednesday that the Jets had held preliminary talks with Koukash, who owns Salford Super League club and is keen to buy an NRL club.
But hopes that the former refugee, who is worth up to $3billion, might step in and save the Jets were dashed when he tweeted: ‘‘I have no interest in the Newcastle Jets.’’
Former Hunter Sports Group chief executive Troy Palmer, Jets boss Robbie Middleby and assistant coach Michael Bridges went on a sales pitch to the United Kingdom last month.
But any potential leads are unlikely to come to fruition in the immediate future.
The Jets’ cash-flow situation has not been helped by playing the opening four games away due to the resurfacing of Hunter Stadium.
Player wages are covered by $2.45million in grants from the FFA specifically for that purpose, but the Herald understands that the Jets struggled last week to meet coaching and ancillary staff wages due on the 15th of the month.
FFA has repeatedly assured Jets fans that if required it would prop up the club as long as needed.
The governing body stepped in when former owner Con Constantine could not meet player entitlements in September 2010 before Tinkler assumed ownership.
“FFA has been in regular contact with the Tinkler Group in light of the decision to seek new investors in the Newcastle Jets,” an FFA spokesperson told the Herald on Wednesday.
“We’ve been closely monitoring the situation in order to be satisfied that the football club would make a smooth start to the A-League, W-League and Youth League seasons.
“Despite the circumstances, the Jets management has given the coaches, players and team staff what they need to get on with the job of competing in the national competitions.”
Since the end of last season the Jets have cut costs dramatically, despite the transfer of midfielder Josh Brillante (Fiorentina) and striker Adam Taggart (Fulham) to European clubs for an estimated $700,000.
While the Jets’ situation is dire, any ongoing financial issues Tinkler has with the tax office have nothing to do with the Knights or the NRL, an NRL spokesman said.
‘‘There are no outstanding tax debts and Mr Tinkler has no debts with the NRL,’’ the NRL spokesman said.
Knights Members Club chairman Nicholas Dan was certain all outstanding debts were settled during the members club’s protracted settlement negotiations with the NRL and Tinkler’s Hunter Sports Group management company this year.
‘‘All of that was taken into account during our negotiations. They were the sorts of things everyone wanted to make sure were covered at the time,’’ Dan said.
The NRL took over from Tinkler and HSG as controlling owners of the Knights on June 14.
In a statement issued at that time, NRL chief executive Dave Smith said what was left of Tinkler’s $10.52million bank guarantee would be used to pay HSG’s ‘‘existing employee and supplier obligations and to provide $5.1million in start-up funds for the new club’’.
yeah they sure did suck tonight
