Newcastle Knights turn down offer from mining magnate

Mining giant Nathan Tinkler has had his $10 million offer to takeover the Newcastle Knights rejected as he launched a somewhat audacious bid.

Tinkler hasn’t give up on taking over the Knights though, as he attempts to talk to the community, as he attempts to get his bid over the line, thus taking over the Knights.

Tinkler, who already owns the A-League club, the Newcastle Jets, has offered to get rid of the Knights growing debt, as well as pouring money into the club for the next 10 years.

Knights Chairman Robbie Tew believes that the offer could be better.

“With no guarantee Nathan will at least cover our existing revenues, I don’t see how it puts us in a superior financial position to the one we are in now,” he said.

“I’ve conveyed to him that we don’t think the offer goes far enough but I’m not sure if that is the end of it or not. The offer only arrived last night and I’ve had further correspondence today but that is as far as it has got.”

Should the Newcastle club become privatised as a result of Tinkler’s desire to take-over the club, several Knights sponsors have said they would consider bailing the club out should it happen.

Executive Chairman of the Newcastle Jets Ken Edwards has said that Tinkler’s offer to takeover the Knights is genuine, and that the Knights should consider it in order to move forward.

“Nathan’s been in negotiations with the Knights now for more than 12 months and the offer is a fair and genuine one,” he said.

“It pays down the debt which is close to $3 million and just as he has demonstrated with the Jets since he took over the club, it is all about the community with Nathan and he is genuine about that.”

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