PATINACK FARM ON THE MARKET

By Graham Potter | Tuesday, April 2, 2013

While the staff and horses were out doing their job to the best of their ability yesterday, Patinack principle Nathan Tinkler made the decision that many considered to be inevitable.

As a consequence of that decision it was duly reported this morning that the entire Patinack racing and breeding operation was on the market.

The fact that this move came less than a year after Tinkler had signed head-trainer John Thompson to a new five year deal arguably highlights just how much toll the ever building financial pressure of Tinkler’s varied business interest had taken on the operation in the last twelve months.

Tinkler, the former coal baron, preferred to sidestep that issue, simply offering the view that, “As I am spending more time overseas, I do not have time to manage the business.”

A report in businessspectator.com.au today states, ‘Last month Mr Tinkler told the New South Wales Supreme Court the debts of his Tinkler Group are about $500 million. The court also heard Trinkler draws money from a $1.4 billion trust held in the name of his wife. The one-time billionaire also declared a taxable income of just $9,834 in 2010/11, in the form of interest from bank accounts. The structure of Mr Tinkler's wealth was revealed during a liquidator's examination into the collapse of his mining company Mulsanne Resources.'

Patinack Farm, which comprises in the region of 1000 horses and properties in both the NSW Hunter Valley and Queensland's Gold Coast, will be offered for sale internationally by Magic Millions and Ernst & Young.

According to the Australian Financial Review the asking price is believed to be in the region of $200 million.

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