Knights in serious financial trouble
http://au.news.yahoo.com/nsw/latest/a/- ... -and-jets/
The Australian Tax Office has moved to wind up Newcastle's NRL and A-League teams, the Knights and Jets, because of debts of $2.7 million.
Nathan Tinkler's parent company that owns the clubs, Hunter Sports Group, is also being targeted in the ATO action.
The ATO's deputy commissioner, Robert Ravanello, filed documents with the Federal Court in Sydney yesterday.
They show the Knights have debts of $1.4 million, the Jets owe just over $1 million and HSG has debts of $184,000.
The two clubs and their parent company were given notice of the debts in September, but failed to pay within the 21-day deadline.
A hearing has been set down for February 20 next year.
The news comes just weeks after another two of Mr Tinkler's companies were placed in liquidation and his private jet was seized.
The ATO has declined to comment on the action, but the NRL says it has received ongoing assurances from the Knights about the club's financial position.
An NRL spokesman says they have been told the club's "issues" are under control.
He says the Knights have a bank guarantee and there are other safeguards in place.
The future looks more uncertain for the Jets, who were on the brink of financial collapse when Mr Tinkler took over in 2010.
The president of Jets supporter group the Squadron, Tim Verscheldon, says it is another hurdle for the club.
"I personally will never knock Nathan for what he's done for this town, this region, both sporting clubs," he said.
"He came in and saved us from the brink and put us on a new path, everything is just a stepping stone to something bigger."
The Australian Tax Office has moved to wind up Newcastle's NRL and A-League teams, the Knights and Jets, because of debts of $2.7 million.
Nathan Tinkler's parent company that owns the clubs, Hunter Sports Group, is also being targeted in the ATO action.
The ATO's deputy commissioner, Robert Ravanello, filed documents with the Federal Court in Sydney yesterday.
They show the Knights have debts of $1.4 million, the Jets owe just over $1 million and HSG has debts of $184,000.
The two clubs and their parent company were given notice of the debts in September, but failed to pay within the 21-day deadline.
A hearing has been set down for February 20 next year.
The news comes just weeks after another two of Mr Tinkler's companies were placed in liquidation and his private jet was seized.
The ATO has declined to comment on the action, but the NRL says it has received ongoing assurances from the Knights about the club's financial position.
An NRL spokesman says they have been told the club's "issues" are under control.
He says the Knights have a bank guarantee and there are other safeguards in place.
The future looks more uncertain for the Jets, who were on the brink of financial collapse when Mr Tinkler took over in 2010.
The president of Jets supporter group the Squadron, Tim Verscheldon, says it is another hurdle for the club.
"I personally will never knock Nathan for what he's done for this town, this region, both sporting clubs," he said.
"He came in and saved us from the brink and put us on a new path, everything is just a stepping stone to something bigger."