Financially embattled Newcastle entrepreneur Nathan Tinkler is selling his Hunter Valley thoroughbred breeding stud Patinack Farm to a consortium from the Middle East.
The sale price is undisclosed and is on a “walk in, walk out” basis. Sale contracts have been exchanged and the transaction will be completed in the coming weeks.
Deal was organised through Cibola Capital, an Australian-founded construction company, which is now a UAE-based investment firm.
Nathan Tinkler said that now he’s moved overseas his focus in on core operations in resources and mining.
“The sale will allow further capital to be used in the development of our existing operations” Mr Tinkler said in a statement.
“I am extremely pleased to agree the sale of Patinack Farm to an ambitious group who will continue to build on the foundations we have laid over the last six years,” Tinkler said.
Patinack Farm had been in the headlines in recent times, firstly as Mr Tinkler struggled to get the Tinkler Group’s falling balance sheet under control and cash flow problems led to claims staff at the farm were not paid. In the last few weeks, it has been mentioned in the Independent Commission Against Corruption during investigations into illegal political donations from property developers.
Tinkler appeared at the ICAC and denied any knowledge of inappropriate donations and claims that he attempted to funnel cash to the former Labor MP Jodi McKay.
Cibola Capital CEO Daniel Kenny said his consortium planned to expand operations at Patinack Farm, which comprises of three major properties, including a 3300 acre breeding facility at Sandy Hollow in the NSW Hunter Valley, a 1000 acre training facility and stud at Canungra on the Gold Coast and 950 acres of undeveloped horse country at Monegeetta, Victoria.
The farm currently has bloodstock of nearly 600 horses.
“We are planning to expand the current operation offering a mixture of proven and new stallions for every breeder in Australia. We look forward to announcing our stallion line-up and operational structure in the coming weeks,” Mr Kenny said.
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