Australia’s biggest horsebreeding operation is up for sale with struggling mining magnate Nathan Tinkler putting Patinack Farm on the market.
Tinkler says he no longer has time to manage the business because he spending less time in Australia.
“As I am spending more time overseas, I do not have time to manage the business,” Tinkler said. “Patinack Farm represents a terrific opportunity for a local or international owner to develop the business into a world leader.”
But the proceeds of such a sale would help Tinkler stabilise his finances. His empire has been under increasing scrutiny in recent months – he has admitted to having hundreds of millions of dollars in debt, and has been drawn into legal tussles.
Tinkler told a Sydney court last year that Patinack Farm could be sold for $100 million profit after paying off debt.
The operation has some 1,000 racehorses and 150 staff, with properties in Queensland and NSW. One of its prize stallions is Casino Prince, whose service fee was $27,500 last year.
The chairman of Magic Millions, retailer Gerry Harvey, is backing the sale to create strong interest in the market. “Nathan has built a truly world class operation in Patinack Farm, which includes superb facilities, along with leading racing and breeding stock… I believe we will generate great interest from potential local and overseas buyers, seeking to either establish or build-up their existing operations,” Harvey said.
Ernst & Young is conducting due diligence.
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