Embattled former billionaire Nathan Tinkler has sold his thoroughbred business Patinack Farm.
The Sydney Morning Herald has reported the former mining mogul has sold the business, that includes a 3,500 hectare property in the Hunter Valley, for an undisclosed sum to “local and overseas parties from the Middle East.”
”Sale contracts have been exchanged and the transaction will be completed in the coming weeks,” the Tinkler Group said.
“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,” said Mr Tinkler in a prepared statement.
”I am also satisfied that the investment I have made into the Patinack Farm facilities and bloodlines will continue and that Patinack staff will be offered employment.”
It’s unclear at this stage how the sale of Patinack Farm will affect the stalemate over the ownership of the Newcastle Knights.
Staff at both the Knights and Patinack Farm have had issues with the late payment of wages.
Nathan Tinkler last week purchased Peaboby Energy’s Wilkie Creek mine in Queensland for $150-million. He says he’ll now be focussing on minerals.
“As I now reside overseas and my focus is on our core operations in resources and mining, I am pleased to secure new owners who will take this project forward. The sale will allow further capital to be used in the development of our existing operations” he said.
