Sydney Morning Herald
Nathan Tinkler may have received as little as $100 million for his thoroughbred racing and breeding operation, Patinack Farm, after sinking $500 million into the operation since its inception in 2007. Tinkler has reached an agreement to sell Patinack for an undisclosed sum to a consortium of ‘‘overseas parties from the Middle East.’’
A statement from his group said the sale, which will be on a “walk in, walk out” basis, was negotiated by UAE based investment firm Cibola Capital. As well as negotiating the sale, Cibola has taken a stake in Patinak and is the only new owner who has been identified. ‘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.