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|| Middle East Investors acquired Australian Patinack Farm for $100 million

cibolaA consortium of investors from the Middle East, led by Cibola Capital, has acquired Australian Patinack Farm for $100 million.

The Sydney Morning Herald is reporting that the current owner Nathan Tinkler has invested more than $500 million in the operation of this racing and breeding operation since its inception in 2007. (Patinack Farm comprises of three properties including a 3,300 acre breeding facility, a 1,000 acre training facility and 950 acres of undeveloped horse country and a bloodstock of close to 600 horses)

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More details follows from The Sydney Morning Herald and their release

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.

''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.''

Mr Tinkler's financial difficulties has lead to late payment of staff wages both at Patinack, and more recently the Newscastle Knights. The Tinkler Group has said that all Patinak employees will receive any wages owed to them by this week.

His failure to provide a bank guarantee means the Knights Members Club is entitled to buy the club back from the former billionaire for $1.

Tinkler indicated that the Patinak sale will allow him to focus his dwindling resources on the business where he made his fortune mining.

"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.

Last week, Tinkler purchased Peabody Energy's Wilkie Creek mine in Queensland for $150 million.

Cibola Capital chief executive Daniel Kenny said: "Our consortium is delighted to secure the purchase of Patinack Farm and we are excited about growing the business by investing in breeding and racing across Australia and internationally.

"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.''

Patinack Farm comprises of three major properties including a 3,300 acre breeding facility at Sandy Hollow in the NSW Hunter Valley, a 1,000 acre training facility and stud at Canungra on the Gold Coast and 950 acres of undeveloped horse country at Monegeetta, Victoria close to the racecourses of Melbourne.

Mr Tinkler appeared at ICAC hearings last week in relation to allegations that his property development company Buildev donated tens of thousands of dollars to the Coalition before the last election, in breach of the ban on political donations from developers introduced in 2009.

Mr Tinkler denied any knowledge of another $66,000 in illegal political donations Buildev allegedly paid to a "sham" operation called Eightbyfive, which the inquiry heard was created by former resources minister Chris Hartcher to channel prohibited donations to the Liberal Party.

Asked why he made political donations, he said he gave money to "just about all parties because I only get one vote at election time". He denied it was an attempt to buy favourable decisions.


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Nathan Tinkler has sold his racing and breeding operation Patinack Farm to a consortium of local and overseas parties from the Middle East.

The sale has been negotiated by UAE based investment firm Cibola Capital and was for an undisclosed fee on a "walk in, walk out" basis.

"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. 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," Tinkler said.

"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."

Chief Executive Officer of Cibola Capital, Daniel Kenny said, "Our consortium is delighted to secure the purchase of Patinack Farm and we are excited about growing the business by investing in breeding and racing across Australia and internationally.

"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.

"In a short space of time, Nathan has created and built Patinack Farm into one of the leading equine operations, with exceptional facilities and the ability to produce Group 1 winners. Nathan’s creation of Patinack Farm has had a positive influence on the industry and we would like to take this opportunity to thank him. We look forward to continue Nathan’s vision for this operation as one of the leading breeding and racing establishments in Australia.”


Since its foundation in 2007, Patinack Farm has become one of Australia’s largest locally owned racing organisations, experiencing tremendous success in a short period of time. This success is highlighted by eight individual Group 1 winners; Casino Prince, Onemorenomore, Small Minds, Linky Dink, Gathering, Pear Tart, All Too Hard and Nechita, more than 40 stakes winners and over 200 metropolitan victories.

The current bloodstock of close to 600 horses represents arguably some of the highest potential stallions and most valuable broodmares in Australia. Notable racehorses include the lightly-raced Stakes winner Peron and recent Brisbane Carnival victor Pretty Pins, alongside G1 broodmares Allez Wonder and Heavenly Glow among others.

Patinack Farm comprises of three major properties including a 3,300 acre breeding facility at Sandy Hollow in the NSW Hunter Valley, a 1,000 acre training facility and stud at Canungra on the Gold Coast and 950 acres of undeveloped horse country at Monegeetta, Victoria close to the racecourses of Melbourne.



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