Magic Millions and Ernst & Young have been given the task of overseeing the sale of mining giant Nathan Tinkler’s massive Patinack Farm’s thoroughbred and racing operations in Australia.
The Tinkler Group announced today its intentions to sell Patinack Farm on a “walk in walk out basis” and will include leading stallions and broodmares, as well as world class racing and breeding facilities on the Gold Coast and in the Hunter Valley along with its current racing stock.
Gerry Harvey, Chairman of Magic Millions is expecting plenty of interest from potential buyers, locally and from overseas.
“Nathan has built a truly world class operation in Patinack Farm, which includes superb facilities, along with leading racing and breeding stock,” Harvey said.
“He has had considerable success in a relatively short period of time, winning races like the Caulfield Guineas, Chipping Norton and the Champagne Stakes.”
“I believe we will generate great interest from potential local and overseas buyers, seeking to establish or build up their existing operations.”
Vin Cox, Managing Director of Magic Millions is also looking forward to taking on the task of selling the world class facility.
“We are extremely excited to be given the opportunity of selling Patinack Farm, which has some of the best bloodstock in the world,” Cox added.
Ernst & Young partner Tim Bennett said the sale process will take several months and the company will be targeting interest from Australia and overseas.
“The divestment program is expected to take several months with interest from local and overseas buyers,” Bennet said.
“We will assist the company manage the due diligence program, providing qualified potential purchasers a comprehensive data room,” partner Peter White added.
After early morning rumours surrounding the sale of Tinkler’s racing empire, The Tinkler Group released a press statement today announcing the sale of Patinack Farm indicating that the Tinkler Group will be focusing on its core operations of resources, port and rail infrastructure and property.
“Since its establishment in 2007, Patinack Farm has become a leading racing and breeding operation. As I am spending more time overseas, I do not have the time to manage the business,” Tinkler said.
“Patinack Farm represents a terrific opportunity for a local or international owner to develop the business to be world leader.”
As well as Patinack Farm’s four hundred plus racehorses, five hundred broodmares, yearling and foals, stallions Casino Prince and Husson will also be included in the deal.
The Patinack Farm operation had been under financial strain over the last nine months which forced the sale of Caulfield Guineas winner All Too Hard to Vinery Stud in partnership several other prominent owners in a package deal worth somewhere around the $20 to $25 million mark.
All Too Hard who also ran second in the Group 1 $3m Sportingbet Cox Plate (2040m) at Moonee Valley last Spring, was the flagship of Patinack Farm and has taken his prizemoney to over $2m after scoring twice at Group 1 level in his new colours of the green and white of Vinery Stud.
The half brother to Black Caviar scored first up in the Autumn, taking out the Group 1 $400,000 Sportingbet C.F. Orr Stakes (1400m) at Caulfield on February 9 and followed that with a win in the Group 1 $500,000 Cathay Pacific Futurity Stakes (1400m) at Caulfield on February 23.
As well as winning the Group 1 $1m BECK Caulfield Guineas (1600m) at Caulfield in October, smart filly Nechita wrapped up a good Spring for Patinack Farm with a win in the Group 1 $500,000 Coolmore Stud Stakes (1200m) at Flemington on November 3.
Patinack Farm’s 3,300 acre Sandy Hollow racing and breeding facility in the Hunter Valley in New South Wales and Patinack’s Canungra complex on the Gold Coast are included in the sales package.
While the 2,410 acre horse property at Broke in the Hunter Valley has also been put up for sale.