Under siege businessmen Nathan Tinkler has sold his Patinack Farm racing operation to overseas parties from the Middle East for an undisclosed sum of money.
Tinkler paid $24 million for the Patinack Farm property outside Canungra four years ago and spent over $500 million purchasing yearlings, stallions and broodmares from sales all over the world since he started his racing and breeding operation in 2012.
The Singapore-based mining magnate had high a number of high-profile business problems in 2012, when his net worth was nearly halved, and since that time has been looking to sell off his entire racing operation.
Tinkler sold almost 200 broodmares on the Gold Coast in October of 2012 and Caulfield Guineas winner All Too Hard two months later before offering a number of number of both yearlings and older horses at the Gold Coast Magic Millions Sales in 2013.
The Patinack Farm racing operation has continued under the guidance of John Thompson with little success for the past 18 months and Thompson revealed last week that Tinkler had removed all his horses from Thompson’s Royal Randwick stables in anticipation of a sale.
The Tinkler Group announced the sale, which was negotiated by a United Arab Emirates-based investment company Cibola Capital, in a statement; with Tinkler revealing that he is looking to spend more of his time and resources of his mining operation after purchasing another mine in Queensland for $150 million last week.
”Sale contracts have been exchanged and the transaction will be completed in the coming weeks,” Tinkler said in a statement.
“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.”
“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.”
Cibola Capital said that they represented a consortium of overseas parties from the Middle East and Chief Executive Daniel Kenny said that they plan to expand the current operation and will announced the operation structure of their breeding operation in the next few weeks.
All Too Hard, Casino Prince, Gathering, Linky Dink, Nechita, Onemorenomore, Pear Tart and Small Minds all recorded Group 1 victories as members of the Patinack Farm roster and the operation recorded over 200 metropolitan victories right across Australia.