Anonymous
Years ago
Not sure if anyone has mentioned it but rumours are that the 30 something, mining baron, poster child NAthan Tinkler is close to financial disaster. He was set to reestablish an NBL team in Newcastle. Seems that another basketball backer is going to be put out of action! :(:(
Told you it was a good decision by the NBL not to engage with that bloke.
natwhereyouat
Years ago
He/his management group have always dodged people and burnt bridges. At first i was all for him, until i had some talks with people within his sports management circle, now im glad the NBL never took him up on his offer.
Here's a stupid but relevant question: How does a billionaire go broke?
Bear
Years ago
No, no that is a great question...
Any billionaires out there care to enlighten the working folk??
natwhereyouat
Years ago
You'd be surprised how many NBA players go broke 10 years after retirement
Camel 31
Years ago
I went off , my fists in my torn pockets . My only pair of trousers had a big hole . Like a lyre I plucked the elastics of my wounded shoe.
I seen billionaires borrow a lotta money and when interest rates go up they go broke. Kerry Packer who paid cash for everything bought a lotta bargains from them.
Venom
Years ago
Billionare with billion dollar debts - everything he owned he had to borrow money to get it. When he bought his first mine for $500k (really just a mining lease), he hung onto it and then sold it a few years later for several hundred million during the coal boom. Fast forward till now, he has bought and sold other mines/leases and what cash he made he plunged into horse racing, Newcastle Knights etc which have no cash flow to pay the loan back to the banks.
Now he is trying to sell these assets to get some cash back, no one is buying. So while he has say $2 billion in paper valued assets, if no one buys them or they dont generate cash, he defaults and goes bankrupt.
And there endth the lesson *Sean Connery voice*
Sad if it pans out that way for the sports / communities he helped along the way.
http://www.crikey.com.au/2012/09/04/why-nathan-tinkler-has-a-cash-conundrum/
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