Financially beleaguered coal mining baron Nathan Tinkler has agreed to sell Patinack Farm, his vast Australian racing and breeding operation, to an unnamed group of Middle Eastern buyers, according to published reports.
The buyers' group is made up of both local and overseas parties and was negotiated by United Arab Emirates-based investment firm Cibola Capital. The price was not disclosed and the deal is expected to be finalized in the few weeks.
The Tinkler Group said in a statement that the sale will be on a "walk in, walk out" basis.
Three major properties comprise Patinack Farm, founded in 2007, including racing and breeding facilities in the Hunter Valley in New South Wales and on Queensland's Gold Coast. The operation enjoyed a meteoric rise under Tinkler, who spent millions to acquire bloodstock at public auction.
"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," Cibola Capital chief executive Daniel Kenny said.
"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.''