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Nathan Tinkler has withdrawn his multi-million dollar offer for the Newcastle Knights as the club and Tinkler Sports Group failed to negotiate the terms of the offer Tinkler made.
Tinkler has refused to negotiate further with the club while current management remain in place.
Knights chief executive Steve Burraston and chairman Rob Tew were set resolve key sticking points in the deal with a meeting today, but the Newcastle Herald reports a “furious and frustrated” Tinkler has called the meeting off and his offer has been withdrawn.
The Newcastle Knights will hold a 2.30pm media conference today.
More to come as this story develops, as the ramifications for the Knights, who face $3m in debt, and for the Newcastle Jets, who were forced to change shirt design by Tinkler Sports Group in order to resemble the Newcastle Knights.