Nathan Tinkler’s reign as owner of the Newcastle Jets appears set to come to an end after Football Federation Australia issued the club with a show cause notice over its unpaid debts.
The mining magnate met with the FFA on Monday after the club failed to meet a Saturday deadline to fulfill financial obligations.
The strife-torn club is facing the possibility of having its A-League licence withdrawn over its dire financial state.
To take over the club, the FFA would first have to give Tinkler 14 days to show why he should keep the licence.
“FFA today held another round of talks with Nathan Tinkler and received assurances about his intention to recapitalise the Newcastle Jets and comprehensively address urgent issues in the club’s operation, an FFA spokesman said.
“FFA advised the Jets that it has decided to give the club a formal notice in relation to its financial state. The Jets will be given a short period to respond to the formal notice.”
The club last week sacked five senior players, including skipper Kew Jaliens and three coaches. Youth side coach Michael Bridges also quit the club on Friday.
Tinkler has refused to pour money into the club since announcing his intention to sell and has been in a standoff with the FFA, claiming he is owned $5 million from the governing body.
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