19 Jan 2011

Mining baron makes another offer for the Knights

8:45 am on 19 January 2011

Mining magnate Nathan Tinkler has increased his offer to buy the Newcastle Knights to a guaranteed $130 million sponsorship over the next decade and erasing their $4 million debt in return for the club's National Rugby League licence.

Just two months ago, Knights chairman Rob Tew rejected a $13 million offer from Tinkler for the licence.

But Tew told the Sydney Morning Herald he would take Tinkler's new offer to a board meeting tomorrow, when other funding options for the struggling club will be discussed.

In rejecting Tinkler's initial offer, Tew demanded that the coal baron, who has an estimated fortune of more than $770 million, guarantee the club's projected sponsorship income for the next 10 years.