15 Nov 2012

Racing money withheld to pay tycoon's debts

8:14 am on 15 November 2012

Race clubs in Australia have withheld almost $A600,000 from winnings by racehorses owned by mining tycoon Nathan Tinkler to offset his debts.

News Ltd reported on Thursday that the Australian Turf Club in Sydney has been owed almost $190,000 for months. The Melbourne Racing Club took similar action over $A400,000.

AAP reports that Patinack Farm spent $A77.5 million on 410 horses at auctions since 2008. Last month, 303 horses were sold for $A4.1 million.

Tinkler, 37, still owns 1350 horses. He denies being on the verge of financial collapse.