Tinkler's racing winnings withheld

Financial strife ... Nathan Tinkler.
Financial strife ... Nathan Tinkler.

RACING clubs in Sydney and Melbourne have withheld almost $600,000 from Nathan Tinkler's racing winnings to offset his debts, according to reports.

The News Limited report said the mining magnate's Patinack Farm spent $77,500,000 on 410 horses at auctions since 2008, an average price of $190,000, and last month sold 303 horses for $4,105,000, an average of $13,500.

Fairfax Media has previously reported Patinack was costing Mr Tinkler up to $500,000 a week.

The Australian Turf Club in Sydney had been owed almost $190,000 by Mr Tinkler, and acting on behalf of the club, Racing NSW withheld prizemoney to the value of what Patinack owed for stable rent and sponsorships, the report said.

Mr Tinkler had previously tried to sell Patinack, and faced allegations of unpaid super by Patinack employees. Patinack avoided liquidation earlier this week, with proceedings initiated by the NSW Office of State Revenue finalised in Supreme Court on Tuesday.

The Chief Commissioner of State Revenue withdrew after Patinack settled its $259,866 claim. Neither the Australian Taxation Office nor WorkCover sought to step in as substitute creditors, indicating their own claims had also been settled. No costs were awarded.

Fairfax Media

This story Tinkler's racing winnings withheld first appeared on The Sydney Morning Herald.