Australian mining magnate Nathan Tinkler has sold his entire Patinack Farm racing and breeding operation to a group of parties from the Middle East, according to published reports. While a sum was not disclosed, it is believed to be in the ballpark of A$100 million.
Tinkler has been a controversial player in the Australian racing industry since founding Patinack in 2007. It is believed he invested about A$500 million in racing and breeding in the ensuing seven years, however, his fortunes took a dive when coal prices began to drop in 2012. The sale was negotiated by the UAE-based investment firm Cibola Capital, which also took a stake and is the only identified new owner.
“I am extremely pleased to agree the sale of Patinack Farm to an ambitious group who will continue to build on the foundations we have laid over the last six years,” said Tinkler in a statement. “I am also satisfied that the investment I have made into the Patinack Farm facilities and bloodlines will continue and that Patinack staff will be offered employment.”
Daniel Kenny, Chief Executive Officer of Cibola Capital, told Racing Post: “We are planning to expand the current operation, offering a mixture of proven and new stallions for every breeder in Australia. We look forward to announcing our stallion lineup and operational structure in the coming weeks.”
Patinack’s current stallion roster includes dual French Classic winner Lope De Vega (Ire) (Shamardal), who is represented by his first European 2-year-olds this year.
Extract from Thoroughbred Daily News