Patinack Farms under pressure due to Tinkler's money woes
PRESSURE continues to mount on Patinack Farms as the financial woes of owner, mining magnate Nathan Tinkler, lurch from one crisis to the next.
His private company, Mulsanne Resources, was yesterday placed into liquidation after failing to pay a $28.4 million debt to Blackwood Corporation.
Tinkler's financial problems have spilled over into his racing interests in recent months.
Late last month Patinack sold 191 broodmares for less than $3 million, and another 40, as well as 20 racehorses, will go under the hammer with no reserve at the coming Inglis Summer Thoroughbred Sale.
After boom Patinack-owned filly Nechita won at Flemington on November 3, trainer John Thompson admitted he had gone weeks without farriers, bedding, and "run out of feed a number of times".
Then last week Patinack announced it would close its Melbourne racing stables, the news coinciding with revelations that racing authorities in Victoria, NSW and Queensland were using prizemoney won by the operation to pay race clubs for sponsorship commitments and stable rental.
And to top it off, highly-respected chief executive Peter Beer was retrenched on Friday.