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Tinkler’s Jets placed into liquidation

Coal baron Nathan Tinkler’s tenure as sports club owner is over, after the Newcastle Jets were placed into liquidation.

Creditors are owed around $21 million, after Tinkler pulled the plug in May, before being stripped of his A-League soccer licence.

FFA terminates Newcastle Jets licence

Administrator James Shaw said there is just over $600 in the bank, and creditors have ‘virtually no hope’ of receiving anything they are owed.

He told a meeting today that liquidating the company is the only option.

“There were no proposals for a deed and so liquidation was the only logical alternative,” he said.

“So now, as the liquidator, we will sort of continue our investigations and see if we can identify any possible sort of recovery sources for the creditors,

“But, at this stage, it is fairly uncertain, but we will have a much better idea in about a month’s time.”

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