May 1 (Bloomberg) -- Nathan Tinkler’s Hunter Sports Group will continue to run the Newcastle Jets A-League team after resolving its differences with Football Federation Australia.
Billionaire Tinkler’s sports management group said three weeks ago that it was returning its license 18 months into a 10-year agreement because of “an irrevocable breakdown in confidence of the FFA management.” The FFA said it wouldn’t accept the termination and was considering legal action.
Following a meeting between FFA Chairman Frank Lowy and Tinkler last weekend, the Sydney-based soccer governing body “made some concessions in good faith in order to resolve the matters,” Lowy said today in an e-mailed statement.
“My confidence is renewed over Nathan’s personal drive to make the Jets and the A-League successful,” Lowy added. “We agreed on a way forward that addresses the issues HSG have raised and we are now going to get on with developing the game together in a key region for football.”
The 36-year-old Tinkler, an electrician-turned-miner who is Australia’s youngest billionaire, handed the license back April 10 following a dispute over the size of the acquisition fee he paid for the Jets and insurance issues around marquee signing Jason Culina after he suffered a knee injury.
Tinkler had stepped in to rescue the Jets in September 2010 after the FFA withdrew the license of former owner Con Constantine because the 2008 A-League champion ran out of money to pay players and stadium fees.
“We now have a way forward and I remain committed to ensuring the Newcastle Jets is one of the most successful clubs in the A-League,” Tinkler said today.
To contact the reporter on this story: Dan Baynes in Sydney at firstname.lastname@example.org
To contact the editor responsible for this story: Christopher Elser at email@example.com