Magic Millions wins but Patinack staff lose as Tinkler rejects bids

NATHAN Tinkler has rejected offers for his Patinack Farm racing empire, all but ending the prospect of the operation continuing under a new banner.

Nathan Tinkler

NATHAN Tinkler has rejected three formal offers to buy his entire multi-million dollar Patinack Farm empire, all but ending the prospect of the operation continuing under a new banner.

More than 470 of his horses will now almost certainly be sold at next week's Magic Millions National Sale on the Gold Coast.

It also means the staff at his Canungra showpiece and his Sydney operation will be out of a job when he formally ceases his interests in racing at the end of the month.

There were three genuine offers from a mix of domestic and international buyers but Mr Tinkler did not agree to the offers.

It is understood he believes selling the horses individually through Magic Millions could prove more financially viable.

Mr Tinkler's horses will begin going under the hammer from Monday.

Patinack Farm trucks were yesterday unloading horses at the sales complex.

"We got a few offers on a walk-in, walk-out basis, but Mr Tinkler has decided not to sell," said Magic Millions managing director Vin Cox, who was also enlisted to sell the entire operation.

"I wouldn't say it's over yet, you never know what can happen, but with due diligence and inquiries around the bona fides of properties, it is unlikely the horses will be withdrawn.

"Some of the horses that will go through, he will get a lot more back than he paid for them. He's taken the view that he wants to get out of racing."

It's believed the offers were not that far off what Mr Tinkler wanted for his empire, which was estimated to have a worth of about $150 million.

However, it's believed Mr Tinkler thought that figure left the operation undervalued.

Mr Cox said Mr Tinkler had been open about all the horses and their histories, allowing all bloodstock to be inspected and x-rayed before sale, as is standard practice.

Mr Tinkler's leading horse Nechita, a last-start Group 1 winner, will go under the hammer on Wednesday. She is expected to fetch about $2 million.