Australian magnate Tinkler selling horse racing business

Mining mogul Nathan Tinkler is selling Australia’s largest thoroughbred racing and stud empire as he struggles to pay off debts and raise funds for court battles.

The young entrepreneur is asking around A$200 million (HK$1.6 billion) for Patinack Farm and potential buyers include Chinese parties, according to a source close to the sale, who was not authorised to speak publicly.

Tinkler has splashed out more than A$300 million (HK$2.4 billion) on Patinack, the fulfillment of a long-held dream for the horse racing fan, since establishing it in 2007.

via Business feed http://www.scmp.com/business/commodities/article/1205352/australian-magnate-tinkler-selling-horse-racing-business