7 hours ago - 1 Likes
Hunter Sports Group complete acquisition of Newcastle Knights
The Hunter Sports Group (HSG) has today completed its acquisition of the Newcastle Knights.
The acquisition, which includes a $20 million bank guarantee and payment of the Club's liabilities which were in excess of $6 million, has been completed 5 days ahead of the revised August 10, 2011, deadline.
The complex transaction included the transfer of all contracts and agreements to the new entity, while the vast majority of the club's liabilities, including its tax bill, have now been settled.
HSG CEO Troy Palmer is pleased all speculation over the acquisition had finished and the only thing left to consider are the massive benefits the change of ownership will mean to the community of Newcastle and the Hunter Valley.
"A range of matters in what was a complex transaction were completed for today's formal handover, with all contracts and agreements transferred to the new entity,