New owner saves Newcastle Jets from folding

Published Sep. 22, 2010 12:55 p.m. ET

foxsports

Mining magnate Nathan Tinkler took control of the financially troubled Newcastle Jets, ensuring the club will continue in Australian football's A-League at least for this season.

Football Federation Australia said Wednesday that Tinkler, a local horse racing identity, would take control of the club from Con Constantine, who had his owner's license withdrawn.

The FFA had previously injected a reported A$300,000 ($285,000) emergency funding into the club to guarantee it continued through the end of the week. In the first of its two matches in five days, the Jets lost 1-0 away to the Gold Coast on a last-minute goal later Wednesday in front of 2,091 spectators in a disappointing start for the new owners.

Tinkler will run the Jets, who are next-to-last in the 11-team A-League, for the remainder of the 2010-11 season and will likely acquire the club's license long term, FFA said in a statement.

Constantine presented a rescue plan on Monday but FFA decided the club needed new ownership, saying the Jets had been given ''numerous opportunities'' to show it had the financial means to continue.

''We have signed an agreement with Nathan Tinkler which secures the club's participation for this season,'' FFA chief executive Ben Buckley said. ''The agreement also grants an option for him to acquire the license for the long term.

''This is a fantastic result for the A-League, the club and the people of the Newcastle area.''