Nathan Tinkler has reached an agreement to sell off his thoroughbred racing and breeding operation, Patinack Farm, for an undisclosed sum to an undisclosed consortium of buyers consisting of ''local and overseas parties from the Middle East.''

A statement from his group said the sale, which will be on a "walk in, walk out" basis, was negotiated by UAE based investment firm Cibola Capital. ''Sale contracts have been exchanged and the transaction will be completed in the coming weeks,'' the Tinkler Group said.

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