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. As well as negotiating the sale,Cibola has taken a stake in Patinak and is the only new owner who has been identified.
''Sale contracts have been exchanged and the transaction will be completed in the coming weeks,''the Tinkler Group said.
"I am extremely pleased to agree the sale of Patinack Farm to an ambitious group who will continue to build on the foundations we have laid over the last six years,''said Mr Tinkler in a prepared statement.
''I am also satisfied that the investment I have made into the Patinack Farm facilities and bloodlines will continue and that Patinack staff will be offered employment.''
Mr Tinkler's financial difficulties has lead to late payment of staff wages both at Patinack,and more recently the Newscastle Knights. The Tinkler Group has said that all Patinak employees will receive any wages owed to them by this week.
His failure to provide a bank guarantee means the Knights Members Club is entitled to buy the club back from the former billionaire for $1.