Sporting and mining magnate Nathan Tinkler has withdrawn his $100 million takeover bid for the Newcastle Knights and said he would have no further dealings with the NRL club under their current management.

Tinkler and the Tinkler Sports Group management team were due to meet at 2pm today with Knights chief executive Steve Burraston and chairman Rob Tew to resolve their differences but a furious and frustrated Tinkler has told the Newcastle Herald that the meeting has been cancelled and his offer withdrawn.

Fed up with what he perceived to be procrastination by Knights management since they rejected his initial $10 million proposal three months ago, which he upgraded on January 17 to up to $100 million for the next 10 years, Tinkler said he had done all he can but had had enough.

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Burraston and Tew have called a 2.30pm media conference today.

Read more at Newcastle Herald