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The Times - Donald - Loans

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Comeback_Kenwyne said:
Have to defend the OP here. He talks a fair amount of shite, but taking pelters from people for posting an article on our finances, by the paper of national f***ing record FFS, is absurd. Shows a dangerous, happy-clappy groupthink to me: everyone has drunk the Donald kool-aid and has suspended their critical faculties.

As for suggesting it's a smear story - this is the f***ing Times. It's almost certainly true.

The other reason why I think that mind, is that there's absolutely nothing worrying or remarkable about Donald needing a loan. As the article makes clear, our finances are in a good place long-term: the loan would be for a short-term cashflow crisis. Given Donald is hardly wealthy, in football ownership terms, and the nature of the deal he struck with Short, this too is not surprising - we still have crippling running costs, not least the midfielder who should not be named.

The loan is fine: don't shit the bed. If there is a mismatch between Donald's populist statements and his reported actions, it's the statements that are suspect to me. For me, he comes across as a financially competent man, but someone who is irredeemly desperate to people please in the fan media, inevitably leading to bluster if not shitehawkery. Doesn't mean he can't run the club well.



Aye, exactly. It makes sense.



He's applied for loans, we have a short-term cash crisis, but long-term outlook surprisingly good because - which may be news to Times readers but is not to us - Short has cleared the debts. Not really a sensationalist article at all.
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Ah so it actually says he's "applied" for loans further down?
 

Maxie said:
Ah so it actually says he's "applied" for loans further down?
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Been offered them, but hasn't agreed anything. Dancing on a pin if you think that means he hasn't applied, not that it matters.

Theres nothing wrong with serviceable debt. Not sure why, as someone said on here, anyone would say we wouldn't even have an overdraft - that's just batshit for a business.
 
Maxie said:
I've skimmed this thread but has anyone posted or read the full article? As obvs I'm not subscribing to the Times.

The headline in sensationalist....as is the strap line.

The 1st paragraph then says simply he's been offered investment, which is what he said last night.
1st para doesn't say how or why or IF he's actually actively trying to get funding now.

So what does the rest say?

Sounds like sensationalist article to me.
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He stated only yesterday that there will probably be one or 2 loans....absolutely nothing wrong with that...we had 7 last season
 
Comeback_Kenwyne said:
Been offered them, but hasn't agreed anything. Dancing on a pin if you think that means he hasn't applied, not that it matters.

Theres nothing wrong with serviceable debt. Not sure why, as someone said on here, anyone would say we wouldn't even have an overdraft - that's just batshit for a business.
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To me that's no Different to what he said last night. He said he's had lots of offers to invest in the club.

So to me it's maybe not sensationalist being the right word but the headline and 1st para aren't really backed up by any facts or the rest of the article.

To me that's someone who's heard the info from his interview and pulled a story together from what was said with just enough plausibility and conjecture balance to be able to get away with it.

Nothing new here IMO.

And I'm not being all partisan and defending our owner. I couldn't care less. I'm more bothered about truth and facts and to me this is a nothing story backed up with no more substance than his podcast yesterday.

As I said, nothing to see here imo

Gosforth Mackem said:
He stated only yesterday that there will probably be one or 2 loans....absolutely nothing wrong with that...we had 7 last season
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Erm:lol:
 
Maxie said:
To me that's no Different to what he said last night. He said he's had lots of offers to invest in the club.

So to me it's maybe not sensationalist being the right word but the headline and 1st para aren't really backed up by any facts or the rest of the article.

To me that's someone who's heard the info from his interview and pulled a story together from what was said with just enough plausibility and conjecture balance to be able to get away with it.

Nothing new here IMO.

And I'm not being all partisan and defending our owner. I couldn't care less. I'm more bothered about truth and facts and to me this is a nothing story backed up with no more substance than his podcast yesterday.

As I said, nothing to see here imo


Erm:lol:
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what?
 
The devil is in the detail from the podcast last night, he’s inherited a pretty bad situation in terms of finances and he’s working to sort them out as quickly as possibile.

Paying off the debt hasn’t solved our money problems, the club is running at a loss every day and will do so until he cuts costs, mainly wages.

Key things I picked up on last night -

- the current wage bill is unsustainable, he expects our income to be around £17m a season but our wage bill is currently down to around £16m. Most league 1 clubs will run at around £2m per season, the top end ones £4m ish so a hell of a lot of work to do there

- the average salary for a GOOD league 1 player is £3-5k, we could get 10 players in for the wage salary as 1 of our top earners

- the clubs medical bills are more than the whole of the other 23 teams in league 1 combined

- we don’t get a penny from any sale of ndong, that will al go to Ellis

- despite the fact we are selling McNair and Oviedo, we still OWE payments out on them to their former clubs

So yeah he’s got a hell of a big job on his hands to refinance the club and if he doesn’t do it quickly he’s going to need money to help service the running costs of the club, plus pay the instalment to short. That money will either come from his own pocket or via a loan. It all depends on how good of a deal he can get from player sales I guess.

Long term it’s not going to be a problem but he needs to get over this speed bump first but it was always going to be the case for a club our size dropping in to league 1.
 
rocky said:
2 way street. We want rid as well. Hopefully a compromise can be reached
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Compromise is we tear up his contract and he gets another job, his agents pretty good at drafting contracts.....ostensibly.....
 
SUNDERLAND CASH FLOW PROBLEMS

New owner Stewart Donald has barely moved into his office at the Stadium of Light, but Sunderland are already looking for loans with cash-flow issues ramping up, reports to The Times.

The newspaper states Sunderland have been offered up to £8m as a cash injection, with a proportion of a £25m payment to former owner Ellis Short due in September.
 
The Rat said:
Taking out loans 1 month into owning it? Why couldn't you give a fuck?
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Because otherwise we'd have to see before we buy. Donald explained very clearly our finances yesterday - listen to the podcast. However, these days people can make bad news out of any great news. I'm not worried in the slightest. We are so clearly in the best financial situation for a long time.
 
10 Gary Rowells said:
Because otherwise we'd have to see before we buy. Donald explained very clearly our finances yesterday - listen to the podcast. However, these days people can make bad news out of any great news. I'm not worried in the slightest. We are so clearly in the best financial situation for a long time.
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Just wiped £150m........need to clear the wankers out then we should be in good nick....
 
The Rat said:
To be fair he has said many times he wouldn't be doing this.
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Yes,he has. Unless we're being taken for a massive ride by Donald.....which I don't for a minute think we are.....I'd be very tempted to treat speculative articles by journos which contradict what he's saying with a bit of scepticism. Having said that,however, it's the situation with the players which is most concerning because I'm pretty sure that Donald,Methven and Ross weren't expecting to find that virtually all of them want to leave. Coton and Hill are going to have their work cut out to get a squad together for Ross to coach,quite apart from the financial implications of it all!
 
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