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New buyers put off by £20 million hole in accounts

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V interesting detail in that documents suggest co-owner Juan Sartori paid just £1 for his 20% stake in Madrox (the holding company that owns SAFC). Reports at time said he invested £3m in club. SAFC say they can’t offer guidance on arrangement & say “this is a matter for Madrox”.
 
wackyjacky said:
Probably which is why they'll rejoice in printing it but can't see them making something up like this in The Times, reputation is everything to them.
Click to expand...

The Times wouldn't have published this without it being, to a large degree, true. I've got 3 people who I know quite well who work for the paper, one of which is om the sports desk. I'll drop him a message in the next couple of days and see what they have to say on this.
 
If this article is true and there is no smoke without fire Donald has shafted the club and all of us... Using £20.5 million of the clubs own money to help purchase the club and then have the audacity to write it off so he doesn't have to repay it is an absolute disgrace... But then to ask for £35-£40 million for the club is disgraceful, arrogant and clearly shows him for what he is...
A man who tried to flip Sunderland using it's own money to make a hefty profit.

Madrox claim they have invested £11.5 million in the last year thus repaying some of it so far but if they used the £10 million loan from the Americans then they have actually only put in £1.5 million of their own money.
He said in STID to take the club further new ownership or investment was required as he didn't have the funds to do it especially when we didn't get promoted last season.
Yet no one seems to want to pay the asking price we know why now if this article is true.. People won't buy a club for £35-£40 million from a man who used £20.5 million of the clubs own money to help purchase it.. They would clearly want that paid back or deducted from the sale value..
Which has probably been the major stumbling block of interested parties in taking ownership of the club.

Our only saving grace from this is he eventually sells up to someone or he hasn't the money to repay the Americans their £10 million thus defaulting and handing over ownership to them.

Another thing he delayed the clubs accounts which to me indicates he is trying to hide the full extent of what has happened hoping a sale would be completed before their release into the public domain.
He also stated we never needed a CEO but suddenly while he is trying to sell the club he appoints one which makes no sense... Unless he knew this leaked information was coming out and he is going to hide out of the way "taking a step bsck" and let the new CEO take the flack of the day to day running of the club and all the flack that was about to unfold..
That's my take on it I could be wrong and the story in the media could be untrue but as I've said earlier there is usually no smoke without fire..
 
We must do everything we can to hound this man out of our club. I was almost duped into thinking he was a genuine, but naive bloke in STID 2, it’s now clear that he’s a deceitful chancer who is ruining every level of our club.

Anyone defending him should take a long look in the mirror and decide whether they actually support this club.
 
It sounds like he's trying to shaft whoever buys the club rather than the club itself but if we could have had the MSD lads involved and he's fucked that up then he has ruined what could be a once in a generation opportunity, personally I think they'll end up owning the club at some point.
 
With the information we have at the minute it sounds like they've spent about 20 million all in, and there trying to sell it for about 40 mill, it would have been very clever if they'd managed to pull it off but if say today's article will mean they send up with less now.
 
How many clubs from top to bottom of the football pryamid will come out of this remains to be seen but Sunderland no doubt have to be up there as incompetent at best. It probably doesn't require many chartered accountants to see the books don't balance. Saleable assets as far as players are concerned have gone from Pickford to Power where a 20m deficit turns into 10m profit in Pickford's sale and a remaining 20m deficit with Powers sale. TBF we still pay players who no longer play for us which will finish at some point, it's paying the current playing staff who cannot play that's the biggest problem if that carries on.
 
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