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New buyers put off by £20 million hole in accounts

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Ghandi Floss said:
Unfortunately, this is something I heard from a very good source yesterday.
He said he wasn’t 100%, but sadly it’s looking to be so.
I really hope something gives soon, as this may just be one of many shit things coming up for the club.
He should just sell up for 30m if he has any takers on that price, he’ll still have doubled his money, and we might get someone competent to run the club.
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Nobody is paying £30m to buy a 3rd Tier football club any time soon.
 

Chizno1 said:
I understand that, but that is exactly what the Times and Mail articles are claiming. An exceptional item. As I have said, I also completely understand your position and am not trying to have a go at you at all.
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If there's an excepional item, that's pretty clear cut (i can't read Times articles because a) I'm a cheapskate b) I'm not giving Murdoch money for it.
brisbanemackem said:
Which bit is libellous,
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Head turned by a few drinks with the owners. I'm my own man, and you don't have a f***ing clue about me. Now, just sod off.
 
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Grumpy Old Man said:
If there's an excepional item, that's pretty clear cut (i can't read Times articles because a) I'm a cheapskate b) I'm not giving Murdoch money for it.


Head turned by a few drinks with the owners. I'm my own man, and you don't have a f***ing clue about me. Now, just sod off.
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From the Times Article;

'Sunderland have admitted to The Times that a debt in excess of £20.5 million owed to the club has been written off as an exceptional operating expense. This can be seen in the draft of the club’s accounts for 2018-19, which have been delayed.'
 
Coeus said:
The parachute payments were not to pay off Ellis, that was Stewart's job. The parachute were purely there to secure.
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No, that was blown out of the water by CM last June. The parachute was always heading Short's way. In fact, the original draft of the deal had the parachute payment going directly to Drumaville, until it was pointed out that PL rules said they had to ogo into a club account first.
 
Chizno1 said:
From the Times Article;

'Sunderland have admitted to The Times that a debt in excess of £20.5 million owed to the club has been written off as an exceptional operating expense. This can be seen in the draft of the club’s accounts for 2018-19, which have been delayed.'
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I wonder if the final accounts may not look the same as the draft? Until there's been an AGM to approve them they can be changed.
 
Chizno1 said:
From the Times Article;

'Sunderland have admitted to The Times that a debt in excess of £20.5 million owed to the club has been written off as an exceptional operating expense. This can be seen in the draft of the club’s accounts for 2018-19, which have been delayed.'
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Its got me really angry this like. Absolute disgrace
 
Coeus said:
The parachute payments were not to pay off Ellis, that was Stewart's job. The parachute were purely there to secure.
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I always thought parachute payments were part of the deal when short sold the club that he would keep them. like someone said until the figures are released from the club whatever papers print should be taken with a punch of salt.
 
Grumpy Old Man said:
No, that was blown out of the water by CM last June. The parachute was always heading Short's way. In fact, the original draft of the deal had the parachute payment going directly to Drumaville, until it was pointed out that PL rules said they had to ogo into a club account first.
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If that was the case why did they do a podcast that specifically said they were not to pay Ellis. They were purely there to secure the money that stewart would pay?
 
Hawyatt Earp said:
nor should they. They should be paid what they paid for it, which looks like about £3.50


Imagine where we’d be right now if we had £25million to spend...
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Agree. The club is now valued at a fiver. That's based on what Sartori paid for his 20%. That should be the asking price. Even so with no gate receipts for quite probably the next 12 months I still don't see there being a queue of buyers.
 
Coeus said:
If that was the case why did they do a podcast that specifically said they were not to pay Ellis. They were purely there to secure the money that stewart would pay?
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You tell me. I can only go on what CM said in front of the liaison group last June, ie, in his own words "the deal, as originally drafted, was a balls up". A statement I cannot find fault with.
 
Hawyatt Earp said:
nor should they. They should be paid what they paid for it, which looks like about £3.50


Imagine where we’d be right now if we had £25million to spend...
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With the state of football now. I bet they wish they had just sold the club for the money they actually paid
 
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