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New buyers put off by £20 million hole in accounts

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tunstallhill said:
so how much did they actually give short for the club?

i always thought that them using the parachute payment to pay off the £25m debt was well known, and part of the arrangement from the beginning?
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Donald said he was paying that back though. The account say different
 
tunstallhill said:
so how much did they actually give short for the club?

i always thought that them using the parachute payment to pay off the £25m debt was well known, and part of the arrangement from the beginning?
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No they unequivocally denied this. They said that short was not getting the parachute payments then subsequently said that they were security against the money owed to short till Donald paid it off. Once they admitted that’s what they’d done SD promised that they were gonna be drip fed back into the club. Then they said they might not do so at all. Today is the message getting even worse as they’ve written off the debt - meaning it doesn’t even come off a prospective sale price or provide future owners with a way of getting money into the club. Next we’ll find that they still haven’t paid off that £10m bank loan from the other year.
 
The Cabbage said:
Given everything do we trust Donald not to do it? We know his words mean nothing. We know he can’t/won’t fund the club. We know he’s looking to take money from the sale that is wildly out of scale with his achievements.
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I don't think even he's that stupid. To be honest, I never, ever understood the rush to sale and leaseback in retail (which has now firmly bitten them on the arse with ever increasing rent levels), One of the fundamental rules in corporate finance is that you don't borrow long to finance short term spend. Sale and leaseback means selling off your assets for a cash injection. It's never anything less than idiotic.
 
chopsfc007 said:
If Donald can't pay the loan back the Americans take over
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Do they take over as owner of the club, to run it as an institution? Or do they take over the assets, land, ground etc, to get their money back and leave the club to pick up the pieces?

Genuine question, no idea how these things work.
 
Grumpy Old Man said:
I can't, and i have no idea why they equivocated for a year before stating what was pretty bloody obvious once all you'd seen all the documentation.
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That's just it though GOM, it wasn't ambiguous language that was used. It wasn't off the cuff either, it was a good section where they rammed home the "fact" that they were not to be used in this manner.

If as you say with the documentation it was always obvious, then it was flat out lying. Not being economical with the truth, not being disingenuous with spin, not something that changed later on, it's saying something very important that they knew absolutely not to be the case.
 
Safc88 said:
Donald said he was paying that back though. The account say different
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I'm not for one moment defending SD here mind, but he / they could have paid more into the club, since that year end date.

A statement to that effect, would be welcome IMO, to settle things down a bit.
 
Vito said:
Do they take over as owner of the club, to run it as an institution? Or do they take over the assets, land, ground etc, to get their money back and leave the club to pick up the pieces?

Genuine question, no idea how these things work.
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I highly doubt they would turn the ground etc into houses and leave us without a club
 
MrOompapa said:
This is truly the darkest moment in SAFC's entire history.

Nobody conceived that we would not only end up in the 3rd tier, but be stuck in this predicament with no hope, strategy or resources to get out.
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Added kick to the balls. Mags About to be the richest club in Europe.
 
Vito said:
Do they take over as owner of the club, to run it as an institution? Or do they take over the assets, land, ground etc, to get their money back and leave the club to pick up the pieces?

Genuine question, no idea how these things work.
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They could simply sell off the club's assets but that would be odd in the extreme.
 
TDalt said:
They’re in for a shock “next” season, whenever that happens. Accounting for their unpopularity, COVID, etc, even if stadiums can open to the public, we’d be lucky to get 18k through the gates at this rate. We’re only strong in this division if we have an average gate of 25k plus. We’re fucked. Why the fuck would anyone pay 40 mill for us? And then need to inject another 40 at least to get us back in the prem.
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You wouldn't mate. Fosun paid Steve Morgan 30 mil for Wolves with no debt and we were in the Championship so we're one step away from the Prem. I'm shocked if your accounts are in that state. WTF has been going on there? Personally I'm hoping that your not in this shape.
 
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