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New buyers put off by £20 million hole in accounts

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Don’t know anything about the ins and outs of this fiasco but it brings to mind an expression me dad used to use, and I’d apply it to SD for the benefit of those who still think he’s a decent bloke.

If it looks like a duck, waddles like a duck, and quacks like a duck ——- it’s a duck.
 
I cant get my head around writing it off in the accounts and then suddenly say itll be laid back.

Bizarre
 
Grumpy Old Man said:
Interco loans will also be cash.
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Yes, of course, but in reality there should be no need of an intercompany loan from Madrox to SAFC if the £20.538 million that was owed to SAFC had not been written off as an exceptional item. It should simply have been what Donald said it was which was the parachute payments being drip-fed back to the club as and when required. Anyway, as you say, if these have been seen by the Times/Mail, they are only draft accounts anyway. Hopefully the outcry will see them undo the paper exercise which they have proposed in the draft before they file the final accounts.
 
tunstallhill said:
so they paid £11m for the club
they owe the club £21m

they need to sell for £32m just to break even, walk away with nothing, and leave club debt free and with no one owing money to it?
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I think the point is they will say they do not owe the club 21 million and are still selling for 40m.
 
Chizno1 said:
Yes, of course, but in reality there should be no need of an intercompany loan from Madrox to SAFC if the £20.538 million that was owed to SAFC had not been written off as an exceptional item. It should simply have been what Donald said it was which was the parachute payments being drip-fed back to the club as and when required. Anyway, as you say, if these have been seen by the Times/Mail, they are only draft accounts anyway. Hopefully the outcry will see them undo the paper exercise which they have proposed in the draft before they file the final accounts.
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I'm not disagreeing. It looks daft, and it is daft.
 
Grumpy Old Man said:
Plus what they paid Short for the shares. To get that back, and repay FPP, they need £30m.
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Cheers mate. Tbh if I was a buyer I wouldn’t pay that. But that’s what they need for break even, never mind a profit. They’re between a rock and a hard place imo.
 
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