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New buyers put off by £20 million hole in accounts

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scott934 said:
Really could do without all the mag shite on the thread.

Is there any possible explanation for why FPP would request the removal of the debt before they'd issue the loan? Even though it's clearly bollocks because it was months before, but that seems to be Madrox stance according to the article.
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Possibly because it's more efficient for them to put more money in post-deal by way of loan (American taxation is weird and wonderful). It's worth remembering that a lot of accounting decisions are made long after the year end. It''s far from uncommon to adjust accounts to reflect post-year end thinking. This is particularly true in relation to carrying values of assets and provisions in the accounts. It's entirely within the realms of possibility that the decision to write off this balance was made after FPP appeared on the scene. I've made changes to accounts months after a year end where something has come through relating to that year that I didn't know about previously.
 
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So do these latest revelations confirm that the club has effectively bought itself?
 
People won't have a bad word said against them. Just look how badly the club is being ran! They are charlatans and con men.

Donald is a small time insurance man and a used car salesman

Methven runs a Mickey Mouse PR company.

Sartori is a fancy arse fruit and veg salesman.

They love to think they are big time players but they are a joke. It's simply small man syndrome. Donald and Methven seem to think they are the love child of Gordon Greco and Donald Trump but are more like Del Boy and Rodney.

Sartori likes to think he is Bolivar reincarnated but is a Uruguayan Nigel Farage.

These 3 clowns and their buddies will kill this club. They are failures at everything they do but seem to think they are smarter than everyone else.

Clowns.
 
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Randy Bareback said:
So do these latest revelations confirm that the club has effectively bought itself?
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That's how the glazers bought man utd. Loan to pay for it, then moved the loan into the club. Sweet deal if you can pull it off.

In our case, I'm utterly confused as to what's actually happened.
Seems like smoke and mirrors to me, and not automatically a bad thing.
 
One thing I don't understand (and maybe GOM or someone will have a better idea) , is why sell 20% of Madrox for a quid? We all know that Sunderland is Madrox's only asset. So if they sell SAFC the money goes to Madrox, and in theory all the owners of Madrox benefit. So why did Donald let Sartori get a fifth of that potential benefit for a pound? Its not to get him involved and investing now because he hasn't been, and it's not to cash in on his great wealth and contacts later because he's been trying to sell constantly. Sartori seems to be getting an absolutely great deal here, even if the club plummeted and only sold for £5m he'd be laughing. So why did Donald do it?
 
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michael gray
@mickygray33
Some interesting new coming out of
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Don’t say I didn’t tell you so
We are a MESS
 
Anyone seen Michael Gray's tweet, if they have can they put a link up I'm clueless with that sort of thing.
Craggsy-SAFC said:
michael gray
@mickygray33
Some interesting new coming out of
You must be logged on to see external links


Don’t say I didn’t tell you so
We are a MESS
Click to expand...
Just beat me to it cheers mate.
 
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