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New buyers put off by £20 million hole in accounts

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HarrogateMackem said:
Reportedly (I don't know if it is true) it was a favour for lending Donald the money to make sure he passed the FA test as he didn't have enough (FA asked to see 50 million from Donald I think?). Charlie roped Sartori into it, on the belief that they could all make a quick but massive profit as we couldn't possibly fail to get promoted and then sold...
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This could well be the truth he said £50m mysteriously turned up in his account to show EFL he had funds to buy SAFC so maybe it was JS money that turned up and that got him his 20%, CM got his 6% for sorting deal also cost him nothing I believe and SD puts in next to nothing of his own dough so the jobs a good un until we don’t get promoted and it all starts unraveling, possible I’d say, very possible
 

Guinness Guzzler said:
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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Sartori has punk'd SD...
 
Grumpy Old Man said:
I'm expecting to see progress towards financial stability with significant reductions in the wage bill and cost base. To be honest, while this is causing a lot of noise, it has little or no bearing on the trading position going forwards. The £25m cash left the club nearly two years ago. The writing off of the debt has no cash impact. It's as open as it ever was for any owner to put cash in; the only difference is that it will now create an intercompany debt from the club to the holding company, rather than clearing a debt the other way round. It doesn't change the day o day running of the club one iota. It does create slightly different considerations for any incoming buyer, which is something that both sides of a deal would need to address. Any incoming owner will need to commit around £30m (what Madrox paid Short for the shares, plus what they seem to have put in, plus £9m for clear the FPP loan) for Donald to walk away without a loss (clearly £20m if the buyers are FPP).
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The idea that taking £20m+ out of the club that may well be written off and sent into the financial ether (ie: used to fund a takeover and never paid back), at a time when we could have used that money to get back to the Championship at very least, is farcical. If they write the £20.5m off, it is a f***ing disaster to never have the use of that money over the last 2 years, and nobody objective would say otherwise. They committed to paying it back, and now it appears that they may well be trying to renege on that commitment.

And why am I so angry at your defence of them trying to write off £20.5m that they took out of SAFC? Because I told you they might do that as early as July last year when you were swooning over 'Charlie' and his platitudes, and you played down that risk, and even worse, made me out to be a fifth column just for suggesting it. You could have just said you didn't agree, but you went so hard that it made me wonder why on earth you are so utterly incapable of seeing what these people are clearly trying to do to our club.
 
Guinness Guzzler said:
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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Because Donald had to show the EFL he had the money to buy the club.

Money he said he 'found under the bed' when asked about it.

Satori gets a 20% share for a quid in return for a quick look at his bank balance.
 
KittenMittens said:
The idea that taking £20m+ out of the club that may well be written off and sent into the financial ether (ie: used to fund a takeover and never paid back), at a time when we could have used that money to get back to the Championship at very least, is farcical. If they write the £20.5m off, it is a f***ing disaster to never have the use of that money over the last 2 years, and nobody objective would say otherwise. They committed to paying it back, and now it appears that they may well be trying to renege on that commitment.

And why am I so angry at your defence of them trying to write off £20.5m that they took out of SAFC? Because I told you they might do that as early as July last year when you were swooning over 'Charlie' and his platitudes, and you played down that risk, and even worse, made me out to be a fifth column just for suggesting it. You could have just said you didn't agree, but you went so hard that it made me wonder why on earth you are so utterly incapable of seeing what these people are clearly trying to do to our club.
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Have to kind of agree, I have basically said the same, at some point you have to admit you have made a big mistake, hold your hands up and say I’m wrong when it’s staring you right in the face what’s happened here, but wait for your official account’s @Grumpy Old Man if that’s what your line is, even though I think its obvious what’s gone on now, but wait for official accounts then you must hold your hands up and say you were wrong
 
Behind a pay wall. Article available here:
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If someone would like to summarise would be welcomed. Makes for bleak reading.
 
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Here, I know Ellis Short did well to write off the debt, but he also signed off on this deal.

You'd be mad to absolve him for this. He knew the figures on this.
 
Donald has bought Sunderland for 5 million quid. Juan Satori (the invisible investor) bought his stake for as little as £1. What the fuck is going on.
Mods merge this thread apologises
Mods merge this thread apologises
 
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i really can’t be arsed with these Fuckin snidey bastards anymore mind.
They walked through the door at a time when I thought, it can’t get any worse than this !! Somehow these blokes have managed to make a horrific situation even worse ! I’ve been took in by then like many, but if this article is true (which seems the only possible reason for them hiding the accounts rather than breaking their necks to prove everyone wrong if they’d done as they said they had) then they deserve everything that’s coming their way.
they need hounded out and fuckin abused as much as possible.
it’s a pure piss take if they think they can walk away with £20 million in Tha pockets for what they have achieved.
 
Sorry if seb big times have ran an article on it
samaistonsrightfoot said:
Because Donald had to show the EFL he had the money to buy the club.

Money he said he 'found under the bed' when asked about it.

Satori gets a 20% share for a quid in return for a quick look at his bank balance.
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The Times reporting Donald bought SAFC for as little as 5 million of his own money. Absolutely no surprise clubs like Bury are going bust when deals like this are allowed to go through.
 
Hawyatt Earp said:
I’m sure it won’t mate.

Times are always darkest before the dawn
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Potentially finishing 8th/7th on predicted points per game. What scares me is I thought we’d bottomed out last season. If we ignore play offs final we’ve finished 5th and 8th in league one with Donald as owner. Consecutively our lowest finishes in the football league ever. He shouldn’t have ever been allowed to buy the club, he hasn’t got the money to run it. Surely it can’t get any worse. Can it?
 
Grumpy Old Man said:
It's all down to the idiotic way the deal got structured. The agreement was that Short moved the last £25m of the SBC loan into Drumaville so he could present the club as "debt free" when it was no such thing. £25m of the parachute was to be paid into Drumaville. That's actually against PL rules, but no one noticed that until Angela Lowes was told what was happening, and said it couldn't be done. That meant that the money had to come into Sunderland, and then go up to Madrox (who, contractually, owed Short the money) and on to Drumaville. That left Madrox owing that money to Sunderland. The amount written off suggest that about £5m has been put back into the club. The argument will be that the £25m was club money used to repay a club debt. Whether you think that's right or not depends on your moral position. And if you think that's me sitting on the fence, you're absolutely right. I'm going to stick to the facts, and let others argue relative morals.
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The idea that Short claimed the deal left the club debt free :lol:
What is worse about all this is that these 3 idiots (and I include Short in that number) appear to have structured a deal which is putting off otherwise very wealthy and savvy new owners not helped by lashings of greed from Mr.Donald.
Stevie Freestein II said:
I think at one point Sunderland & District Teacher’s A.F.C. had to sell a parrot belonging to a board member to keep afloat.
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:lol: :lol: :lol:
EchoMan said:
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.
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...unless it's a witch.
I'll get me coat.
 
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