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New buyers put off by £20 million hole in accounts

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Botchie said:
Martin Hardy has put his name to The Times article. Could he be described as a pretty respectable journalist? If so I can't see this being bullshit.
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The only problem for me with anything Hardy writes is he is a b&w who has shown very little respect to SAFC and its fans in the past. But if the facts of this story are correct then the sooner Donald and his mates are gone the better.
 

phillips10 said:
Well I woke up this morning looked outside at the beautiful weather and felt nothing but anger and worry.

How many times must we be kicked in the bollocks man? It’s a never ending cycle of misery. Fed up of it.
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It is a reminder of the old adage that “if something appears too good to be true it obviously is”.

My interpretation was the Donald being perceived as a White Knight was always a stretch once it transpired how little funding he made towards the purchase price.

That said he was the only one foolish / brave enough to take on the project when the future wage obligations meant negative cash flow was certain. It was all predicated on winning promotion and repackaging a deal for a new buyer with premier league aspirations.

His intervention did defer inevitable administration because if Ellis Short had of pulled the plug it would have been the largest insolvency in English football history. It may come to pass, now, that Donald’s arrival was a mere deferral of that insolvency?

Covid is going to wreck the outlook for many institutions football clubs amongst them.
 
Gurneysgurn said:
Sorry if seb big times have ran an article on it

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.
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I dont dislike the fact that he got the club for a song, he said it would have to an amazing deal for him to be able to afford it.

The running of the club, the lies and now the asking price is terrible though.
 
The Beautiful Game said:
Don’t get me wrong I’ve always been critical of the deal as the parachute payments were our lifeline. It seems to me that ellis’ asking price was £40m or at least that he was only willing to pay off part of the debt. The people he sold it to couldn’t afford the £40m which meant the amount of debt left in the club was higher.

Had he accepted £15m for the club and left £25m of the SBC loan in the club then we’d have begrudgingly accepted the parachute payments would need to be used to pay that off. Instead they acted billy big bollocks and made a whole host of shit up. I’ve said all along they wouldn’t pay this back as they’ve used the clubs money to pay back a loan the club had taken out.
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“they’ve used the clubs money to pay back a loan the club had taken out”

Succinct and accurate summary.
 
WildinHetton said:
The only problem for me with anything Hardy writes is he is a b&w who has shown very little respect to SAFC and its fans in the past. But if the facts of this story are correct then the sooner Donald and his mates are gone the better.
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It's not new news to be honest. CM said as much at the end of last season, of course sd contradicted him and some others said it couldn't be done.
 
Ericsgate said:
Except Ashley is not getting his asking price. It is at least £40m less than he was asking and for the reasons you describe it is a fire sale (of sorts). That will hurt him because his avarice meant he has foregone a lot of money he could have had last year.

Schadenfreude allows me to smile imagining Ashley as a distressed seller having to crawl back to Amanda Staveley and put the deal back on. No doubt this allowed her to knock £40m off his asking price.

Let’s look forward to more Ashley related karma as his liabilities as one of the countries largest commercial retail space renters catch up with him. Furthermore he must be sitting on a mountain of low margin stock that he either cannot shift or will have too at discounts that make losses. Sorry, I got lost in happy thoughts.

Ashley prides himself on “parking his tanks on the lawn” when it comes to making deals essentially because he can bully the counterpart being the dominant player in the negotiation. Not this time Staveley played the long game and spanked him good and proper.
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Given the issues that football has just now, I still think Ashley has done remarkably well to get the £300 million (or whatever it is). In order for the M*gs to create more money they are first going to have to build a bigger stadium, which will be expensive....
 
I think it's clearer now.
My take is that FPP wanted to pay less after finding this in the books, but Donald insisted on the price and on him remaining in charge. FPP said ok, we'll pay what you want and let you keep your position (and that's where the invested in him came from) if you get the club to the Championship. Failling that we'll buy it for much less and you won't remain at the club after the takeover. Have a 10m loan, consider it the 1st instalment.
 
Why is this causing such a load of fuss now? We have known most of this for ages.
No idea why they weren’t just clear about the parachute payments from the start. Maybe it was Part of the deal with short is all I can think of.
 
Coeus said:
They said it needed to be self funded. It's more the point of the lies and the selling price that's the issue with this?
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If you want us to be self funded then settle in for mid table league 1.
No club in the championship is self funded and competitive.
Brentford is an exception - but they had lots of capital injected before that point.
 
JamesTu said:
If you want us to be self funded then settle in for mid table league 1.
No club in the championship is self funded and competitive.
Brentford is an exception - but they had lots of capital injected before that point.
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Ok.
 
raven_5 said:
I think it's clearer now.
My take is that FPP wanted to pay less after finding this in the books, but Donald insisted on the price and on him remaining in charge. FPP said ok, we'll pay what you want and let you keep your position (and that's where the invested in him came from) if you get the club to the Championship. Failling that we'll buy it for much less and you won't remain at the club after the takeover. Have a 10m loan, consider it the 1st instalment.
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I hope you are right.
 
Ericsgate said:
Except Ashley is not getting his asking price. It is at least £40m less than he was asking and for the reasons you describe it is a fire sale (of sorts). That will hurt him because his avarice meant he has foregone a lot of money he could have had last year.

Schadenfreude allows me to smile imagining Ashley as a distressed seller having to crawl back to Amanda Staveley and put the deal back on. No doubt this allowed her to knock £40m off his asking price.

Let’s look forward to more Ashley related karma as his liabilities as one of the countries largest commercial retail space renters catch up with him. Furthermore he must be sitting on a mountain of low margin stock that he either cannot shift or will have too at discounts that make losses. Sorry, I got lost in happy thoughts.

Ashley prides himself on “parking his tanks on the lawn” when it comes to making deals essentially because he can bully the counterpart being the dominant player in the negotiation. Not this time Staveley played the long game and spanked him good and proper.
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Are you Lee Ryder?
 
Reptilia said:
We will end up going to the wall with this f***ing knacker in charge, unbelievable.
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In principle, a lot of clubs will and even before Covid Sunderland were sitting on wage obligations that were untenable at this level.

There is a very profound piece in Sunderland til I die 2 at the playoff final and you see the stress that not being promoted puts on Charlie Metvhen. The outbursts seemed to be way more than passion for the sporting contest it was the realisation of the financial ruin that lay ahead on not being promoted.

In the end the government will have to intervene as more than 50% of football clubs are not sustainable in a post Covid world of lower gates and less TV money tricking down the pyramid.
 
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