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New buyers put off by £20 million hole in accounts

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Summerbee said:
ordinary football fans made good, wanting to help out a famous club and putting in millions of their own money = treacherous scum.

put your own money up and buy the club if you feel that strongly. our fans are getting so greedy and so needy that they're starting to sound like the scum.
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I’ll be polite and say that your understanding of the situation isn’t quite up to speed.
 

Grumpy Old Man said:
Ellis is owed nothing. We know that because the charges he had over Sunderland were lifted last April. We also know that SBC are owed nothing, because they lifted their charges over Short's assets at the same time. The simple fact is that, entirely in accordance with the terms of the contract, £25m of the 2018/19 parachute payment was paid from SAFC to Drumaville, with the money going via Madrox (which created this balance in the first place), to clear the final part of the SBC loan to Sunderland, which Short had moved into Drumaville. To that extent, it can be argued that this payment was using club money to pay off a club debt (even though it had been moved off balance sheet). All of the problems arise from the need (because the contract including this was between Drumaville and Madrox) for that £25m to go through Madrox on its way to Short. The original contract envisaged the parachute going direct to Drumaville, and never coming into the club, but that would have breached PL regulations (an inexcusable oversight by all parties to the deal, to be blunt). The argument for the write-off will undoubtedly be that it's just a correction of an accounting anomaly (I've flip-flopped so many times trying to work out whether it could be legally enforceable, and I'm still not sure) which is true at a technical level. But that's certainly not how it comes across to a layman,
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Ah right. I'll be quiet now. Is any of that 25m owed to anyone or simply paid off with parachute payments?
 
MrOompapa said:
"The piss taking party ends here"

Surely now a quote that will go down in infamy in SAFC's history.
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Loves the sound of his own voice does Charlie.

The most upsetting on all of this is the Supporters. Back for more and more but if anything it’s you that are the clubs biggest asset. Cuts will have to continue but let me assure you there are players and recruitment that can get you up and away whilst chipping away at the debt. Swindon. Are a sustainable run club now and had a massive debt saddled against them.
Donald was lured by the “make a quick buck” he gambled and got it wrong. Of course he can’t walk away now as he would lose everything and be public enemy number one in Wearside. Stick with it, you have no choice and if anything in times like this the truth becomes transparent.
 
This has shades of the crsig whyte episode at the Gers... Dodgy deal financed by the clubs own money which mysteriously disappears
 
Gurneysgurn said:
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?
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We’ve still not bottomed out yet.
 
This has shades of the crsig whyte episode at the Gers... Dodgy deal financed by the clubs own money which mysteriously disappears

Genuinely feel sorry for fans still depending these spivs killing the club
 
rocky said:
So again you have no answer or defence. I'm almost beginning to feel sorry for you now
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Or ye lot hev no alternative other than the Magesque hissy fit?

Revolution my arse, all fart nee shoite....
 
Kevsgreat said:
Funny thing is, at the time, the people that called it with the club's own money being used to buy the club "had an agenda" and were labelled doom-mongers.
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Charlie was almost spot on that NE people dont understand business. Some of us don’t understand business all of the time, all of us don’t understand business some of the time but all of us don’t understand business all of the time....errrrh that last bit needs a bit of work:oops: :lol:
Hawyatt Earp said:
I agree. The EFL has a lot to answer for allowing them to buy us in the first place
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As was being pointed out on here over a year ago.
 
Ashley In!! said:
The same sale which all of the reports overnight say this is actually preventing from going through?
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Just seems strange to me, are we saying buyers were interested as long as they paid £20m back to the club?
I guess it’s a question of how the deal is structured and what the price is.
 
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