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New buyers put off by £20 million hole in accounts

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flusheding said:
It's funny that so many people talk about GOM being pro-Donald.

This post is a factually accurate take on what happens and gets 0 likes.

Other posts on this thread containing factually wrong info about "Donald stole money from the club" and "Donald used the club's own money to buy the club", "Donald bought the club for 5m", "the club is worth £5" get multiple likes.

And GOM is the one with the agenda :lol:

Emotional, wrong one liners get people all fret up about evil owners and get likes. Rational takes on what happened get skimmed over and people don't learn from them
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Aye this. GOM would always be the first post I’d check on any financial matters for an informed rational take on things. As I said on page 2 of this, whatever that take maybe it won’t change my view that these chancers need chased from the club as soon as possible, but I’m not sure how much of this is new news as it were. They told us outright on a radio show that we were basically relying on their goodwill to put that money back in the club as they had no legal obligation to do so. The accounts presumably only show some sort of confirmation of that fact
 
Johnnyh said:
Sorry mate but that’s a bit out of order. GOM has tried to clarify things on many occasions to fans on this forum who don’t understand accountancy. With regards to GOM posting on past accounts anyone can go on company house website for a few quid which is what he’s done to try and clarify a few things.
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Companies House is now free. It's why I can go and keep looking at things for lots of different clubs without spending a fortune.
 
Ghandi Floss said:
That wouldn’t really be acceptable. Everyone knows Madrox in essence, is linked undeniably with the club, thus, matters massively.
I’m hopeful that the owners won’t be daft enough to give the fans even more suspicion and worry.
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Hope you’re right but that’s the line they trotted out to the journalists
 
Grumpy Old Man said:
It's very simple and has any number of equivalents up and down the leagues.


They could simply look at the fallout and reverse the decision to write off the balance.
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It’s very simple to you GOM because it’s your job. I had a ltd company and still have a rental property business but I still come out of meetings with my accountant sometimes struggling to take it all on board. But please keep up the good work and please don’t be put off by the odd poster with a bad attitude shall we say.
 
Grumpy Old Man said:
There's a three month extension to the filing deadline allowed due to coronavirus. Nothing dodgy at all. Not all companies are doing it, but the impression my wife is getting via the tax forums she's a member of is that the vast majority are. By the way, accounts filing has nothing to do with tax. Corporation tax returns are to totally different deadlines, and are not a matter of public record, so any tax partner would be totally indifferent about this.
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Wouldn’t you have thought though that a club/company, who’s nearly whole customer base already had a lack of faith and suspicion about them, wouldn’t have wanted to add to that?
If they didn’t have anything to worry about.
 
Honess10 said:
Aye this. GOM would always be the first post I’d check on any financial matters for an informed rational take on things. As I said on page 2 of this, whatever that take maybe it won’t change my view that these chancers need chased from the club as soon as possible, but I’m not sure how much of this is new news as it were. They told us outright on a radio show that we were basically relying on their goodwill to put that money back in the club as they had no legal obligation to do so. The accounts presumably only show some sort of confirmation of that fact
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One of the key points that's only been mentioned once I think in this whole thread is that, is it fair for Donald to want to get a return on any money he's invested in the club just to keep it running.

Everyone talks about the initial purchase price as if that is the only money involved since the takeover happened. Not the fact that the club was actively losing money and someone will have had to fund that loss to make sure the club didn't go bust.

So is it "fair" for Donald to say "I've spent x million of my own money running the club, I want some/all of that back in the new purchase price"

I'd imagine most will say no, as the money hasn't actually improved the club's league position, but Donald would presumably counter that he was only able to make the club financially stable by putting in that money, so he deserves some of it back.
 
Chizno1 said:
Well that would be fair enough if they were only asking £15 million when they are selling, but they are allegedly looking for £40 million
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And it wouldn't even be TOO disgusting, if they had got us up into the Championship, and had asked for £40m...

But to FAIL, then expect something like a 1000% profit on a 'Flip', after failure to achieve their target, is borderline criminality.
 
Johnnyh said:
It’s very simple to you GOM because it’s your job. I had a ltd company and still have a rental property business but I still come out of meetings with my accountant sometimes struggling to take it all on board. But please keep up the good work and please don’t be put off by the odd poster with a bad attitude shall we say.
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I'm only saying it's simple because the chain of ownership is a straight line and all conventional UK companies (with the exception of the one holding Sartori's shares in Madrox), So it goes owners companies ----> Madrox ------> Sunderland ------> SAFC. That's actually pretty transparent. If I wanted to cloud things, I'd be introducing cross-company shareholdings, and almost certainly some kind of trust company in the Caymans or Bermuda.
 
flusheding said:
One of the key points that's only been mentioned once I think in this whole thread is that, is it fair for Donald to want to get a return on any money he's invested in the club just to keep it running.

Everyone talks about the initial purchase price as if that is the only money involved since the takeover happened. Not the fact that the club was actively losing money and someone will have had to fund that loss to make sure the club didn't go bust.

So is it "fair" for Donald to say "I've spent x million of my own money running the club, I want some/all of that back in the new purchase price"

I'd imagine most will say no, as the money hasn't actually improved the club's league position, but Donald would presumably counter that he was only able to make the club financially stable by putting in that money, so he deserves some of it back.
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Absolutely to ask for it all as part of the asking price on any sale seems to me a ***** trick. At best they should look to get out with their money back and no more
 
The Town Hall Clock said:
And it wouldn't even be TOO disgusting, if they had got us up into the Championship, and had asked for £40m...

But to FAIL, then expect something like a 1000% profit on a 'Flip', after failure to achieve their target, is borderline criminality.
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Or it's how millionaires make money? Hence why the vast majority of the SOL aren't?
 
flusheding said:
One of the key points that's only been mentioned once I think in this whole thread is that, is it fair for Donald to want to get a return on any money he's invested in the club just to keep it running.

Everyone talks about the initial purchase price as if that is the only money involved since the takeover happened. Not the fact that the club was actively losing money and someone will have had to fund that loss to make sure the club didn't go bust.

So is it "fair" for Donald to say "I've spent x million of my own money running the club, I want some/all of that back in the new purchase price"

I'd imagine most will say no, as the money hasn't actually improved the club's league position, but Donald would presumably counter that he was only able to make the club financially stable by putting in that money, so he deserves some of it back.
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Much of the money he’s had to put into the club was as a result of his own incompetence. So my answer would be ‘fuck no’.
 
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