New buyers put off by £20 million hole in accounts

[SAFC Wilks]

I’m sure it won’t mate.

Times are always darkest before the dawn

I know mate, was more tongue in cheek comment really.

 

[mutley]

Trouble is Hank it's now being reported everywhere.

That doesn't matter to Hank, it's in the DM so therefore bollocks.

 

[ighty seven]

can someone make a simple, easy to understand animated video of like where all the money moved around so a thick northerner like me can understand it? I don’t understand football finances but it doesn’t take a genius to know there’s a rabbit away somewhere.

 

[Deleted member 31333]

I thought we were audited and got an A plus not long back.

 

[Grumpy Old Man]

So you dont think an apology will be on it's way then?

Now according to Chris your comment here constitutes as slander, he wasnt part of any deal for the club.... wouldnt it be ironic if you were spreading mistruths on the same thread you accused others of doing so towards you?

I never said he was part of a deal, I said he was close to it, as in knowing and being friendly with people who were said at the time to be part of a bidding group. I think it's pretty obvious he has a wide range of contacts. If I've inadvertently implied he was part of a bidding group, then, of course, I would like to correct that now.

 

[Mary Hinge]

It just f***ing stinks. They’ve come in and rolled the dice on instant promotion and fucked it.

they’ve not put any sort of long term plan in place and used the academy as some sort of fire sale. He hired all his mates with no pedigree at all to work at a club of this size.

he then fucked up our best chance of being owned by some people with real finance clout to drive us forward.

his decision making has been f***ing shocking. to pay that money for will grigg was utterly mental. At the time I thought he was the answer but not at that figure.

then there’s the contracts running out or running down with no indication of renewals happening.

they exactly what they’ve been described as, chancers and cowboys. stay much longer and it’ll be the end of us.

No it won't, this season is Fooked, clear the decks whenever this is over and we'll piss this League.....

 

[Grumpy Old Man]

can someone make a simple, easy to understand animated video of like where all the money moved around so a thick northerner like me can understand it? I don’t understand football finances but it doesn’t take a genius to know there’s a rabbit away somewhere.

1. Parachute payment comes into SAFC.

2. Parachute payment moves from SAFC to Madrox

3. Parachute payment moves from Madrox to Drumaville

4. Parachute payment moves from Drumaville to SBC.

Step 2 created the balance between SAFC and Madrox which has now apparently been written off.

 

[Roker Pierre]

So you dont think an apology will be on it's way then?

Now according to Chris your comment here constitutes as slander, he wasnt part of any deal for the club.... wouldnt it be ironic if you were spreading mistruths on the same thread you accused others of doing so towards you?

He didn't say he was part of it he said he was close to it.

 

[Deleted User 18963]

1. Parachute payment comes into SAFC.

2. Parachute payment moves from SAFC to Madrox

3. Parachute payment moves from Madrox to Drumaville

4. Parachute payment moves from Drumaville to SBC.

Step 2 created the balance between SAFC and Madrox which has now apparently been written off.

Or basically a man who can not afford to buy and run safc uses the club's parachute payments to buy the club, saying it will be repaid. Now, with this figures, it's not going to be and written off as exceptional loss.

 

[Grumpy Old Man]

Or basically a man who can not afford to buy and run safc uses the club's parachute payments to buy the club, saying it will be repaid. Now, with this figures, it's not going to be and written off as exceptional loss.

No, no, no, no, no. That part of the deal had nothing to do with the cost of the shares in the club. It was purely to pay off the debt that Short had moved into Drumaville to give the impression of debt free (although the club really wasn't). That part was always gong to met using some of the parachute.

 

[Honess10]

Or basically a man who can not afford to buy and run safc uses the club's parachute payments to buy the club, saying it will be repaid. Now, with this figures, it's not going to be and written off as exceptional loss.

Exactly but he did tell us this on that radio interview he did. Or rather said he will put it back as required but he doesn’t have to if he doesn’t want to. Really we should all have played holy hell then

 

[LondonBlackCat]

Forget it, just saw the other thread...

 

[Ashley In!!]

1. Parachute payment comes into SAFC.

2. Parachute payment moves from SAFC to Madrox

3. Parachute payment moves from Madrox to Drumaville

4. Parachute payment moves from Drumaville to SBC.

Step 2 created the balance between SAFC and Madrox which has now apparently been written off.

You need a step 2a in there where the owners subsequently confirm their intention to repay the monies over a period of time. It's the most important bit of the whole story and why people are so annoyed.

 

[Deleted member 31333]

Or basically a man who can not afford to buy and run safc uses the club's parachute payments to buy the club, saying it will be repaid. Now, with this figures, it's not going to be and written off as exceptional loss.

1.Use the parachute money to buy the club
2. Get an easy promotion to the championship first season
3. Sell club for a profit and use part of the profit to pay back the club.

^ This was the plan imo, Donald reckoned he that had to prove ‘x’ amount in the bank to buy the club but as soon as he came in he was looking for a loan due to unexpected costs. Things been a mess from there.

 

[Deleted User 18963]

No, no, no, no, no. That part of the deal had nothing to do with the cost of the shares in the club. It was purely to pay off the debt that Short had moved into Drumaville to give the impression of debt free (although the club really wasn't). That part was always gong to met using some of the parachute.

Not sign of repaying the monies that he promised to be honest. He doesn't have it IMO

 

[Abu Dhabi Red and White]

1. Parachute payment comes into SAFC.

2. Parachute payment moves from SAFC to Madrox

3. Parachute payment moves from Madrox to Drumaville

4. Parachute payment moves from Drumaville to SBC.

Step 2 created the balance between SAFC and Madrox which has now apparently been written off.

Do you think this is legal/ethical/typical practice?

 

[Deleted member 31333]

Exactly but he did tell us this on that radio interview he did. Or rather said he will put it back as required but he doesn’t have to if he doesn’t want to. Really we should all have played holy hell then

Aye Charlie said that at a RAWA meeting too I think. No obligation to pay back the funds and any that’s paid back is out of good will.

 

[Deleted User 18963]

1.Use the parachute money to buy the club
2. Get an easy promotion to the championship first season
3. Sell club for a profit and use part of the profit to pay back the club.

^ This was the plan imo, Donald reckoned he that had to prove ‘x’ amount in the bank to buy the club but as soon as he came in he was looking for a loan due to unexpected costs. Things been a mess from there.

Yep. Pockets not deep enough and football wise, he is incompetent. Bad owner, poor decisions and it's costing us b

 

[ighty seven]

1. Parachute payment comes into SAFC.

2. Parachute payment moves from SAFC to Madrox

3. Parachute payment moves from Madrox to Drumaville

4. Parachute payment moves from Drumaville to SBC.

Step 2 created the balance between SAFC and Madrox which has now apparently been written off.

but the parachute payments went towards financing a club debt which is kind of what they’re designed for, am I wrong? Or are you saying the SBC loan was taken out by an external company (Drumaville) and had nothing to do with the club (SAFC LTD.)? So the clubs money was used to pay off a debt taken on by an external party?

 

[Deleted User 18963]

Aye Charlie said that at a RAWA meeting too I think. No obligation to pay back the funds and any that’s paid back is out of good will.

Cockney wize guys mate. Wheeling, dealing, moving monies across accounts. Bunch of cowboys, not the people who should be running our great club. f***ing third season in league one. Absolute chancers who wanted to turn a quick buck.