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New buyers put off by £20 million hole in accounts

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ighty seven said:
so basically the clubs parachute money went towards paying off a debt ran up by the club. Again, that’s what parachute payments are designed for? To stop clubs defaulting on debts, money owed on outstanding transfer fees etc??? So what have they done wrong here (Donald and Methven)? Trying to sell the club at too high a price? £40m when they’ve only put up £15m of their own money?
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They seem to have a bizarre notion that after buying the club for £15 million (maximum it would seem), selling off the best assets (first team and youth players) then somehow the club is worth more than double what they paid for it. No wonder No one is paying once they have seen the books.
 
Honess10 said:
Right so the upshot and what we should be enraged about - if we accept the moral argument is arguable either way - is that they’re trying to add about 10/15 million allegedly to the asking price for their personal profit when they’ve done fuck all to warrant it. They should take whatever they can get. Hopefully the 30m and be gone because that’s really all they deserve. Their money back and nowt else
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Yes totally agree marra. Might end up having to take a bit less to get out. The phrase damage limitation springs to mind.
 
Father Jack Hackett said:
Physically, as in appearing at games and getting his £1 stake.
Surely he put his money into Donald's account whilst th checks were made?
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Maybe, il lend you £50m quid just say you found it down the back of the sofa, then sell me 20% for £1?
dont know nearly enough about this type of thing to know how or why it would be structured like that.
 
sksk3021 said:
So we will have to do what everyone else in this league does, pick up free transfers, pay wages within our means. Major problem is we haven’t really shown much ability when throwing a bit of money about so with none it’s going to be even harder.
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That's not the only problem though. If there is a salary cap across the board, we have an issue because we still have high earners like McGeady and Grigg. If it includes players who we are still paying for but who have left (Cattermole, Oviedo, etc) we are in all sorts of trouble.
 
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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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And ellis "deserved" 500m from his sale. It doesnt work like that.

You've been quite haughty in defence of those opinions you agree with on this thread. They're not fact, just one persons take.
 
ighty seven said:
would Micky Gray pull £25m out his back pocket to finance a debt ran up by Ellis Short like? The club got in debt, owners used clubs money to pay clubs debt. Can’t see the problem me.. I caveat this with I still wish they’d fuck off mind.
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Aye same. These potless fuckwits are absolutely no use or help to the club whatsoever. But I’m just not sure if Hope is respinning some old news for a story. Anyway whatever if it hastens the departure of these feckin idiots then all the better
 
Lanchester said:
That's not the only problem though. If there is a salary cap across the board, we have an issue because we still have high earners like McGeady and Grigg. If it includes players who we are still paying for but who have left (Cattermole, Oviedo, etc) we are in all sorts of trouble.
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Yes but then it would depend how the salary cap is worked out. If it’s a percentage of turnover (like the one that already exists) we should still have an advantage.
 
Think we can all agree that the best resolution to all of this (like or hate Donald & Charlie), is for a sale to go through ASAP.

We will not get promoted with them at the helm.
 
Mattyrobinson said:
Think we can all agree that the best resolution to all of this (like or hate Donald & Charlie), is for a sale to go through ASAP.

We will not get promoted with them at the helm.
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That needs three things; a willing buyer, a willing seller, and an agreed price. I don't think we have any of those at the moment. It's not like selling a second hand book on Ebay.
 
Frankel said:
As some on who knows him personally I can categorically state he is staunch mag.
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Say no more instead of digging up any dirt on Sunderland and it's going to come out soon whether hope is correct or not he should be concentrating on the takeover of his own club Newcastle and see what he can find out about their new owners. Watched a good news program this morning about the new owner of nufc and his ambition to build a new resort on the red sea some poor guy who wouldn't sell his house on the planned site was found shot dead for not cooperating and to think the fa will allow these people into the premiership shocking
 
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Frankel said:
As some on who knows him personally I can categorically state he is staunch mag.
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i know CH and yes he is a stanch mag. It’s completely bonkers however to think he’s going to fabricate a story due to who he supports. Why would he or anybody put their reputation on the line ? Secondly, newspaper sports editors need to sign off on a story. He can’t just make something up and print it, it needs approval and can only be approved by his superior who will be satisfied there’s enough in it to run. It doesn’t have to be 100% on all the detail but from a legal perspective there has to be something in it.
 
So this 20 million hole, are prospective buyers put off because theres a debt of 20 million missing in the running costs of the club, or are they put off because SD has slapped 20 million quid more on the asking price?

Last I seen something, it was up for between 35/40 million. Surely the land and the stadium/facilites are worth that alone?
 
Mattyrobinson said:
Correct, we currently have a reluctant seller with an unrealistic asking price. But that is where, as fans, we can start to force the issue.
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Don't bank on it. No fan protest has ever caused a sale. Not Blackpool (Oyston only sold because he lost a court case), not Charlton (where the owner sold them at a time of his choosing, and appears to have dropped them knee deep in the brown and smelly by the way he did it), and certainly not Newcastle.
 
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Mattyrobinson said:
Correct, we currently have a reluctant seller with an unrealistic asking price. But that is where, as fans, we can start to force the issue.
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A seller that wanted to stay on and run the club day to day anarl.
 
sksk3021 said:
We could do with better owners. A sale doesn’t necessarily achieve that.
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I agree, but I don't think there's an alternative. The current attitude to balancing the budget as "a League one club" will serve only to ensure that we remain as that.

And that's making no comment on the "jobs for the boys" culture.
 
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