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New buyers put off by £20 million hole in accounts

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Mattyrobinson said:
But in this case the owners are overly reliant on gate money to sustain the business. And any loss that they make will result in a material reduction to the amount that they can expect to receive in a sale.
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We'll find out how reliant in the coming months, particularly when people can safely watch football again
 
flusheding said:
Imagine if Ellis wanted his 250million back :p

The only fact I've been haughty about is the way the parachute payments were used to pay off a club debt. Whatever moral way people want to interpret that fact is up to them (and they can be judged on it). Especially when it turns into a little witch hunt screaming about chancers, charlatans and clowns.
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Dismissive and haughty mate.

They apparently lied about the parachute payments. And there reported valuation of the club is damaging. There is plenty there for people to get emotive about should they so choose.
 
Frankel said:
I have never claimed anything marra.

Ive always got on well with him and he is massive Newcastle supporter. He’s done well since moving from the club to report for the Mail.

He’s certainly making a name for himself.
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I wasn’t aiming it at you mate so apologies if that’s how you read it.
it was more aimed at people who dismiss it as lies simply because his name is attached to it.
 
Grumpy Old Man said:
Because it was part of the deal to sell the club, He couldn't do what he liked with it, because the loan was now in Drumaville, and SBC had charges over his assets (including the Hilton). The only use he could put that money to was in repaying SBC.
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Ok but that is therefore doing a deal with someone else's money. Should we all be as outraged at Short as we are at Donald in that case?
 
Grumpy Old Man said:
I don't think he's fabricate a story. However, I don't think he would ever tell the story in a way that painted us in anything other than the worst possible light.
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he can be guilty of that undoubtedly. You can get away with it if your at a regional but shouldn’t happen at the nationals.
 
Grumpy Old Man said:
I don't think he's fabricate a story. However, I don't think he would ever tell the story in a way that painted us in anything other than the worst possible light.
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Paint who in the worst possible light? The club? Didn’t read that, the fans? Nothing their either, the owners? Definitely
 
riffraff said:
We’ve still not bottomed out marra.
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No, I agree. Owners who will not put anything in, are holding out for a ridiculous price, a squad of 14 senior professionals, an Academy that has been decimated. For the first time I think it is more likely that our next move is League Two rather than the Championship.
 
Redby-lad said:
Ok but that is therefore doing a deal with someone else's money. Should we all be as outraged at Short as we are at Donald in that case?
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No, it's not. It's setting sale conditions. It's up to a buyer whether or not they accept that. Fundamentally, the substance is that club money was used to settle a club debt that had been moved out of the club for purely cosmetic reasons.
 
Lanchester said:
No, I agree. Owners who will not put anything in, are holding out for a ridiculous price, a squad of 14 senior professionals, an Academy that has been decimated. For the first time I think it is more likely that our next move is League Two rather than the Championship.
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The covid crisis knock on effect may actually keep us up........if it doesn’t put us out of business. Before a fan owned Phoenix club then re-emerges cutting a swathe through lower league football upwards and onwards through the pyramid climaxing in a euphoric CL Final victory somewhere hot. Gerrin.
 
Ashley In!! said:
Can anyone shed any light on why Sartori got involved if the level of his investment (a quid) is correct?
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My guess is Donald needed £50m in his account to show he had the funds. Sartori puts it into the account. In return he gets 20% for £1. If things go to plan he'll get a nice little return.

TBH, I can't think of any other way he'd get anything out of it?! He hasn't invested any money into the club. We are told he is a billionaire who could have put the money back into the club at a moments notice.
 
Coeus said:
Dismissive and haughty mate.

They apparently lied about the parachute payments. And there reported valuation of the club is damaging. There is plenty there for people to get emotive about should they so choose.
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I've actually said that multiple times in my first couple of posts to this thread. I said there are legitimate arguments against Donald and listed some of them. I've got no issue with people saying Donald often says once thing and then does another or changes his tune.

My entire point is that people are still, 55 pages into a thread, spouting absolute bollocks about "stealing the clubs money". It's been explained multiple times by multiple posters that the SBC debt was club debt, it had a deadline for when it needed to be paid and Short was part of the arrangement who agreed the parachute payments were going to be used to clear that club debt.

I'm sure it'll be said tens of times again, every time GOM tries to explain to the 50th person who says "but they are stealing the clubs money to buy the club aren't they!??!"

Ellis was clearly not going to pay the 25m debt himself off, so the club was going to be owing that debt when Ellis sold the club to whoever sold it. In a normal world, the debt would have just been part and parcel of the club bought and then it would have ended up most likely with the parachute payments being used to pay off the debt anyway.

What other scenario do people seriously think was going to happen? A new owner would have just used their own money to clear the 25million after paying Short whatever he asked for and then also used the 25 million parachute payment as pure funding for players and transfers etc? Cloud cuckoo land stuff.

As much as people will say "but we actually are complaining that Donald said X and is now doing Y", you may want to read the majority of posts in this thread which are actually what I've mentioned above and don't clearly explain the situation.
 
Black Cat Gypsy said:
My guess is Donald needed £50m in his account to show he had the funds. Sartori puts it into the account. In return he gets 20% for £1. If things go to plan he'll get a nice little return.

TBH, I can't think of any other way he'd get anything out of it?! He hasn't invested any money into the club. We are told he is a billionaire who could have put the money back into the club at a moments notice.
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You would hope the efl check is robust enough to see through that. Christ I had to explain the source of funds when my dad put 10k into my account to help a house deposit.
 
Honess10 said:
You would hope the efl check is robust enough to see through that. Christ I had to explain the source of funds when my dad put 10k into my account to help a house deposit.
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"so you recently had a bank transfer into your account of 50m by a Mr Putin from Bank of Russia"
"yeah that's all normal, I normally do have 50m in my account but I'd lent him it so he was just sending it back to me..."

I wouldn't put it past them :p :p
Super Colin Todd said:
'It's very messy': Finance expert reveals exactly what Sunderland's £20.5m financial hole means for the club and a takeover

You must be logged on to see external links
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Someone who seemingly has absolutely no idea about what the parachute payments were used to pay off. He maybe should have researched into it before giving an opinion. He normally does decent articles for the BBC etc.
 
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bowers2 said:
The whole outrage isn’t because of any monies owed or any debt left.

The outrage comes because these two came bounding in, criticises the whole of the running of the club, sold a dream and vision, lapped up the praise and fabricated a vision that they are so e sort of magical genius that deserve the worship (we’ve given the imbeciles their club back) when in reality they had no cash, employed complete idiots on the cheap at every level and were equally poor at running a club as the previous regime they criticised and it is argued that they are equally as poor as every other clown who have destroyed good clubs with massive fan bases including Bolton, Portsmouth, Leeds and Blackburn.

Now Donald is in hiding, like a little school boy bogging it up and the class have turned.
Blaming the fans
Metvan jumped earlier.

Two of the biggest clowns in our history, on a bigger level than mcmememy and hill.
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Well said, I doubt the north east will ever see Methven again, maybe when we are in liquidation he might try to buy the club under another guise for next to nowt and insist it was all part of the plan .
 
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