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New buyers put off by £20 million hole in accounts

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Some people would literally sell their first born to defend Sunderland. 'Its Craig hope, mag.'

Wish we had a fanbase who would actively show how they feel and not get the piss ripped out of them decade after decade
GBSAFC said:
The more I read the bleaker it's looking
Im trying to see a realistic way out from this... Easy option is a new owner buyout but as we've learned many fear the dodgy purchase black hole...

On the other hand if footballs is fucked because of corona virus and the parachute payment are gone... How are they going to cover the overheads???
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Another loan 'they could pay back anytime' probably.
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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Eh? Fans shouldn't be upset and pissed off that the owners can't get us above 5th in the THIRD DIVISION.
 
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Grumpy Old Man said:
The sad truth is that Donald is one of the worst business communicators I've ever seen. He's perfectly capable of contradicting himself in a single sentence. He doesn't prepare, he is (to use a phrase beloved of civil servants about ministers) not on top of his brief, and has an alarming habit of extemporising under the slightest pressure. Frankly, I'd never let him near a microphone.
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If he was only a clumsy communicator that’d be one thing, GoM. However a plain reading of what he’s said - particularly in the early days - can only lead to the impression that it was a deliberate attempt to mislead.
 
Just remembered the podcast after the play off final defeat. Donald saying we were in a great position and could even give it ‘a right good go’ in the with the parachute money. Ended up buying 1 player for like 150k, balanced out by the Honeyman transfer and we agreed 7 fig legacy payments with Oviedo and Cattermole that we are still paying (confirmed by Charlie at an event).
 
Grumpy Old Man said:
Writing off this balance doesn't affect the situation now. The cash flow was nearly two years ago. Nor does it preclude them or any other owner injecting cash into the business. The only difference is that it will now crate a balance owed to the owners, rather than clearing a balance due to the club. Don't get me wrong; it's a bloody stupid thing to do. But it was even more stupid to set up a deal which led to the creation of the balance in the first. But Ellis couldn't swallow his pride and leave the last £25m where it should have stayed - on the books of Sunderland to be dealt with by Sunderland.
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At the end of the day this is just semantics surely? The real purchase price of the club was 37.7m. The club is only worth that because of the parachute payments and how they give us a massive advantage to easily gain promotion from league 1, along with a few other things like the academy. SD shouldn't have been allowed to buy the club without having that money in full but it appears they've used Sartori for that and then gifted him 20% of Madrox as the price. Then just kept up with the half truths and lies while fuckin up everything they've touched and still expecting to sell the club for a profit.

It seems obvious to me that the reason they didn't want the fans to know the truth about the parachute money is because they know it wouldn't have been accepted from the start.
 
Some of the people who just jumped on here and shot this article down is a joke and why I don’t come on here much. Anything negative is shot down instantly
 
SAFC 83 said:
At the end of the day this is just semantics surely? The real purchase price of the club was 37.7m. The club is only worth that because of the parachute payments and how they give us a massive advantage to easily gain promotion from league 1, along with a few other things like the academy. SD shouldn't have been allowed to buy the club without having that money in full but it appears they've used Sartori for that and then gifted him 20% of Madrox as the price. Then just kept up with the half truths and lies while fuckin up everything they've touched and still expecting to sell the club for a profit.

It seems obvious to me that the reason they didn't want the fans to know the truth about the parachute money is because they know it wouldn't have been accepted from the start.
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Yes they are frankly potless and out of their depth owning a club of this size. They lied to try and hide it I think hoping they could promote us and flipsell. I hate to say it but not long after the takeover the mags ran a piece that basically said most of this. That the owners were penniless chancers who had used the parachute money as part of buying the club and would struggle to support the operating costs of the club. It was discussed and dismissed on here by many, and by me I admit when my mag mates raised it. Sadly it’s all proved very true
 
Johnsafc said:
Just remembered the podcast after the play off final defeat. Donald saying we were in a great position and could even give it ‘a right good go’ in the with the parachute money. Ended up buying 1 player for like 150k, balanced out by the Honeyman transfer and we agreed 7 fig legacy payments with Oviedo and Cattermole that we are still paying (confirmed by Charlie at an event).
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Oviedo and Cattermole are still to be paid around £20k a week each for the 2020/2021 season yet 😳
 
SAFC 83 said:
At the end of the day this is just semantics surely? The real purchase price of the club was 37.7m. The club is only worth that because of the parachute payments and how they give us a massive advantage to easily gain promotion from league 1, along with a few other things like the academy. SD shouldn't have been allowed to buy the club without having that money in full but it appears they've used Sartori for that and then gifted him 20% of Madrox as the price. Then just kept up with the half truths and lies while fuckin up everything they've touched and still expecting to sell the club for a profit.

It seems obvious to me that the reason they didn't want the fans to know the truth about the parachute money is because they know it wouldn't have been accepted from the start.
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On the contrary, I think if the debt had been left in the club, and paid off with the parachute, most fans would have understood, if not necessarily ecstatic about it.
Black Cat Gypsy said:
He did say they were investing in him and not the club. He made that very clear.
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To the extent that the loan was to Madrox, and not the club, that's true. The loan being out into the club in shares is only indirect investment.
 
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Grumpy Old Man said:
On the contrary, I think if the debt had been left in the club, and paid off with the parachute, most fans would have understood, if not necessarily ecstatic about it.


To the extent that the loan was to Madrox, and not the club, that's true. The loan being out into the club in shares is only indirect investment.
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Why would they lie about that though? They don’t have anything to gain. In much the same way that writing off this debt doesn’t really make sense unless it was tied to a takeover.
 
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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brainwashed.

they’ve put fuck all into our club and let their mate have 20% of it for a QUID!!!

Blaming the fans again, fuck off.
 
sksk3021 said:
Why would they lie about that though? They don’t have anything to gain. In much the same way that writing off this debt doesn’t really make sense unless it was tied to a takeover.
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That's the $64000 question. I genuinely have no idea.
Bears Beets said:
brainwashed.

they’ve put fuck all into our club and let their mate have 20% of it for a QUID!!!

Blaming the fans again, fuck off.
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Sartori does not own 20% of Sunderland. He owns 20% of Madrox, shares sold to him by Donald. If the amount he paid was an undervaluation, which appears to be the case, then that's between him and Donald. It's got bugger all to do with the club.
 
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Grumpy Old Man said:
On the contrary, I think if the debt had been left in the club, and paid off with the parachute, most fans would have understood, if not necessarily ecstatic about it.


To the extent that the loan was to Madrox, and not the club, that's true. The loan being out into the club in shares is only indirect investment.
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How many shares did they get for £9m ?
 
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