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New buyers put off by £20 million hole in accounts

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filfy said:
How many shares did they get for £9m ?
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Well, they're 1p shares, so around 900 million, at a cost of £9m. The number of shares is irrelevant. Madrox owned 100% of Sunderland before the capital restructuring, and still owns 100%. The only difference is that their cost of investment is now £9m higher than ot was before.
 

In the final analysis we’ll be left with PP try and get us out of L1, it’s crystal clear no buyers will touch us with a barge pole until we’re at least in the Championship.
 
His initial over enthusiastic press conferences should have sent warning signals.It was clear he wasn’t the man to guide us any further than the Championship,and quickly informed us that he didn’t have the financial clout for a season in that league.His early dig at the mugs got many onside,so PLAN A worked.
 
Grumpy Old Man said:
That's the $64000 question. I genuinely have no idea.


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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But Madrox only exists to own the club and it owns 100% of the club. So in what way is 20% of Madrox not 20% of the club?
 
Helmerroids said:
In the final analysis we’ll be left with PP try and get us out of L1, it’s crystal clear no buyers will touch us with a barge pole until we’re at least in the Championship.
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More so if the Saudi’s take over the mugs.We’re not the most patient of fans.Look at the stick our current manager received earlier this season.
 
'Sartori does not own 20% of Sunderland. He owns 20% of Madrox, shares sold to him by Donald.'

'The number of shares is irrelevant. Madrox owned 100% of Sunderland before the capital restructuring, and still owns 100%'

@Grumpy Old Man help us all here.
Satori owns 20% of Madrox.
Madrox owns 100% of Sunderland.

Satori owns 20% of Sunderland shirley ?
 
Ale taster said:
'Sartori does not own 20% of Sunderland. He owns 20% of Madrox, shares sold to him by Donald.'

'The number of shares is irrelevant. Madrox owned 100% of Sunderland before the capital restructuring, and still owns 100%'

@Grumpy Old Man help us all here.
Satori owns 20% of Madrox.
Madrox owns 100% of Sunderland.

Satori owns 20% of Sunderland shirley ?
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Good question
 
scott934 said:
But Madrox only exists to own the club and it owns 100% of the club. So in what way is 20% of Madrox not 20% of the club?
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Because, legally, it's different. It's why whatever he gave Donald for 200 £1 Madrox shares is irrelevant to valuing either Madrox or Sunderland.
 
Ale taster said:
'Sartori does not own 20% of Sunderland. He owns 20% of Madrox, shares sold to him by Donald.'

'The number of shares is irrelevant. Madrox owned 100% of Sunderland before the capital restructuring, and still owns 100%'

@Grumpy Old Man help us all here.
Satori owns 20% of Madrox.
Madrox owns 100% of Sunderland.

Satori owns 20% of Sunderland shirley ?
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No. Madrox owns 100% of Sunderland. If Sartori owned 20% of Sunderland, he could sell those shares independently of Donald. As it is, all he could do is sell off his Madrox shares, and even then, under the company's articles, he'd have to offer them to Donald amnd Methven first at the same price. It's a legal technicality, but an important one. Madrox and Sunderland are different legal persons.
Mayflower said:
I think you will find that they were sold a few months back
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He still owns the leasing companies.
 
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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A few people were speculating a while back that might be Tom Sloanes might be behind that account. The account was created just after he was appointed and the poster only ever appears in order to defend Donald and Methven.
 
ReaL Madras said:
I used to play football with Martin Hardy, a nice and bright lad but black and white to the core. If there is a slant to be put on Sunderland whilst the Mags are in the process of such a mega takeover, I’m pretty sure that he would take pleasure in such an article. Mind you, the situation does appear as fishy as fuck..........
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i used to play with Martin also. He was a very very good player.
 
safctommie said:
More so if the Saudi’s take over the mugs.We’re not the most patient of fans.Look at the stick our current manager received earlier this season.
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Unfortunately Ashley has a saleable product and 20 million quid is nowt to a Suadi regime. 20 million is mega as far as SAFC goes. How many chancers owning clubs is unknown but I do remember Craig White had Rangers fooled for a while but I don't think he is anywhere near Glasgow now for obvious reasons.
 
Writing off the loan is a bit of a moot point.

The real issue is if they are trying to sell the club for £30 or £40 million when they paid £12 million for it, when every element of the club (apart from having Rodwell, Djilibodji and N'Dong on the books) is worse than it was when they took it on, then they are taking the piss.

Maybe they'll see sense and sell it for what it's worth when we stop paying to witness the results of their non-league approach to football administration.
 
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