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New buyers put off by £20 million hole in accounts

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Grumpy Old Man said:
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.
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They are different entities legally but I can't believe SD would sell 20% of the company that owns a business he valued at £37m, for £1. It was bad enough when it was £3m for 20%.
 
NYMackem said:
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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Don't forget the new seats.
 
ilovehorswill said:
Football wannabes taking advantage of a fucked up situation and making it even worse. There’s a reason why Oxford told them to keep walking
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Good post.If they didn’t come to make a quick buck then why? Keeping Eastleigh afloat is their level,at best.If he doesn’t sell soo,their lass will have to go back to work as a dancer
Oli Wagkz said:
He managed to get free instillation on them as well.
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I’m glad I didn’t offer to help
 
Grumpy Old Man said:
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.


He still owns the leasing companies.
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So if Madrox sold Sunderland for 100m would Sartori get 20m for the 20% of Sunderland that he apparently doesn't own?
 
Grumpy Old Man said:
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.
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But if they sell Sunderland, the money from that sale presumably goes to Madrox? So if you own 20% of Madrox and they benefit from a, for arguments sake, £35m sale then surely you with your 20% could get £7m from that? That being the case why would anyone sell you 20% for so little? As mentioned some have suggested the journalist might just have got it wrong, but on the face of it I can see why people are baffled. Legally different or not, if he gets 20% of a company that owns all of Sunderland for a quid then surely he stands to make a load of money from any sale of the club?
 
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Grumpy Old Man said:
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.


He still owns the leasing companies.
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Thanks.
 
Guinness Guzzler said:
But if they sell Sunderland, the money from that sale presumably goes to Madrox? So if you own 20% of Madrox and they benefit from a, for arguments sake, £35m sale then surely you with your 20% could get £7m from that? That being the case why would anyone sell you 20% for so little? As mentioned some have suggested the journalist might just have got it wrong, but on the face of it I can see why people are baffled. Legally different or not, if he gets 20% of a company that owns all of Sunderland for a quid then surely he stands to make a load of money from any sale of the club?
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The whole thing just sounds like a complicated mess.
Perhaps intentionally.
 
Guinness Guzzler said:
But if they sell Sunderland, the money from that sale presumably goes to Madrox? So if you own 20% of Madrox and they benefit from a, for arguments sake, £35m sale then surely you with your 20% could get £7m from that? That being the case why would anyone sell you 20% for so little? As mentioned some have suggested the journalist might just have got it wrong, but on the face of it I can see why people are baffled. Legally different or not, if he gets 20% of a company that owns all of Sunderland for a quid then surely he stands to make a load of money from any sale of the club?
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It doesn’t really make any difference though does it? I mean it might be a great deal for him but looks a crap one for Donald. The club would still be sold for the same amount.
 
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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I’ve been trying to work it out. The only thing I can think is that continually talking about £40m is an attempt to make their own £40m asking price seem more credible. A fair bit different from the £16m they appear to have put in.
 
Guinness Guzzler said:
But if they sell Sunderland, the money from that sale presumably goes to Madrox? So if you own 20% of Madrox and they benefit from a, for arguments sake, £35m sale then surely you with your 20% could get £7m from that? That being the case why would anyone sell you 20% for so little? As mentioned some have suggested the journalist might just have got it wrong, but on the face of it I can see why people are baffled. Legally different or not, if he gets 20% of a company that owns all of Sunderland for a quid then surely he stands to make a load of money from any sale of the club?
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This was my next question.
Saved me the bother - good lad :lol:
@Grumpy Old Man ?
 
Couldn’t quite understand why Methven quite clearly come across as so passionate during STID2 to only fuck off and leave the club. It’s quite obvious now he was banking on promotion and a profitable sale. He didn’t get that and now he’s fucked off claiming it’s all a bit too much and Sunderland fans want the best too soon etc
 
sksk3021 said:
It doesn’t really make any difference though does it? I mean it might be a great deal for him but looks a crap one for Donald. The club would still be sold for the same amount.
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It does matter, because what has gone on to enable Juan Sartori to acquire 20% of Madrox (and let's be honest, the club) for £1? He must have done something for SD?
 
Is the current reported selling price high because he has to give Sartori 20% of it? How much of Madrox does Charlie own?
 
The Cabbage said:
I’ve been trying to work it out. The only thing I can think is that continually talking about £40m is an attempt to make their own £40m asking price seem more credible. A fair bit different from the £16m they appear to have put in.
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It would be the most foresight they have shown in their whole time here if they were thinking about that in the first press conference.
scott934 said:
It does matter, because what has gone on to enable Juan Sartori to acquire 20% of Madrox (and let's be honest, the club) for £1? He must have done something for SD?
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Who knows? The insinuation from a few seems to be he has done something dodgy.
 
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sksk3021 said:
It doesn’t really make any difference though does it? I mean it might be a great deal for him but looks a crap one for Donald. The club would still be sold for the same amount.
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No you're right on that one, it doesn't make a bit of difference to us really. It does, however, make me wonder about what Sartori is bringing to the table. I mean, no one does what Donald did, no one gives you what could be £5m worth of shares for a quid, it seems really strange. If it was to get him involved and investing that would be one thing, but he doesn't seem to have done that yet and Donald seems to want to sell before he gets the chance. The whole thing just seems crazy.
 
sksk3021 said:
It would be the most foresight they have shown in their whole time here if they were thinking about that in the first press conference.

Who knows? The insinuation from a few seems to be he has done something dodgy.
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Well he kind of has.
 
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