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New buyers put off by £20 million hole in accounts

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sksk3021 said:
It seems to me they have liabilities of about £30m in the club and want that plus a bit of profit back. Which would tally with the £35m asking price.
There is so much smoke and mirrors, mistruths and errors that it’s very hard for any layman to have a clue what is really going on.
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Maybe that's the point, too many laymen thinking they can run a multi million pound business from their keyboard....
 

Nelly The Elephant said:
Why do you keep persisting with this line? Madrox was created to be the parent company of SAFC, the only asset of Madrox and its sole purpose is SAFC, if he owns 20% of 1 then he owns 20% of the other
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I think it means he owns 20% of anything Madrox makes, not what Madrox owns. If the club makes enough to pay dividends totalling, say, 1 million quid? Sartori would get £200,000?
 
doon toon said:
The news I have heard is nothing to do with Bracewell and 2 wealthy businessmen, but it relates to the yanks with the Dell connection, and a deal being very close to sign off. If I am wrong so be it, but just what I was told yesterday hence my previous post. If its correct then something could happen pretty soon. Oh, and the purchase price is now £10 million.
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Hope you're right mate, fingers crossed!
 
elder said:
they would still have to stump up to put that amount in though right (the 35m asking price), it just reduces some risk/exposure. is that what you're saying...???
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They'd have to pay the asking price. It's just that any cash put into the club subsequently would be by a loan to the club, which could potentially be repaid, rather than paying down an existing debt. The only caveat to that is that pitting money in by loan doesn't help fro SCMP/FPP; for that it has to be a gift, or in the form of share capital.
 
prehab26 said:
Must sting a bit?
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Guinness Guzzler said:
I can only think of one way this could be a positive (correct me if I'm wrong).

Getting rid of the obligation for Madrox to pay the £20m back to Sunderland means that, if someone just bought Madrox, they wouldn't be faced with £20m they need to repay. Of course, someone could buy Madrox and cancel the debt themselves, but it would look bad for the fan base if that was one of their early actions, they'd be better getting the current owners to do it.

So, someone buys Madrox instead of Sunderland. That gets rid of Donald and co, it also keeps FPP around (the loan from FPP is to Madrox). They'd have to agree to it, but if they aren't happy at how Donald is doing, they might be perfectly happy for someone else to take it on and have a go. If its someone who could afford to fund a push to the championship they might be happy enough having FPP who might give favourable loans if they see we're being well run, and who might take us on for a good profit if we get into or near the Premier league.

In theory this would be good for everyone. Not saying that's what's happening like, but it's a possible positive spin on this move. It's a shit move if you buy Sunderland and suddenly there isn't £20m coming in, but it's canny if you buy Madrox.

Some financially minded people might be able to tell me this is all wrong! And to be honest I don't know why anyone would leak it in that case, but it's the only possible positive scenario I can see
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If the debt was still there and someone bought Sunderland, that would have had to be dealt with in the purchase price, probably by a downward adjustment. I don't think there would be any impact on the new owners going forward after that.
 
jsdftm04 said:
Taking loans to cover the running costs, as many of us predicted. They cant afford to run the club

They need to sell up.
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mate no one is gonna buy us in this mess we may as well forget it. Division 3 with a firestorm raging we have no chance of anything happening soon.
 
Grumpy Old Man said:
If the debt was still there and someone bought Sunderland, that would have had to be dealt with in the purchase price, probably by a downward adjustment. I don't think there would be any impact on the new owners going forward after that.
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They would be able to put money in a more beneficial way for the club though? As a repayment of debt rather than a loan.
 
FPP have played a magnificent long game which will hopefully be coming to fruition soon.

They saw the issues during due diligence so stepped back but never went away.

They’ve let SD and CM back themselves into a corner like little trapped mice and will eventually pounce like the intelligent fat cats they are.
 
JOEJA said:
When i think about it, all this coming out now has surely been leaked by a potential buyer to push donald out, knowing what will come donalds way if he dosnt fook off. Or am i just clinging to any hope.
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i thought the same thing, someone putting pressure on him
SVU said:
FPP have played a magnificent long game which will hopefully be coming to fruition soon.

They saw the issues during due diligence so stepped back but never went away.

They’ve let SD and CM back themselves into a corner like little trapped mice and will eventually pounce like the intelligent fat cats they are.
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wouldn’t surprise me at all
 
ftmsafcftm said:
Fantastic bit of writing that, a forensic dismantling of Madrox's bullshit over the last couple of years. You can't read this and not be left worrying for the future of the club. There is no way back for them. National media coverage needed now to exert pressure to sell.
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Premier League facilities, 30k in League Juan, what is there to be worried about....
 
SVU said:
FPP have played a magnificent long game which will hopefully be coming to fruition soon.

They’ve let SD and CM back themselves into a corner like little trapped mice and will eventually pounce like the intelligent fat cats they are.
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That never happened in Tom. & Jerry.
 
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