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New buyers put off by £20 million hole in accounts

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So madrox needs to pay the club back 11 million but the club is debt free.

The americans invested in madrox not sunderland but used Sunderland as security for the loan. Am I being thick here!!!
 

ReaL Madras said:
If I understand this correctly, Madrox has effectively borrowed money from Sunderland AFC, there is no mention of the terms of that “loan” and the resultant situation is that Madrox are
now a more attractive investment vehicle. They are broadening or planning to broaden their potential investments, whilst the financial arrangements are confidential, which is their right, and are at arms length from the main subsidiary company that has “loaned” the finance.

FPP have effectively invested in Madrox and not Sunderland. This is clear separation.... these guys must have their eyes on a bigger game and Sunderland, albeit part of their current portfolio, may well not be part of the long term plans as the owner is offering the club for sale.......
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Yep I tend to agree with you. I think FPP have been very shrewd and playing the long game in all of this.
 
ReaL Madras said:
If I understand this correctly, Madrox has effectively borrowed money from Sunderland AFC, there is no mention of the terms of that “loan” and the resultant situation is that Madrox are
now a more attractive investment vehicle. They are broadening or planning to broaden their potential investments, whilst the financial arrangements are confidential, which is their right, and are at arms length from the main subsidiary company that has “loaned” the finance.

FPP have effectively invested in Madrox and not Sunderland. This is clear separation.... these guys must have their eyes on a bigger game and Sunderland, albeit part of their current portfolio, may well not be part of the long term plans as the owner is offering the club for sale.......
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Does that FPP don't have interest in Sunderland ?
 
flusheding said:
That's because it all basically boils down to a "how much money should owners put into a club" question.

People don't care about any of this stuff on the whole if there is success, but if there isn't success then the obvious answer from a lot of fans is "more money than currently put in because we're currently shit".
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Not really. The issue of their glaring incompetence on the football side is separate - and undeniably the true cause of the disquiet. However the question on this sale price is one of honesty and credibility. The owners have deliberately obfuscated, evaded and backtracked their way through this. Quite why they’ve done so is still a mystery. However it has quite rightly eroded the trust that the fanbase had in them. Why should their word be taken in other matters if they’ve been shown to be untrustworthy here?

There are undoubtedly links across issues - and it’s fair to say that if the club was performing well people wouldn’t likely be so worried by this. However let’s deal with our reality. They took a club at its lowest ebb and have made it worse. Now they want profit for that work. Given those bald facts, and the dishonesty they’ve shown along the way, fans of the club have every damn right to be worried about what these owners will do next. To try to hand-wave this away as merely a case of spoilt Safc fans who just want us to break transfer records is to side with the owners against the interests of the club.
 
so lets get this right, he bought a debt free club, bloody cheaply. Has spent next to nowt on the playing staff, employed his mates in all of the major positions, oversaw our lowest position in history, is just about to beat that as well, has told us all truths, half truths or possibly lies, sold any young talent that we have had, we are going to spend our 3rd season in the 3rd tier with a manager who doesn't do much better than that, quoted the aim being 100 points. He tried to flip the club before FPP came along, lead us on that the millionaires were about to take over then something going drastically amiss. He was seen on Netflix pushing the boat out for Grigg despite his mates in high places telling him not to, then embarrassingly playfighting with the Head of Recruitment when it went through, the club is at its lowest ever ebb with nothing to look forward to other than another massive rebuild of the squad for as little as possible and yet people are questioning why he is being scrutinised?
 
Confucius said:
so lets get this right, he bought a debt free club, bloody cheaply. Has spent next to nowt on the playing staff, employed his mates in all of the major positions, oversaw our lowest position in history, is just about to beat that as well, has told us all truths, half truths or possibly lies, sold any young talent that we have had, we are going to spend our 3rd season in the 3rd tier with a manager who doesn't do much better than that, quoted the aim being 100 points. He tried to flip the club before FPP came along, lead us on that the millionaires were about to take over then something going drastically amiss. He was seen on Netflix pushing the boat out for Grigg despite his mates in high places telling him not to, then embarrassingly playfighting with the Head of Recruitment when it went through, the club is at its lowest ever ebb with nothing to look forward to other than another massive rebuild of the squad for as little as possible and yet people are questioning why he is being scrutinised?
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One point - club wasn't debt free. He should have been a bit more open about the 25m loan outstanding.
 
Grumpy Old Man said:
Inital £12.6m for the shares. £5m in part payback of the parachute balance, £2.5m since the year end (that's from their resources). Additionally £9m new shares in Sunderland, which ties in with the value of the loan Madrox had from FPP.
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Safe to say that's a sum total = £2.5 mill, because anything else is simply the cost of acquirement

and the £9 mill (lift) which is borrowed against the academy.
 
superdougle said:
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That's a long winded way of saying nothing.

It's the same old tactic. Use the local media because they know they won't push to hard and they lie their way through the interview.

This should have been done with The Times. That was the paper who broke the story. But we all know that Madrox only play the game when the rules suit them.
 
Grumpy Old Man said:
The FPP loan has to be factored in as well. It's hardly a coincidence that the share issue in Sunderland was virtually identical to the sterling value of that loan. It's about £20m themselves (which includes the £12.6m for the shares) plus the loan amount, which has come from Madrox, even if it's not the ultimate source of that money.

At the risk of sticking my head over the parapet, I'd say those answers have been written by a lawyer.
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thats a f***ing shock! I'd never have guessed.
 
I found the response in the Echo depressing. Partly the obfuscation but mainly because the only thing they’ve made clear is that there’s no takeover soon.

The mags getting their takeover and us stuck with these con men is probably the most pessimistic I’ve ever been as a Sunderland supporter.

The thought of 3rd division mid table mediocrity with Donald and Parkinson makes me want to jack it all in if I’m honest.
 
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