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New buyers put off by £20 million hole in accounts

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pwsafc said:
We did spend money, we are a league 1 club we arent going to spend a fortune. They said we have to aim for 100 pts to guarantee promotion, if the season starts again we won't need anywhere near 100pts to get promoted
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I didn't say that "we didn't spend money". And your statement about next season is pure conjecture about the future, you can't possibly know.

I said that if we weren't skint why did we oversee a transfer window that significantly weakened a team that abjectly failed to get anywhere near 100 the previous season?
We should have been strengthening and not weakening the team.
We didn't, because it was more important to reduce outgoings - even though the club was owed £20million by Madrox.
timeforheroes1 said:
Surely this is the beginning of the end now in regards to their ownership. Be f***ing poisonous if they are still here when we get back to normal
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I believe that's been said a number of times mate. They even promised to put us up for sale before Xmas because of 1 night on Twitter - conveniently forgetting they'd already tried to sell us the previous summer.
 
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sinner said:
One point - club wasn't debt free. He should have been a bit more open about the 25m loan outstanding.
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I think this is a bit of a red herring though. How much do you think SAFC was worth when SD bought it? Surely you think it would be worth more than 12.7m? In real terms the actual price of the club was 37.7m which is what any buyers should have had to put up to purchase the club. Yes, I know that 25m million was external debt but that much was removed from the purchase price of the club. They then made a very dodgy deal to use parachute payments to directly pay off this debt, which was included as part of the purchase of the club. This shouldn't have been allowed to happen but the way Ellis sold the club allowed for it to happen.

Now, after the constant lies and deliberately mis-leading the fans they've totally failed in running the club competently on and off the pitch they are still wanting to sell the club for what it was valued at debt free before they bought it but now it is minus the parachute payments and most of our talented youngsters out of the academy. It's a total piss take and the longer they are here the more damage that will be done to the long term future of the club.
 
Zak's Dad said:
I didn't say that "we didn't spend money". And your statement about next season is pure conjecture about the future, you can't possibly know.

I said that if we weren't skint why did we oversee a transfer window that significantly weakened a team that abjectly failed to get anywhere near 100 the previous season?
We should have been strengthening and not weakening the team.
We didn't, because it was more important to reduce outgoings - even though the club was owed £20million by Madrox.


I believe that's been said a number of times mate. They even promised to put us up for sale before Xmas because of 1 night on Twitter - conveniently forgetting they'd already tried to sell us the previous summer.
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I think there is a very good point here - that the money we should have been spending to bounce us back to the Championship has been used by the owners to buy the club. In some regard it doesn't matter that they promise to pay it back, it's too late isn't it.

How on earth does the fit and proper persons test required for someone to buy the club think that it's acceptable that £25m of the £39m purchase price is coming from a parachute payment rather than a purchaser putting their hand in their pocket at the outset? If that was made known and is acceptable then it's not much of a test, but if it wasn't made known and instead some some temporary loan was in place then that's a bit fraudulent.
 
pwsafc said:
We aren't skint and are debt free as the interview in the Sunderland echo shows, baffles me why so many believe every newspaper report without waiting to find out the facts

It's a interview out there for all to see, I would believe that over the Times any day
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Wow. Still people believing them.
 
For the people who are saying the press are making this up. Just think about it for a second.

We are in a worldwide pandemic. The world is in a lockdown. We don't know when this will end. Football is hold. The Euros, Olympics have been cancelled. The World Cup is now in jeopardy. Major leagues are being cancelled or void. Legal cases against FAs are coming. We don't know when football will start again or if it will. The game could be facing financial ruin.

But a group a journalists have decided to make up a story about a div. 3 team because they have an agenda against the owner who is a nobody in both football and business terms. Because the media is ran by Mags. :lol:
pwsafc said:
Wow people still believe the daily mail
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The Times.
 
Zak's Dad said:
I didn't say that "we didn't spend money". And your statement about next season is pure conjecture about the future, you can't possibly know.

I said that if we weren't skint why did we oversee a transfer window that significantly weakened a team that abjectly failed to get anywhere near 100 the previous season?
We should have been strengthening and not weakening the team.
We didn't, because it was more important to reduce outgoings - even though the club was owed £20million by Madrox.


I believe that's been said a number of times mate. They even promised to put us up for sale before Xmas because of 1 night on Twitter - conveniently forgetting they'd already tried to sell us the previous summer.
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I've never mentioned next season
 
Bukowski said:
f***ing class how we still manage to be the most utterly miserable football club in the country, even when a global pandemic has curtailed the game itself.
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😂 'Tis the Sunderland the way... wouldn't recognise the club we know and love it we were actually successful at this!
 
Black Cat Gypsy said:
For the people who are saying the press are making this up. Just think about it for a second.

We are in a worldwide pandemic. The world is in a lockdown. We don't know when this will end. Football is hold. The Euros, Olympics have been cancelled. The World Cup is now in jeopardy. Major leagues are being cancelled or void. Legal cases against FAs are coming. We don't know when football will start again or if it will. The game could be facing financial ruin.

But a group a journalists have decided to make up a story about a div. 3 team because they have an agenda against the owner who is a nobody in both football and business terms. Because the media is ran by Mags. :lol:

The Times.
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It was in the mail aswell
Black Cat Gypsy said:
For the people who are saying the press are making this up. Just think about it for a second.

We are in a worldwide pandemic. The world is in a lockdown. We don't know when this will end. Football is hold. The Euros, Olympics have been cancelled. The World Cup is now in jeopardy. Major leagues are being cancelled or void. Legal cases against FAs are coming. We don't know when football will start again or if it will. The game could be facing financial ruin.

But a group a journalists have decided to make up a story about a div. 3 team because they have an agenda against the owner who is a nobody in both football and business terms. Because the media is ran by Mags. :lol:

The Times.
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Nobody said they have made it all up, but they have seen a document about the 20mill written off and presumed we are in a financial mess
 
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pwsafc said:
Pleased you happy that we are debt free, this message board is suddenly full of financial experts who seem to know more than the club and its investors😀

The club obviously, if you choose to believe newspapers who don't have full access to accounts and investment then fine that's your choice

Whatever carry on and believe the papers, the truth will come out when they sell
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Well, that answered my question....... jesus f***ing christ man 🙄
 
pwsafc said:
It was in the mail aswell

Nobody said they have made it all up, but they have seen a document about the 20mill written off and presumed we are in a financial mess
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Leaked accounts. Why didn't Madrox release the statement to The Times? The Times contacted them by never replied.
 
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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Nailed it!
 
pwsafc said:
I've never mentioned next season
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This season is not restarting, and you've never replied to my original point.

Why if we're not skint and debt free why did we oversee a transfer window that significantly weakened a team that had failed to get promotion, and then set the manager a 100 point target when the club was potentially owed £20million by Madrox?

If our only goal and the financial imperative was to get promoted this season - because next season there's no parachute payments and we lose half first team squad and we have to rebuild the team when our outgoings immediately exceed income?

Why not move the money needed from Madrox to the club to strengthen - not weaken - the first team if it was available?

It makes absolutely no sense whatsoever to say that a team that absolutely had to get promotion this season chose to oversee a transfer window that significantly reduced its probability of being promoted while having potentially £20 million in the bank owed to the club.
 
Zak's Dad said:
This season is not restarting, and you've never replied to my original point.

Why if we're not skint and debt free why did we oversee a transfer window that significantly weakened a team that had failed to get promotion, and then set the manager a 100 point target when the club was potentially owed £20million by Madrox?

If our only goal and the financial imperative was to get promoted this season - because next season there's no parachute payments and we lose half first team squad and we have to rebuild the team when our outgoings immediately exceed income?

Why not move the money needed from Madrox to the club to strengthen - not weaken - the first team if it was available?

It makes absolutely no sense whatsoever to say that a team that absolutely had to get promotion this season chose to oversee a transfer window that significantly reduced its probability of being promoted while having potentially £20 million in the bank owed to the club.
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They got rid of high earners which is common sense, you can't sustain Cattermole wages in league 1. They signed some decent players for league 1. Willis is probably 1 of the best defenders in the league you don't have to spend to get good players at this level. Plus we might have got promoted, but we will probably never find out
 
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