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New buyers put off by £20 million hole in accounts

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The Cabbage said:
Spot on. I dislike the dishonesty they’ve shown as highlighted the past few days - and I don’t particularly trust their intentions any more. However the main issue I have with them is their absolutely abject performance on the football side. Dreadful appointments, dreadful recruitment, brainless ideals, careless attitudes, short term actions and ultimately a horrendous mess of their own creation. That’s what really matters. That’s what has damaged Safc for the next 10 years. That’s why we need them gone ASAP.
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Eastleight will be our rivals if Donald remains at the club.
 

fyl2u said:
Where's the contradiction there marra?

Seems pretty straightforward to me.

A buyer could buy the club from Madrox if they wanted, but most likely they'd just buy Madrox.

I don't see what the problem is with what they've said there.
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A buyer could buy his mother a box of chocolates or a hamper of cheese but they don't specifically talk about that.

They specifically talk about a buyer buying Madrox though and even talk about the negatives and reasoning for not just buying the club.

I don't see him saying anything along the lines of 'no, we wouldn't let them buy Madrox because we are using that company to invest in other areas to increase portfolio.

I don't see any sort of refute Madrox would be sold. He actively encourages it.

But I'm not getting involved in going round and round in circles with it.
 
samaistonsrightfoot said:
Still think everything they did was geared to selling last summer and when that went tits up it was already too late. There was no forward planning for a second season at any point.
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I’d agree with @Coeus and say that we’d have been somewhat fucked even if we’d managed to scrape promotion last season. Somehow they’ve managed to build a club with even weaker foundations on the football than we had at the tail end of the Short era.
 
Coeus said:
Its widely believed that both cattermole and oviedo did not leave a penny behind.
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Cattermole and oviedo will have come to a agreement to pay off there contracts that's just common place
Black Cat Gypsy said:
Why not?

According to Methven we needed a £10m loan to fix the lift and get a new PA system. :lol:

If they have the £20m why not invest say £5m into the transfer budget? We had 1 scout last season. Why not invest in a decent scouting set up?

None of this makes sense?

Don't tell him that!
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They have invested a months ago I. The scouting setup
 
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It seems to me they saw us a gamble, had a go and it lost.

From day one they said that they’d hope to get further investment on board, but havent done.

What concerns me most is if these 2 where considered to have put up the best offer for the club Just how poor where the other offers? if indeed there were any.
 
The Cabbage said:
I’d agree with @Coeus and say that we’d have been somewhat fucked even if we’d managed to scrape promotion last season. Somehow they’ve managed to build a club with even weaker foundations on the football than we had at the tail end of the Short era.
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Aye but he'd have left it in the hands of someone else to sort out. He's stuck with it now, largely because his short termism has been so counter productive, and I don't think he knows what to do or has the motive to do it anyway.

I mean this is someone who paid Cattermole off the day the news the first takeover feel through broke, then sacked the manager minutes after news the second takeover fell through broke.

Everything is so short term.
 
samaistonsrightfoot said:
A buyer could buy his mother a box of chocolates or a hamper of cheese but they don't specifically talk about that.

They specifically talk about a buyer buying Madrox though and even talk about the negatives and reasoning for not just buying the club.

I don't see him saying anything along the lines of 'no, we wouldn't let them buy Madrox because we are using that company to invest in other areas to increase portfolio.

I don't see any sort of refute Madrox would be sold. He actively encourages it.

But I'm not getting involved in going round and round in circles with it.
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Every step of the way he says "most likely". At no point does he say that it is the only option, and in fact does say that someone could buy the club from Madrox if they wanted.

Also, perhaps at the time they hadn't considered using Madrox to invest in other sporting ventures?

Seems like a big load of nothing to be making a fuss about.
 
Zak's Dad said:
I absolutely agree with you, from the first time I was critical of them (the first winter, with selling kids and a lack of direction) I said at the outset I actually believe they came here with good intentions believing they could do something great at the club. I just think they underestimated what was required in terms of 'turning the supertanker round'.

My main issue then is the same as now, this is a once in a generation chance to reset the club and give it a complete footballing overhaul like Wolves, Leicester and Southampton.
Instead we got a slash and burn response to everything and a gamble that we would get promoted.
The longer this goes on the lack of leadership from above and footballing plan / direction becomes more and more painfully obvious.

We're now about to be consigned to a third season in Division 3, with yet more massive upheaval required to 'just get by', and I'm afraid their good intentions have come to nothing.

On the pitch we've never looked like a "confident, cohesive football team with Premier league and international experience and a budget greater than the rest of the league combined, dominating matches and confident of promotion".

As people I feel really sorry for some of the things that have happened to them, but they're out of their depth and keep pretending everything is going to plan.
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And there lies the rub.
We’ve utterly failed on the pitch.
All these financial shenanigans and their ducking and diving will have been largely ignored if we’d been promoted last season and settled ourselves down comfortably in the Championship.
The team has been nothing more than a bog standard top 8 outfit in this league, and as long as it is then they will always be under fire.
 
vinegar hill said:
And there lies the rub.
We’ve utterly failed on the pitch.
All these financial shenanigans and their ducking and diving will have been largely ignored if we’d been promoted last season and settled ourselves down comfortably in the Championship.
The team has been nothing more than a bog standard top 8 outfit in this league, and as long as it is then they will always be under fire.
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Good point.

The football is terrible and we have never looked like going up for me since we have been in this league,we have muddled our way through 2 seasons down here very un -convincingly thus the pressure and scrutiny on things behind the scenes.
 
Fact Hunt said:
It seems to me they saw us a gamble, had a go and it lost.

From day one they said that they’d hope to get further investment on board, but havent done.

What concerns me most is if these 2 where considered to have put up the best offer for the club Just how poor where the other offers? if indeed there were any.
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This, now they’re stuck
 
I must be one of the thickos referenced in the response but why does there have to be holding company like madrox? Why can't they just buy Sunderland AFC directly instead of smoke and mirrors? No replies like 'standard accountancy procedures' as that explains fuck all
 
I think we have all took for granted the money that the Americans have invested in the club already. After SD's throw away interview when he said he would just pay the money back to them if he gets the right people to buy the club was just knee jerk at the time and unprofessional. As we know they hold the clubs assets on the charge of failure to pay it back but none of us know what terms need to be met. After the Madrox responses yesterday I would say its not just as easy as paying it back if its not spent as it seems they set the rules and guidelines as they insisted on the right conditions to be met (financially) for their money to be invested into the club. If we are to believe what has been touted about this was after spending circa £1 million on feasibility studies and due diligence on Sunderland, the SOL and surrounding area for potential growth (I do believe this), then this is more than an injection of money, sit back and see what happens. Within the answers yesterday regarding whether Madrox was just a company vehicle for Sunderland Football Club the response was this...

“Madrox was indeed created as the vehicle in which to acquire Sunderland AFC. However, it is looking at other investments in the sport and leisure sector to complement this. That was a contributing factor in seeking a wider investment base and this along with the fact that some investors wish the detail of their financial involvement, like many people investing in businesses, to remain private, means that Madrox affairs must remain confidential.”

To me now this shows the bigger picture of FPP involvement and shows that this is concerning redevelopment of the SOL surrounding area, (dont shoot me down but an academy facility in Uruguay as mentioned yesterday) and whatever else that needs to happen to get this club hitting again. What else is Madrox going to buy and spend money on? Some people have mentioned that its now going to be used a vehicle to buy Oxford? Really?

I know we are all here for the Football but take away all the yes/no answers from SD and CM, the team been shite and us still in League 1, We have 3 billionaire investers from America which looks to me that the screw is slowly turning to show they want more for their money and just playing a waiting game, we have a very wealthy South american businessman who (as we are told) is going to play a more visible part going forward (yes we will believe this when it happens), we are appointing local football people on the board, I think we have been the most active club in the league with no football been played for 2 months.

In a nutshell I think we are going to have to play the long game with this as I think it will turn its just when FPP / Sartori who are the major investors here want results on the pitch for their efforts
 
leyburnrunner said:
we now have a bang average third tier squad with an uninspiring coach and an owner, who in his short tenure, has tried to sell the club twice.
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Spot on, but but he loves the club, we are in the dark and smelly stuff in my opinion who’s buying a FC when you can’t get fans in to the ground, who are your main source of income till next year at the earliest
 
leyburnrunner said:
we now have a bang average third tier squad with an uninspiring coach and an owner, who in his short tenure, has tried to sell the club twice.
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As unpalatable as it is, Donald has stopped the rate of decline and stabilised the club. It was heading for absolute certain bankruptcy.

It might seem like rock bottom now but think what it could have been like.

Anything built in the future has to have stable foundations. History will ultimately judge Donald’s era well, much in the way most people did not understand the tough medicine of Thatcherism until the context of 20 years had passed.
 
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