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New buyers put off by £20 million hole in accounts

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Black Cat Gypsy said:
If I didn't know better, I'd say they are looking to throw FPP under bus. They know we want FPP and we would welcome them with open arms. (Remember SD saying that's what people want").

Make out that FPP are the bad guys who wanted the loan cleared and they just followed their clients orders.
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It's weird like. We were even threatened with them paying FPP their money back straight away if we didn't just do what they say.
 

Black Cat Gypsy said:
If I didn't know better, I'd say they are looking to throw FPP under bus. They know we want FPP and we would welcome them with open arms. (Remember SD saying that's what people want").

Make out that FPP are the bad guys who wanted the loan cleared and they just followed their clients orders.
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But doesn't that realistically mean that they have sold you for 9 mil to FPP. I still can't get my head round where the parachute money went after wages and running costs. Rodwell was off the books but I know Cattermole was on 30 k maybe. You have to be a mathematician to work all this out. No wonder CM has fucked off back to Eton!!
 
Lewberry pie said:
No he hasn't, the club was sold for about £40 million it just didn't come out of Donald's pocket and it's not clear yet how much running the club well mean he has to put the money back into the club, it's definitely looks Dodgy removing the obligation to pay but that undoubtedly makes buying the club a better proposition, would you want to buy something then be obligated to put another £20 million in? Cause I wouldn't.
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Wasnt about that but ok.........
 
samaistonsrightfoot said:
It's weird like. We were even threatened with them paying FPP their money back straight away if we didn't just do what they say.
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It's strange. Every other investor in Madrox was subject to the 'private and confidential' line except FPP. So basically they couldn't tell us anything about Donald, Methven or Sartori but just fell short of tell us every bit of information on FPP.:confused:
 
South Banker Wolf said:
But doesn't that realistically mean that they have sold you for 9 mil to FPP. I still can't get my head round where the parachute money went after wages and running costs. Rodwell was off the books but I know Cattermole was on 30 k maybe. You have to be a mathematician to work all this out. No wonder CM has fucked off back to Eton!!
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Just look at the 2018 accounts (the year we were in the Championship and got the first year parachute of around £48m. The trading loss was £19m; pre-tax £26m. The wage bill was £47m. Non-wage overheads were well in excess of £20m.

The year 2 parachute was around £35m. £25m of that went to Short to pay off the loan. That gave potential usable income of around £28m in total. The parachute payment before we were relegated to League 1 was only just paying the wage bill.
 
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samaistonsrightfoot said:
Whole thing is bizarre. Methven was telling anyone who would listen at the time it was a done deal (and he wasn't talking about investment/a loan). Day news broke it fell through the manager got sacked in minutes as a distraction.

Then it's announced they've invested money in us as a gift, then it turns out they've invested in Donald, not the club, but it's a loan using the clubs assets that have been used as security.

Then they say they can't talk about FPP whatsoever due to a confidentiality agreement, and have continued that for months until we've found out they've written the debt (for the origninal para payments) off so now that confidentiality agreement has gone out the window as they are blaming FPP for it but they won't answer other questions on anything because of the confidentiality agreement.

The whole thing stinks.
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Too f***ing high heaven, two and a half robbers and con artists, anybody who defends these shysters wants to take a reality check. No matter which way they’ve manoeuvred it to suit themselves they’ve been at it.
 
South Banker Wolf said:
But doesn't that realistically mean that they have sold you for 9 mil to FPP. I still can't get my head round where the parachute money went after wages and running costs. Rodwell was off the books but I know Cattermole was on 30 k maybe. You have to be a mathematician to work all this out. No wonder CM has fucked off back to Eton!!
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As if he went back to eton
 
Grumpy Old Man said:
Just look at the 2018 accounts (the year we were in the Championship and got the first year parachute of around £48m. The trading loss was £19m; pre-tax £26m. The wage bill was £47m. Non-wage overheads were well in excess of £20m.

The year 2 parachute was around £35m. £25m of that went to Short to pay off the loan. That gave potential usable income of around £28m in total. The parachute payment before we were relegated to League 1 was only just paying the wage bill.
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I know you know your figures pal which makes me side with you. I just want to see you proper football supporters who have invested a hell of a lot of your life and money being treated with respect. This all stinks. And I think the STID documentary will put even more genuine football supporters on your side and see through the blag of your owners. I want you sold but I don't want the Madrox lot making a quick buck. i just want you back in the Prem. I used to love going up to
Roker Park and Mackems are some of the best people I have ever met. And they are no mugs!
 
Heathen Chemistry said:
According to @doon toon FPP are going to own us in the near future
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Hope so
6inarow said:
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
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Could it be that FPP are trying to to stay as anonymous as possible due to 'other investments in sport and leisure' targets putting prices up and digging heels in if they knew FPP was balls deep so to speak? Step by step perhaps. If it's true they are still interested in the wider project and long term ownership that is.
 
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spitfire said:
We had someone at my last place of work who was educated at Eton. He was a mail room messanger. Spoke very posh and was a really nice fella.
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Yeah, you cannot help the circumstances of where you were born, who your parents are, etc.
It is the person who you are that counts.
 
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Bradford Pete said:
Yeah, you cannot help the circumstances of where you were born, who your parents are, etc.
It is the person who you are that counts.
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Mind you when you got him wound up the "Eton" came out in him, and us peasants certainly knew about it.:lol::lol: Don't mind a beer in Eton now and then.
 
The Cabbage said:
Maybe not crooks but prioritising their own ability to maximise profit in the short term by doing things that hurt the club in the short, medium and long term (partly accidental but partly deliberate) most certainly marks them out as a corrosive influence on Safc. It’s not all innocent incompetence either. In many cases it’s deliberate abuse.
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Very good summarisation.
Surely every true Sunderland fan (who don’t have their own agenda) can see this?
 
The Cabbage said:
Maybe not crooks but prioritising their own ability to maximise profit in the short term by doing things that hurt the club in the short, medium and long term (partly accidental but partly deliberate) most certainly marks them out as a corrosive influence on Safc. It’s not all innocent incompetence either. In many cases it’s deliberate abuse.
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Absolutely spot-on. Their policies will have repercussions for years and mean our transfer business will have to be right on the money every season to stop keeping going backwards.
Two years ago we had the best 14/15 year old teams in the country and bearing in mind, we were on the bones of our arses, heading out of The Championship with an owner who had pulled the plug financially and completely lost interest. There's no way they all suddenly became available and wanted to leave en masse as soon as Bent equalised for Burton. The 'owners' have evidently been proactive in that team being decimated.
They'd have been in the u18s now and ready for pro contracts.

We now have literally nothing coming through and the u18 side can't even put a team out without fingers, erm I mean trialists. How is this helping the club in any way?

Anyone defending these fuckers just look at what they think of our future after theyve up and left.
 
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