Net Assets = negative £26m, would be hard pushed to find any invester willing to pay for such a lopsided balance sheet! But I guess it's hardly unusual in football these days. Different world!!
Ignore me, I was just looking at football club level, at group the Assets figure is greater as we hold the Stadium of light at Holding company level. Currently valued at £82m, so at Group level the Investment in Sunderland AFC is valued at £67m.
The holding company also includes the Foundation. And holds a bank loan for £32m. Net Assets in at Group = £47m.
The extra undertakings from Intercompany was an £18m loan from Drumaville Limited, no reason given, but no repayment date and no interest. Drumaville is referred to as the immediate parent undertaking altho Ellis is not listed as a Director. E Watts signs the accounts off. Ellis is understood to be the ultimate controlling party.