Madrox Ltd

Don't trust the fans. :lol:

It's not the fans who have said so much and delivered less. Their story changes so much what reason do we have to believe them? In 18 months they've went from having enough to fund this club to the top of the championship to going begging for money for basic maintenance at the club. The parachute payments were there to have a real go at the league this season to them not backing the manager and starting the season with a weaker squad. The money they took out of the club to be drip fed back in when needed to not seeing the benefit of it twice. I'd say that money was needed otherwise we wouldn't be so desperate for 'investment'

That's just a few of the contradictions and subjects they've been misleading so I'm not going to take anything that comes out of their mouths as gospel, especially from Methven.

Spot on. Their story has more holes than my than my dart board.
 


The problem is they aren't. This whole thread exists because one person simply doesn't understand how groups of companies, coterminous year ends and Companies House filing requirements work.
Missed my sarcasm on that remark mate šŸ˜‰
It's all getting a bit silly like isn't it. Whilst I'm not happy at the state the club is in and the owners, I'm fairly certain they're not fleecing us.
Mental like. We're struggling massively, o doubt about it. But just seems far too much focus on this for me.
 
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To make the year end coterminous with the rest of the group (ie Sunderland). It's absolutely standard practice in groups because, trust me, having even one company out of line is a complete pain in the arse to sort out when you try to consolidate the results in the holding company.
Companies house shows a share issue but Charlie says no shares have changed hands. any ideas on this m8
 
Companies house shows a share issue but Charlie says no shares have changed hands. any ideas on this m8

FPP haven't bought any shares in Madrox, so the ownership there hasn't changed. That's what Charlie was talking about. What has happened is a major restructuring of the share capital of Sunderland. Firstly, it was tidied up be reducing the share capital in issue to Ā£1m, and cancelling the share premium account (the amount paid in the past for shares above their face value). This increased the club's distributable reserves, and thus its ability to pay future dividends. Following on from that, Ā£9m of new shares were issued. These will have been allotted to Madrox, and can be presumed to be the cash from FPP being passed on to the club.
 
FPP haven't bought any shares in Madrox, so the ownership there hasn't changed. That's what Charlie was talking about. What has happened is a major restructuring of the share capital of Sunderland. Firstly, it was tidied up be reducing the share capital in issue to Ā£1m, and cancelling the share premium account (the amount paid in the past for shares above their face value). This increased the club's distributable reserves, and thus its ability to pay future dividends. Following on from that, Ā£9m of new shares were issued. These will have been allotted to Madrox, and can be presumed to be the cash from FPP being passed on to the club.
Your jargon is not helping GOM!What are the yanks getting from this investment and can they ask for their money back?and have the three amigos ever admited that they have used the clubs own revenue to buy most of the club?I know don is not paying himself a wage but i guess he will get a divident payement sometime?
 
Hadnā€™t realised that.

However, as I said before it makes sense for all of SDā€™s accounts to be audited together and if they all have the same year end it makes things easier for inter-company balances etc.

AFAIK itā€™s generally accepted that football clubs have a year end of 31 July (itā€™s certainly been true of the 3 clubs I worked on in my previous life in the wonderful world of accountancy practice) so it would make sense for his other companies to follow suit.

If the companies had a record of continually changing their accounting periods then it might be suspicious but in this case I think the SMB super sleuths are trying to find something that is t there.

Disclaimer - itā€™s been 7 and a half years since I last worked in accountancy practice so there might have been changes to how things are done etc during that time. For the record, Public Sector finance is much more enjoyable than making rich people richer.


You sit in the West stand ?
 
So your underlying assumption about the club / owners is that they're so untrustworthy that even when they make unequivocal statements you assume they're being "deliberately misleading"?

to be fair they were pretty unequivocal when they said they paid Ellis Ā£40m for the club, which later turned out to be a massive lie
 
Hadnā€™t realised that.

However, as I said before it makes sense for all of SDā€™s accounts to be audited together and if they all have the same year end it makes things easier for inter-company balances etc.

AFAIK itā€™s generally accepted that football clubs have a year end of 31 July (itā€™s certainly been true of the 3 clubs I worked on in my previous life in the wonderful world of accountancy practice) so it would make sense for his other companies to follow suit.

If the companies had a record of continually changing their accounting periods then it might be suspicious but in this case I think the SMB super sleuths are trying to find something that is t there.

Disclaimer - itā€™s been 7 and a half years since I last worked in accountancy practice so there might have been changes to how things are done etc during that time. For the record, Public Sector finance is much more enjoyable than making rich people richer.

The more accepted norm these days is 31 May or 30 June (fits better with transfer windows and distribution of TV money). I haven't spoken to RAWA about this, but I do think that such a move by the club is overdue. Madrox and SJD Leisure were given July year ends to fit with the rest of the Sunderland Group.

Donald's other companies have a variety of years ends, as he doesn't operate them in a group structure. He's the shareholder in all of them as an individual, which is why getting any kind of handle on what his net worth might be is nigh on impossible.
 
The more accepted norm these days is 31 May or 30 June (fits better with transfer windows and distribution of TV money). I haven't spoken to RAWA about this, but I do think that such a move by the club is overdue. Madrox and SJD Leisure were given July year ends to fit with the rest of the Sunderland Group.
2 of the 3 clubs I dealt with definitely didnā€™t need to worry about their year end fitting with TV money (Scottish lower leagues).
 
And the story is generally misused/misquoted and misinterpreted, deliberately or otherwise, to fuel negativity and abuse of the owners/management.

Perhaps by some, but on the RAWA thread the question, as I posted, I am genuinely concerned that there appears to be a complete u-turn on transparency, to a position of we do not need to know, particularly in respect of Madrox who according to SD himself, owed the club (by way of a loan to Madrox) money, now Madrox is private to SD, CM and JS and therefore what FPP are doing is not relevant to us. It's not negative to want to receive some amount of clarity on both Madrox's and FPP intentions.
 
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