This £20 million

[Flea Market Trader]

I’m still unsure how this works. How do you borrow from the club to buy the club then write it off. Am I missing something or are these owners thieves.

 

[Abu Dhabi Red and White]

Yawn!!!

 

[Flea Market Trader]

Yawn!!!

Blind fool

 

[Mary Hinge]

I’m still unsure how this works. How do you borrow from the club to buy the club then write it off. Am I missing something or are these owners thieves.

Abracadabra......that's how multimillionaire's roll....ask Manure fans....

 

[TopCat]

I’m still unsure how this works. How do you borrow from the club to buy the club then write it off. Am I missing something or are these owners thieves.

My interpretation of it is.....

The owners bought a business that had some guaranteed income (£35m in parachute payments). They bought the club from Ellis Short and agreed to pay him in instalments. They used the parachute money to pay off Ellis Short (so effectively used the guaranteed income to buy the club).

At that point, they don't owe the club anything, but agreed to pay back the £35m over a number of years. After paying back around £15m of it, they removed the obligation to pay but still intend to pay

 

[Hoyus Ahammerower]

My interpretation of it is.....

The owners bought a business that had some guaranteed income (£35m in parachute payments). They bought the club from Ellis Short and agreed to pay him in instalments. They used the parachute money to pay off Ellis Short (so effectively used the guaranteed income to buy the club).

At that point, they don't owe the club anything, but agreed to pay back the £35m over a number of years. After paying back around £15m of it, they removed the obligation to pay but still intend to pay

Err, what about the Club debt to SBC? That was paid off from the Parachute payments and had to be paid, and was, wasn’t it?

 

[The Beautiful Game]

I’m still unsure how this works. How do you borrow from the club to buy the club then write it off. Am I missing something or are these owners thieves.

Ellis wanted £40m and to leave the club debt free but SD wanted to pay in instalments with £15m up front.

Ellis agreed but if the up front fee was £25m lower he’d leave £25m of the debt to be paid off later.

SD intended for the parachute payments to go straight to Ellis (drumaville) to pay off the remainder but efl rules state they have to go to the club. This meant they had to move the £20m from club accounts creating a debt which they’ve since written off.

Whether Ellis knew they were never intending to make up the remainder of the £40m themselves I don’t know. Personally think it’s a shitty trick.

 

[tunstallhill]

Err, what about the Club debt to SBC? That was paid off from the Parachute payments and had to be paid, and was, wasn’t it?

same thing. the price they paid ellis short included a further £25 million that they had to pay him with 2 years or whatever. they received the parachute payment, and forwarded that to ellis short, which effectively paid him off and left the club £25 million short

 

[Black Cat Gypsy]

I’m still unsure how this works. How do you borrow from the club to buy the club then write it off. Am I missing something or are these owners thieves.

It was just resting in Donald's account.

 

[Richie K]

They should just keep the money but sell the club on for £5 to £10million.

Problem is they want to keep the £20million and also sell for £30-35million.

 

[Black Cat Gypsy]

My interpretation of it is.....

The owners bought a business that had some guaranteed income (£35m in parachute payments). They bought the club from Ellis Short and agreed to pay him in instalments. They used the parachute money to pay off Ellis Short (so effectively used the guaranteed income to buy the club).

At that point, they don't owe the club anything, but agreed to pay back the £35m over a number of years. After paying back around £15m of it, they removed the obligation to pay but still intend to pay

They don't intend to pay it back. They've written it off as exceptional operational costs. What are these operational costs? The whole deal is to benefit them and not the club.

 

[TopCat]

Err, what about the Club debt to SBC? That was paid off from the Parachute payments and had to be paid, and was, wasn’t it?

I thought Short paid off the SBC debt when he sold the club? Is that how we were "debt-free" when he sold us?

Sunderland AFC to change ownership

Ellis Short, owner of Sunderland AFC, has agreed to sell the club to an international consortium of football investors. The deal, which is subject only to English Football League approval, will see ownership pass to a group led by Stewart Donald, chairman of Eastleigh FC.

www.safc.com

I have paid off all debts owed by the club to leave it financially strong and debt free for the first time since years before I owned

They don't intend to pay it back. They've written it off as exceptional operational costs. What are these operational costs? The whole deal is to benefit them and not the club.

It's their money to do with as they see fit. They ow the club and therefore they own all money coming into it

 

[Flea Market Trader]

Yawn!!!

It was just resting in Donald's account.

for a rainy day

Ellis wanted £40m and to leave the club debt free but SD wanted to pay in instalments with £15m up front.

Ellis agreed but if the up front fee was £25m lower he’d leave £25m of the debt to be paid off later.

SD intended for the parachute payments to go straight to Ellis (drumaville) to pay off the remainder but efl rules state they have to go to the club. This meant they had to move the £20m from club accounts creating a debt which they’ve since written off.

Whether Ellis knew they were never intending to make up the remainder of the £40m themselves I don’t know. Personally think it’s a shitty trick.

I agree

My interpretation of it is.....

The owners bought a business that had some guaranteed income (£35m in parachute payments). They bought the club from Ellis Short and agreed to pay him in instalments. They used the parachute money to pay off Ellis Short (so effectively used the guaranteed income to buy the club).

At that point, they don't owe the club anything, but agreed to pay back the £35m over a number of years. After paying back around £15m of it, they removed the obligation to pay but still intend to pay

So if they don’t pay, have they effectively stolen money. I’m being serious by the way.

Abracadabra......that's how multimillionaire's roll....ask Manure fans....

Did the Glaziers borrow from banks though and not the clubs own funds.

Err, what about the Club debt to SBC? That was paid off from the Parachute payments and had to be paid, and was, wasn’t it?

Explain

same thing. the price they paid ellis short included a further £25 million that they had to pay him with 2 years or whatever. they received the parachute payment, and forwarded that to ellis short, which effectively paid him off and left the club £25 million short

So if they don’t pay that remaining money are they thieves

They don't intend to pay it back. They've written it off as exceptional operational costs. What are these operational costs? The whole deal is to benefit them and not the club.

I thought they borrowed this £9-12 million for these operational costs though.

 

[tunstallhill]

So if they don’t pay that remaining money are they thieves

in the eyes of the law, no

in my eyes, yes

 

[Flea Market Trader]

I thought Short paid off the SBC debt when he sold the club? Is that how we were "debt-free" when he sold us?

Sunderland AFC to change ownership

Ellis Short, owner of Sunderland AFC, has agreed to sell the club to an international consortium of football investors. The deal, which is subject only to English Football League approval, will see ownership pass to a group led by Stewart Donald, chairman of Eastleigh FC.

www.safc.com

It's their money to do with as they see fit. They ow the club and therefore they own all money coming into it

It wasn’t their one though was it
Also didn’t SD say that these Americans were not investing in the club but in Donald himself. At first I didn’t think too much about it until the season card renewals are due up. This got me thinking that this season card money is also in effect us mugs investing in Donald. No more lads get your coats and get back to Oxford where you belong hey.

 

[Lord Alfred]

It's their money to do with as they see fit. They ow the club and therefore they own all money coming into it

They'll have £1400 less from me next season to "do as they see fit". f***ing robbers.

 

[Sleepy]

They'll have £1400 less from me next season to "do as they see fit". f***ing robbers.

Doubt they will be bothered.

There's still plenty of fans who will go and support the team and not try and are not nose deep into Private Detective Work for Dummies!

It's getting really boring now all of this witch hunting and second guessing.

 

[Mary Hinge]

for a rainy day

I agree

So if they don’t pay, have they effectively stolen money. I’m being serious by the way.

Did the Glaziers borrow from banks though and not the clubs own funds.

Explain

So if they don’t pay that remaining money are they thieves

I thought they borrowed this £9-12 million for these operational costs though.

Still dumped their debt on the klerb, allegedly.....

 

[Lord Alfred]

It's getting really boring now all of this witch hunting and second guessing.

Pleased you find it acceptable. I suspect you're in a minority though.

 

[Flea Market Trader]

Pleased you find it acceptable. I suspect you're in a minority though.

Pleased you find it acceptable. I suspect you're in a minority though.

If Donald had a mask on, torch in hand and a bag with the words SWAG emblazoned on it they still wouldn’t accept it for what it is.