This £20 million

[Kevsgreat]

If they'd have come out at the start and said the price is £15m with £25m of parachute payments ringfenced to pay off remaining debt there'd have been no issue. Everyone understood the way the club was at the time.

It's the way it was initially presented, "The price is £40m", "The club is debt free", and the parachute payment talked about as a separate body of money needed for operational costs like paying players off and legacy transfer fees while they're sneaking it out the bakc door that's left a bad taste and added to the lack of trust.

Smoke and mirrors to make it look like Donald had more cash than he did.

 

[The Beautiful Game]

If they'd have come out at the start and said the price is £15m with £25m of parachute payments ringfenced to pay off remaining debt there'd have been no issue. Everyone understood the way the club was at the time.

It's the way it was initially presented, "The price is £40m", "The club is debt free", and the parachute payment talked about as a separate body of money needed for operational costs like paying players off and legacy transfer fees that's left a bad taste and added to the lack of trust.

That’s true.

I’d like shorts view on how things went Tbh. His asking price was £40m and 0 debt not £15m and the £25m debt is yours. What went on with the other buyers, what made Donald and co his preferred bidder and did he know they had no intention of paying themselves.

 

[Sleepy]

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

I don't know enough about it. Nor do I have any need/will to delve into it. If the current pandemic wasn't here and we had won a few games and got ourselves promoted most of this noise would be muted!

 

[Edinburgh Black Cat]

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

Stolen, no - it's theirs, they own the club therefore they own the cash in the bank (as well as the outgoings mind)

Removed from the club, yes. That SHOULD be reflected in the value of the club and therefore any price they intend to sell it for.

 

[The Beautiful Game]

I don't know enough about it. Nor do I have any need/will to delve into it. If the current pandemic wasn't here and we had won a few games and got ourselves promoted most of this noise would be muted!

Not in my case. Promotion this season would be great sure but what then? They’ve removed the clubs biggest source of income from the equation, the biggest advantage and probably only positive of this situation. Their running of the club has been absolutely abysmal and we’ve got no infrastructure to build on because they’ve failed to invest. Look at the long term and how difficult it’s going to be to ever get back to the level we should be at. It was always going to be difficult but by negotiating this deal they’ve just hamstrung is even further with the aim of making themselves a profit.

 

[TopCat]

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

Stolen it from whom?

 

[Lord Alfred]

I don't know enough about it. Nor do I have any need/will to delve into it. If the current pandemic wasn't here and we had won a few games and got ourselves promoted most of this noise would be muted!

If you don't know enough about it maybe you shouldn't have a dig at people who've taken the trouble to find out a bit about it and don't like what they've found. At the end of the day they've written a multi million pound debt off from themselves and hocked the stadium and AOL for a loan.

 

[Black Cat Gypsy]

I don't know enough about it. Nor do I have any need/will to delve into it. If the current pandemic wasn't here and we had won a few games and got ourselves promoted most of this noise would be muted!

Actually it wouldn't. It'll just cover up the cracks. Many of us have said even if we got promoted we wanted Donald out as he has ran the club poorly and he has got the money to find the day to day running of the club. He has no long term plan or structure on how the club should be ran.

 

[Houghtoner]

Someone should’ve asked when they first took over “OK the sale price is £37m but how much have you actually put in as of now?”

Correct me if I’m wrong but I don’t think this was clarified at the time. Doubt we’ll hear from Donald again until after he’s sold up and left. He’ll just get Rodwell to be his mouthpiece.

 

[Iain]

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.

What I've been saying for months mate, he can get back what he put in out of his own pocket and fuck off

 

[Super Mario]

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.

Not really no, they bought the club for 15 million and just said 40 so that when it comes time to sell it they can make a profit, in reality the £25 million was always designated for the and debt of £25 million, if Ellis short had stayed in charge the money would have been used exactly as it has been under Donald and methven.

The issue comes with the lie Donald has told by stating he bought the club for £40 million, it's very common for people who buy businesses to use future income to pay for it though, in fact I'd say it's almost unheard of for people to just buy a business for cash upfront, this doesn't mean they're totally innocent because they've been a bit misleading, but it also doesn't make Chris weatherspoon investigative journalist he seems to think he is, in quite surprised that an accountant is so vocal about pretty normal accountancy tricks.

 

[Flea Market Trader]

Not really no, they bought the club for 15 million and just said 40 so that when it comes time to sell it they can make a profit, in reality the £25 million was always designated for the and debt of £25 million, if Ellis short had stayed in charge the money would have been used exactly as it has been under Donald and methven.

The issue comes with the lie Donald has told by stating he bought the club for £40 million, it's very common for people who buy businesses to use future income to pay for it though, in fact I'd say it's almost unheard of for people to just buy a business for cash upfront, this doesn't mean they're totally innocent because they've been a bit misleading, but it also doesn't make Chris weatherspoon investigative journalist he seems to think he is, in quite surprised that an accountant is so vocal about pretty normal accountancy tricks.

Now take those I also believe in faries glasses off.

Stolen it from whom?

The club the6 didn’t have the money for

 

[TopCat]

The club they didn’t have the money for

But they own the club. They are "stealing" from themselves in that case

 

[North of the Smoke]

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.

Went to market
This £20 million stayed at home
This £20 million bought some players
But most of them were pure bone

And then the owners went wee wee wee cannot be questioned all the way home.

 

[Mackem00]

Well all this is new.

 

[Red and white TID]

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

Why don’t they just take all the money we make then we won’t have a football team at all.
What a stupid argument it’s their money they can do what want with it.

 

[TopCat]

Why don’t they just take all the money we make then we won’t have a football team at all.
What a stupid argument it’s their money they can do what want with it.

It's not an argument. It's a fact. They own the Ltd company and therefore own the revenues/profits

 

[Flea Market Trader]

But they own the club. They are "stealing" from themselves in that case

No they are not as they took it on with proposals of repayment which they now do not wish to pay. Had this been clear from day one then we would not have accepted these crooks onboard.

 

[doodlebugs]

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.

they is thiefs they are,we hates them,yes we hates them

 

[riffraff]

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

I’ve a Hawaian shirt outside reet now drying on the line thats got a flying pigs design on it marra.

No they are not as they took it on with proposals of repayment which they now do not wish to pay. Had this been clear from day one then we would not have accepted these crooks onboard.

They may not have even bee Shorts choice to sell it too if they hadn’t agreed to do it this way.