• The first stage of the forum upgrades has now been completed but they remain in a degraded state and are still being worked on. Normal posting/reading should now be possible.
    Please read this thread for more details.
    New user registrations are currently disabled.

WMS Who Owns Sunderland AFC?

Status
Not open for further replies.

Grumpy Old Man said:
And then Methven gave an entirely different one at the meeting I attended, where it came out that £25m of the parachute was always going to end up with SBC via Drumaville, and that the club's debt-free status was so much window dressing. This is backed up by the timing of creation and releases of charges in both Sunderland and various Short-owned entities (including the Hilton Garden). It ended up being a cost of investment of £27m by ja quirk of accounting, because it all ended up routed through Madrox. The part that I strongly disagree with was the taking of the writing off of the credit balance as profit in Madrox. It should really have been taken as a reduction in the cost of investment in the Sunderland shares. That would have resulted in a tricky little bit of consolidation when putting the group accounts together, but nothing that couldn't have been worked out.
Click to expand...

"CM noted the that that the parachute payment money was always intended to pay of the SBC debt and that was precisely 'the money coming back into the club' - indeed ot was precisely what parachute payments are intended to do"

Lots of use of the word 'precisely' when talking about the parachute payments when he was saying 'precisely' prior the parachute payments would ONLY be used as security if THEY turn round one day and say they aren't going to pay him.

Almost as as if they couldn't keep their story straight and had nearly 2 years to find a way to rewrite history.

I wonder why.
 
Last edited:
samaistonsrightfoot said:
"CM noted the that that the parachute payment money was always intended to pay of the SBC debt and that was precisely 'the money coming back into the club' - indeed ot was precisely what parachute payments are intended to do"

Lots of use of the word 'precisely' when talking about the parachute payments when he was saying 'precisely' prior the parachute payments would ONLY be used as security if THEY turn round one day and say they aren't going to pay for him.

Almost as as if they couldn't keep their story straight and had nearly 2 years to find a way to rewrite history.

I wonder why.
Click to expand...
👏🏻👏🏻👍🏻
Steeeeed said:
By close of play today I'm told. @Ghandi Floss or myself will post a new thread when minutes are published.
Click to expand...
Excellent, possible to get the mods to pin it as well, just so everyone gets the chance to see it, so it doesn’t vanish off the main page etc.
 
Last edited:
scott934 said:
Why do you think they never openly outlined the payment structure when buying the club? I can guarantee the parachute payment going to pay the SBC loan would have been seen as ok by all of us if they'd said that from the start. There can be nobody else to blame for that, it was blatant.
Click to expand...

A lot of it, I think, was Short's pride. He wanted to be seen as having done the "right thing" and left the club "debt-free". I honestly don't think anyone would have begrudged him if he'd left the last chunk where it was, He'd have left the debt at a manageable level, and fans would have appreciated he'd lost a lot of money clearing as much as it as he had.
 
North Yorks Mackem said:
That money would never have just stayed in the bank though so its a false point to make.

It is perfectly reasonable to say it would have been worth more had it been invested into the side as we probably have been in a higher league.

However, I dont think any of us know how much club was valued at the point of sale but I bet its closer to 37 million than 12. And I bet there is zero obligation on KLD to feed that parachute money into the club.

Donald fucked the club over and it will potentially take years to recover from if we ever fully do. Hes used that parachute money for personal financial gain and it absolutely stinks.
Click to expand...
You're still missing the point, the value of the club will vary week to week as that is based upon current market conditions.

However, something is very clear.

The value of the club is smaller than the value of the club plus an extra £28m of cash in the bank.

Why do you think the money wouldn't have stayed in the bank? If was SD who controlled it. If he had wanted to invest it in players - he would have.

What you are saying is that you wanted SD to invest the money in players - which is a gamble. He could do that regardless of where that £28m was.

You are also correct, I agree they'll be no obligation for KLD to put £28m into the club, but even if there was, there cannot be an obligation to force him to agree to invest that £28m on players. Again, with KLD, if he wants to invest £28m in the club he can, via a share issue.
Safc88 said:
@Hep there you go

Nice one
Click to expand...
I'm not defending what SD has said, I agree his comms with the fans has been very poor and inconsistent.

What he wants for the club and what he'll get are two different things.
 
samaistonsrightfoot said:
"CM noted the that that the parachute payment money was always intended to pay of the SBC debt and that was precisely 'the money coming back into the club' - indeed ot was precisely what parachute payments are intended to do"

Lots of use of the word 'precisely' when talking about the parachute payments when he was saying 'precisely' prior the parachute payments would ONLY be used as security if THEY turn round one day and say they aren't going to pay him.

Almost as as if they couldn't keep their story straight and had nearly 2 years to find a way to rewrite history.

I wonder why.
Click to expand...

I may have had raised eyebrows at that moment.
 
Grumpy Old Man said:
A lot of it, I think, was Short's pride. He wanted to be seen as having done the "right thing" and left the club "debt-free". I honestly don't think anyone would have begrudged him if he'd left the last chunk where it was, He'd have left the debt at a manageable level, and fans would have appreciated he'd lost a lot of money clearing as much as it as he had.
Click to expand...

Short wasn't at the press conference.
 
Soton Pete said:
I think you need to review your league table of tyrants! He is a long way off the worst, though not the best of people by any means. There is a lot of shite talked about Saudi Arabia, by people who know nothing about the place, but on here opinion is bound to be swayed by the fact that they have bought Newcastle.
Soton Pete said:
I think you need to review your league table of tyrants! He is a long way off the worst, though not the best of people by any means. There is a lot of shite talked about Saudi Arabia, by people who know nothing about the place, but on here opinion is bound to be swayed by the fact that they have bought Newcastle.
Click to expand...
Bisto
Click to expand...
 
Soton Pete said:
I think you need to review your league table of tyrants! He is a long way off the worst, though not the best of people by any means. There is a lot of shite talked about Saudi Arabia, by people who know nothing about the place, but on here opinion is bound to be swayed by the fact that they have bought Newcastle.
Click to expand...

Missed this yesterday. Out of all the posts on this board and the one calling MBS a tyrant is the one that upsets you the most.

😂
 
Last edited:
Aye I still agree with @Hep on a lot of this. There'll be bits I don't understand but, for me, KLD will know about how much money is due and how much was in the bank and that would have determined the price he'd offer and how much of the club he expected for it. For me that sorts the parachute payment stuff. If Donald paid £20m in, the club would have been worth £20m more and he'd have got more money for the shares he sold. I was annoyed that he took the money out of the club and we effectively had to wait for him to drip feed it in, but now the majority of the shares (presumably!) have been sold I don't see it as a major issue. I'm a lot more concerned about the future ambitions and plans than I am about the past tbh, hopefully there's room to show some genuine ambition in January (and if it means investing money that squeezes Donald out then even better)
 
Status
Not open for further replies.
Back
Top