Reply With QuoteAnd who would ever dare to admit to being a Muckem after listening to that rant.Originally Posted by Zippity
Moderator
Sorry, but this is laugh out loud funny...
https://www.youtube.com/watch?v=ap-dgFJCeC8
He even smirks at himself but not through self-realisation...he thinks he's great.
Hall Of Fame
And who would ever dare to admit to being a Muckem after listening to that rant.
Hall Of Fame
They've just appointed a new CEO from S****horpe to try to keep up with us!😂
Moderator
And apparently the Scunthorpe fans are happy he's gone.
Hall Of Fame
Jim Rodwell. I hope he works out as well as Jack did for them
Moderator
Now started on the second season of Clown 'til I die...that episode where they go from a million quid to £3 million for Grigg after Jack Ross said he wasn't worth their 'take it or leave it' offer of £1.25 mil is absolutely mind-boggling.
Stewart Donald seems quite canny but out of his depth and naive but that Charlie Metheven just seems like a right cunt.
And now a load of them want Ashley????
Hall Of Fame
Ffs, Zip...because I watched that youtube sent me his newest video!😠😂
It's even worse...he gets p1ss ed off by a scenario he's made up himself! Bizarre fellow...
Moderator
Will have to look him up if this takeover is ratified, though, because he's gonna be apocalytpically cross!
Hall Of Fame
He’s just an inbred Mackem what more can be said
Moderator
I know it's the Daily Fail - but it still made me laugh:
REVEALED: Sunderland buyers put off by £20.5m hole in accounts as parachute money Stewart Donald borrowed to complete 2018 takeover is written off amid fears current owners stand to make huge profit on any sale
Buyers are walking away from Sunderland due to a £20.5m hole in the accounts
Stewart Donald, Charlie Methven, Juan Sartori written off debt owed to club
No rules have been broken but it has caused concerns for prospective buyers
Current owners say money will be repaid by way of 'gift' or 'shareholder funds'
Sunderland's accounts show a £20.5million hole that is causing buyers to walk away, Sportsmail can reveal.
We revealed last year that majority shareholder Stewart Donald used Sunderland's parachute payments to finance the majority of the £37m purchase of the League One club in 2018.
However, a fresh investigation has found that £20.538m of the money he borrowed has now been written off.
We can disclose that Donald and fellow shareholders Juan Sartori and Charlie Methven have, by way of an 'exceptional operating expense' in draft accounts for 2018-19, removed the legal obligation to pay back that money.
This does not breach any rules but has caused concern among some prospective buyers who are pulling out when making the discovery, believing the current owners would stand to make a substantial profit on the sale if the debt was not repaid.
After being made aware of our probe into their finances this week, Sunderland have stated that the money will be repaid in full, either by way of a 'gift' or 'shareholder funds'. They say this process has already started but we must wait until next year's accounts for evidence.
However, would-be buyers claim that no guarantee of the money being repaid was made during takeover discussions, with the asking price said to be around £35m.
The explanation given to us by the owners is that writing off the debt was a condition of the £10m loan they took in October 2019 from US investors FPP, who had reversed on their initial intention to buy the club after undertaking due diligence.
However, the accounts we have seen - which the club have delayed publishing - are for the year ending July 31, 2019, raising the question of how did FPP insist on the debt being written off at least three months before making the loan agreement?
The FPP money was loaned to Madrox Partners Ltd, the holding company which owns Sunderland Football Club and lists Donald (74 per cent stake), Sartori (20 per cent) and Methven (six per cent) as its directors. The loan was secured against all of the club's assets, meaning FPP will take control should Madrox default on the loan.
When asked what has happened to the FPP loan, the club told us that information was 'confidential'.
Having also put it to to them that parties interested in buying Sunderland are walking away because they suspect the owners are looking to make a significant profit, the club said that various groups had met the asking price but it remained unsold because of uncertainty following the coronavirus outbreak.
Sportsmail revealed in May of last year that Donald put down an initial £5m deposit to buy the club from Ellis Short and then used the guarantee of future parachute payments to fund the balance.
Donald insisted the amount he borrowed from the club never exceeded £25m and that it would be paid back to the club.
Uruguayan businessman and politician Sartori then acquired a 20 per cent stake in Madrox in August 2018.
However, documents we have seen suggest that he paid just £1 for his shareholding. It was reported at the time he had invested £3m in the club, although that is now unclear.
When pressed for more detail, Sunderland said: 'The club is not privy to the detail of arrangements between the shareholders and directors of its parent company. This is a matter for Madrox.'
Our revelations are sure to leave supporters concerned about the future of their club. Donald has been in talks to sell the Black Cats since last summer and publicly reiterated his intention in January when an alliance of leading fan groups called for him to go after losing trust in his ownership.
Sunderland were beaten in the League One play-off final at the end of Donald's first season as majority shareholder and they were seventh in the table before the suspension of play in March.
Donald and Methven - the former executive director - are currently playing a starring role in the second series of the Netflix hit Sunderland 'Til I Die, which was released last month.
Our review of the show described Methven as 'a gentrified Del Boy, who acts a little like David Brent and has the furious, unashamed ambition of Gordon Gekko', and he welcomed that take in a subsequent interview with this newspaper.
On the subject of the club's sale, Methven told us on April 2: 'Stewart does not need to sell for financial reasons. However, he did promise to leave once he was no longer wanted.
'Before coronavirus hit we were at the stage where we expected new ownership to be in place by this month. What has happened has slowed the process. But I think the club is in a position to go from strength to strength - which it certainly wasn't before we came.'
Sunderland said on Friday night: 'Madrox has continued to invest funds as required, (which will be reflected in next year's figures) and in a way to ensure the club remains debt free, as promised.
'This has resulted in SAFC receiving around £11.5M since the year end, from Madrox. The funds are interest free and replace a significant portion of the parachute monies.
'This takes the total Madrox investment to around £25M, to date. This investment, two years into their five year plan, is ahead of schedule.'
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