Dear Roker Report,
The piss taking party is still raging on at the club well and truly. I think the next chapter in the saga is going to be defaulting on the loan with FPP and low and behold they take over the club. There is something since day one about this loan that does not seem right, why did they not takeover the club in 2019? We have heard the so-called reasons from the current owners why they did not, but why would the rejected bid backers loan the club ten million pounds and add the caveat that if a default occurs they take over the club?
The whole saga does not make sense... or does it? You have to ask have the current regime always wanted this? The world of business is a full of deals done behind closed doors that we will never know about. Conspiracy theories are going to be rife including mine because no one is going to pay 37.5 million for the club - especially in the current climate. The whole saga is embarrassing to the club after its profile was enhanced worldwide due to the Netflix series and now torn to shreds by Donald.
The whole system of purchasing a club is seriously flawed and needs change - just ask Wigan. Change of ownership leading to a 12 point deduction and relegation having had the best form in the championship since the restart. The EFL are a joke, how can this happen? Anyone can own a club or have stake in it - Sartori made a pound purchase for 20% - prime example of a joke, due diligence is waste of time and an insult to fans’ intelligence.
If you look at the Mags situation, how long have they have to wait for a decision? The whole system is flawed look what we are stuck with now. The piss take party really started when Donald entered the building, paid 5million and wants 37.5 million. Let’s wait and see what happens in the next chapter of Sunderland Gate. Take care everyone
Ed’s Note [Tom]: Hi Mark, I think it’s generally thought that the current ownership have spent around £16.5 million on the club in terms of their own money - there’s a really good article on the site by Giles Mooney that explains the financial breakdown. I don’t think Donald and co. want to default on their loan to FPP and give up the club, I think they want someone to pay full price for the club whilst also taking on some of the debt accrued. Giles sums it up really well in his piece:
I suspect that Donald is asking for £37.0m ALONG SIDE the club taking on some of Madrox’s remaining debt and accepting the write off. That would clearly be entirely unacceptable for any potential investor and should, in my opinion, be entirely unacceptable to the fans as well. It is exactly the sort of analysis that an accountant would highlight to a potential buyer during a purchase process, something that I suspect has happened on more than one occasion (please note, quite rightly we do not have any evidence from the actual accountants involved, just our own experience of due diligence processes).
Experienced accountant Giles Mooney looks at the facts and figures to give a breakdown of what Sunderland AFC could potentially be worth in the event of a sale.— Roker Report (@RokerReport) July 17, 2020
Is Stewart Donald’s £37m asking price fair?
®️®️ #SAFC ⚪ https://t.co/cDvLMSTsZw
Dear Roker Report,
This is Kevin Phillips house just up for sale (nice red and white kitchen!).
He said a few days ago he’s been contacted by a consortium that may want to take us over, and now his house is up for sale!
That’s definitely how rumours start!!
Ed’s Note [Tom]: Whoever owns that house, it certainly is a beautiful property, Nige. Who knows what’s going on with the club at present, it feels like an absolute circus, if truth be told. William Storey reckons he has an offer ready to go, but his history in F1 should raise a lot of eyebrows, and Mickey Gray also has spoken about a consortium he’s trying to put together - with support from Jordan Henderson. Fans are stuck in the middle receiving much of the blame for the ownership’s shortcomings, it’s pretty depressing.