Message to all the bitter Sunderland fans out there
Jun 5, 2023 18:12:39 GMT
bingaddick, mersthamred, and 5 more like this
Post by reamsofverse on Jun 5, 2023 18:12:39 GMT
.....And the easily swayed fools who want to believe total strangers instead of waiting to see what happens....This is for the record is the truth of what happened during Charlie's time at Sunderland.
There has been a long-standing canard is that CM & Stewart Donald ‘took’ £20 million from SAFC at around the time they arrived at the club in May 2018. The facts are rather more prosaic but bear repeating.
* Before they bought the club from Ellis Short, SAFC owed Ellis £90 million and had Bank debt of £90 million = £180 million total debt.
* As part of their deal with him, Ellis wrote off his own £90 million debt and agreed to pay off £70 million of the bank debt.
* Ellis’ condition of sale was that the club’s ensuing (1 month later) Parachute Payment of £20 million be used to pay off the last remaining bank debt – not unreasonable, given the scale of his write-offs.
* The way the EPL pays its parachute payments means that they have to go to the club first.
Therefore, the ‘paper’ flow of money went: EPL to Club; Club to their Holding Company; Their Holding Company to Ellis; Ellis to Bank.
* This created a ‘paper’ loan of £20 million from SAFC to their holding company.
* They never even received the money into any bank account of theirs, let alone kept it - the Club paid it straight to Ellis, who paid it to the Bank, who then released their charges over the stadium.
* That whole arrangement is how, in the space of two months, SAFC went from being £180 million in debt to being debt-free, with no liens over their properties.
* As it happens, over the four years that they ran SAFC they ended up investing almost exactly £20 million of their own money into the club, thus eradicating even the paper loan, making it a non-issue even for troublemakers.
* The net position of SAFC on handover to new ownership in summer 2022 was: Debt free; operational break-even; both Mens and Women’s teams promoted; top U18 team in the country.
So, in short, they never took, let alone ‘stole’, any money in the first place. And – on top of that - even the paper accounting loan that was created to pay off the bank debt was paid back (and more) by subsequent owner funding.
My advice s, never let a good story, no matter how many are being made up at the moment, get in the way of the truth.
There has been a long-standing canard is that CM & Stewart Donald ‘took’ £20 million from SAFC at around the time they arrived at the club in May 2018. The facts are rather more prosaic but bear repeating.
* Before they bought the club from Ellis Short, SAFC owed Ellis £90 million and had Bank debt of £90 million = £180 million total debt.
* As part of their deal with him, Ellis wrote off his own £90 million debt and agreed to pay off £70 million of the bank debt.
* Ellis’ condition of sale was that the club’s ensuing (1 month later) Parachute Payment of £20 million be used to pay off the last remaining bank debt – not unreasonable, given the scale of his write-offs.
* The way the EPL pays its parachute payments means that they have to go to the club first.
Therefore, the ‘paper’ flow of money went: EPL to Club; Club to their Holding Company; Their Holding Company to Ellis; Ellis to Bank.
* This created a ‘paper’ loan of £20 million from SAFC to their holding company.
* They never even received the money into any bank account of theirs, let alone kept it - the Club paid it straight to Ellis, who paid it to the Bank, who then released their charges over the stadium.
* That whole arrangement is how, in the space of two months, SAFC went from being £180 million in debt to being debt-free, with no liens over their properties.
* As it happens, over the four years that they ran SAFC they ended up investing almost exactly £20 million of their own money into the club, thus eradicating even the paper loan, making it a non-issue even for troublemakers.
* The net position of SAFC on handover to new ownership in summer 2022 was: Debt free; operational break-even; both Mens and Women’s teams promoted; top U18 team in the country.
So, in short, they never took, let alone ‘stole’, any money in the first place. And – on top of that - even the paper accounting loan that was created to pay off the bank debt was paid back (and more) by subsequent owner funding.
My advice s, never let a good story, no matter how many are being made up at the moment, get in the way of the truth.
