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The real story of Sunderland's takeover
clive
Posts: 19,540
REVEALED: The REAL story of Sunderland's takeover - Stewart Donald and Charlie Methven used parachute payments to buy Black Cats with only £5m of their own cash... a year on they could pocket £40m by selling the club
https://www.dailymail.co.uk/sport/football/article-7059561/The-real-story-Sunderlands-takeover-Donald-Methven-pocket-40m-selling-again.html1
Comments
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There are some dodgy b*******s in football. Nice profit though if they sell. Shame they are going to be in League One again next season though.4
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The EFL was aware and still they passed the ownership criteria.
Who'd have thunk it.
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The EFL shouldn't allow that , there are some right slime balls involved in football0
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sounds like a bloody good deal to me
pay short 32mil of parachute money and wipe 150mil debt - new owners seem to be welcomed by supporters - win win
It normal to use company assets to fund any acquisition0 -
I suppose the EFL considered that FA parachute money is 'guaranteed' funds.
Using it this way, doesn't seem what it's supposed to be intended for.
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So Sunderland as good as bought itself.
The new owner Donald borrows £5M and the remainder comes from Sunderland's own account from parachute monies.
Donald (and Methven) effectively buy for £5M, as that's all they put in and now are looking to sell for £40M.
I don't understand how that is legal.
The main reason many people want to buy a football club is for nefarious means, such as above or paying yourself a massive salary or dividend.
Whilst we nearly all have a strong dislike for RD, as far as we can tell, he hasn't done anything crooked, in relation to Charlton.0 -
This looks like any other leveraged buyout. Use the company’s assets/cash flows to finance the acquisition. Happens all the time. I believe 16m of our debt is prior acquisition costs loaded onto the club.
Effectively they bought the club for 5m, and the club paid Short 32m to write off $150m in debts. Not a bad deal.
The real ear question is why they think they can get 50m for a club with a limited cash flow and no doubt losing money. Do they have the money to cover the losses? Or are they trying to get out before the losses are to big to sustain.0 -
They've already sold part of the club (obviously to fund the losses).
NB It was a good deal for the club with Short writing off the £150M less the £32M he got from the club's parachute money.
It was an even better deal for Donald & Methven if they can get anything over £5M.0 -
American businessman Mark Campbell is in line to become the new majority shareholder of Sunderland, taking a 74 per cent stake in the club.
Sportsmail can reveal that the deal would see Campbell acquire 64 per cent from owner Stewart Donald and 10 per cent from Uruguayan investor Juan Sartori.
That would leave Donald and Sartori each with a 10 per cent stake, and executive director Charlie Methven is likely to retain the six per cent share he was given by Donald for brokering the purchase of the club from Ellis Short just 13 months ago.
https://www.dailymail.co.uk/sport/football/article-7100729/Sunderland-owner-Stewart-Donald-sell-shares-investor-Mark-Campbell-set-charge.html
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'After the Boxing Day draw against Bolton Wanderers FC, various groups of Sunderland fans – including the main representative fan body - issued a joint statement calling for the club to be sold immediately. Stating that “No-one knows the long-term plan for the club, and trust between the fans and the boardroom has eroded”, it went on to demand: “If there is a realistic offer on the table, he (Stewart Donald, chairman) must admit the enormity of the task and cut his losses.”
Given these circumstances, and Stewart Donald’s sincere commitment on his arrival at Sunderland AFC that “I won’t outstay my welcome”, the Board feels that it has no option but to sell the club. That process has now commenced. Owing to confidentiality agreements, there will be no further updates until a preferred bidder is identified.
https://www.safc.com/news/club-news/2020/january/club-statement-jan-2020
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i know a certain Belgian that is holding plenty of moolah, got experience getting out of league 1 as well...5
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Sunderland don't deserve him.... Maybe Palace need a new ownercafcdave123 said:i know a certain Belgian that is holding plenty of moolah, got experience getting out of league 1 as well...0 -
That Bauer goal at Wembley was a real sliding doors moment for both clubs.
Sunderland still could go up this season though, L1 this year is now really tight with the early pacesetters like Ipswich, Wycombe, Posh and Blackpool all on bad runs now3 -
You're right, but I didnt notice that Boxing Day result. Home to Bolton, 33,000 crowd, draw 0-0...and Will Grigg still can't get in the starting line-up. This time last season we were in a good place on the pitch. Can't say that of Sunderland.killerandflash said:That Bauer goal at Wembley was a real sliding doors moment for both clubs.
Sunderland still could go up this season though, L1 this year is now really tight with the early pacesetters like Ipswich, Wycombe, Posh and Blackpool all on bad runs now
Which reminds me, when does series 2 of the Netflix doc kick off? :-) supposedly some time next month.1 -
They are only 6 points off the automatics with a game in hand, amazing when you look at the bad run they were on.0
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Forgot all about series 2 coming up. It will have the playoff final wont it?PragueAddick said:
You're right, but I didnt notice that Boxing Day result. Home to Bolton, 33,000 crowd, draw 0-0...and Will Grigg still can't get in the starting line-up. This time last season we were in a good place on the pitch. Can't say that of Sunderland.killerandflash said:That Bauer goal at Wembley was a real sliding doors moment for both clubs.
Sunderland still could go up this season though, L1 this year is now really tight with the early pacesetters like Ipswich, Wycombe, Posh and Blackpool all on bad runs now
Which reminds me, when does series 2 of the Netflix doc kick off? :-) supposedly some time next month.0 -
Everyone loves a happy ending. 🤪orpingtonRED said:
Forgot all about series 2 coming up. It will have the playoff final wont it?PragueAddick said:
You're right, but I didnt notice that Boxing Day result. Home to Bolton, 33,000 crowd, draw 0-0...and Will Grigg still can't get in the starting line-up. This time last season we were in a good place on the pitch. Can't say that of Sunderland.killerandflash said:That Bauer goal at Wembley was a real sliding doors moment for both clubs.
Sunderland still could go up this season though, L1 this year is now really tight with the early pacesetters like Ipswich, Wycombe, Posh and Blackpool all on bad runs now
Which reminds me, when does series 2 of the Netflix doc kick off? :-) supposedly some time next month.4 -
You'd think it has to. It has all the ingredients for fly on the wall doc. The absolute killer goal, not to mention Jonny Williams, who featured heavily in S1, coming on and running them ragged. But I did read somewhere that for some reason they featured their Checkatrade Trophy "adventure" more heavily.orpingtonRED said:
Forgot all about series 2 coming up. It will have the playoff final wont it?PragueAddick said:
You're right, but I didnt notice that Boxing Day result. Home to Bolton, 33,000 crowd, draw 0-0...and Will Grigg still can't get in the starting line-up. This time last season we were in a good place on the pitch. Can't say that of Sunderland.killerandflash said:That Bauer goal at Wembley was a real sliding doors moment for both clubs.
Sunderland still could go up this season though, L1 this year is now really tight with the early pacesetters like Ipswich, Wycombe, Posh and Blackpool all on bad runs now
Which reminds me, when does series 2 of the Netflix doc kick off? :-) supposedly some time next month.0 -
Imagine if it had been us filmed last season for a doc on Netflix. That would of been a great watch.PragueAddick said:
You'd think it has to. It has all the ingredients for fly on the wall doc. The absolute killer goal, not to mention Jonny Williams, who featured heavily in S1, coming on and running them ragged. But I did read somewhere that for some reason they featured their Checkatrade Trophy "adventure" more heavily.orpingtonRED said:
Forgot all about series 2 coming up. It will have the playoff final wont it?PragueAddick said:
You're right, but I didnt notice that Boxing Day result. Home to Bolton, 33,000 crowd, draw 0-0...and Will Grigg still can't get in the starting line-up. This time last season we were in a good place on the pitch. Can't say that of Sunderland.killerandflash said:That Bauer goal at Wembley was a real sliding doors moment for both clubs.
Sunderland still could go up this season though, L1 this year is now really tight with the early pacesetters like Ipswich, Wycombe, Posh and Blackpool all on bad runs now
Which reminds me, when does series 2 of the Netflix doc kick off? :-) supposedly some time next month.1 -
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Seeing that they lost at Wembley in this as well, not sure that's a great improvement for Sunderland fans!PragueAddick said:
You'd think it has to. It has all the ingredients for fly on the wall doc. The absolute killer goal, not to mention Jonny Williams, who featured heavily in S1, coming on and running them ragged. But I did read somewhere that for some reason they featured their Checkatrade Trophy "adventure" more heavily.orpingtonRED said:
Forgot all about series 2 coming up. It will have the playoff final wont it?PragueAddick said:
You're right, but I didnt notice that Boxing Day result. Home to Bolton, 33,000 crowd, draw 0-0...and Will Grigg still can't get in the starting line-up. This time last season we were in a good place on the pitch. Can't say that of Sunderland.killerandflash said:That Bauer goal at Wembley was a real sliding doors moment for both clubs.
Sunderland still could go up this season though, L1 this year is now really tight with the early pacesetters like Ipswich, Wycombe, Posh and Blackpool all on bad runs now
Which reminds me, when does series 2 of the Netflix doc kick off? :-) supposedly some time next month.
The playoff final is THE big moment of the season anyway, a great ending for the series, much better than automatic promotion or mid table mediocrity1 -
Won't they have Americans coming in?.0
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Australian consortium?Valley27000 said:Won't they have Americans coming in?.1 -
He has a red and white scarf...Redrobo said:
Australian consortium?Valley27000 said:Won't they have Americans coming in?.0 -
Kyril Louis-Dreyfus has become Sunderland chairman at the age of 23 after his takeover of the League One club was approved by the EFL.
The Frenchman is the son of former Marseille owner Robert Louis-Dreyfus and becomes the youngest chairman in English football.
Former Sunderland owner Stewart Donald will keep a minority shareholding.
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This takeover was discussed on the Price of Football last week. Not sure why Stewart Donald is keeping a minority shareholding, if this guy is loaded then why would he let the others keep a shareholding.1
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Incase they make the premier League one day.Leeds_Addick said:This takeover was discussed on the Price of Football last week. Not sure why Stewart Donald is keeping a minority shareholding, if this guy is loaded then why would he let the others keep a shareholding.0 -
If they don't up this season, with the Cap gone you'd expect them to really invest for promotion in the summer0
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This is a big deal. This family are worth over 30 billion USD according to The Athletic.
If we don’t go up this season, then I genuinely hope Sunderland do - because I’d rather us not having to compete with them next year.7
