Looks like they have just secured a loan against their club, stadium and training facitilies
If they don't get promoted, they may be properly fucked.
what happened to them become the richest club in the world with the guy from Dell or something.
This is that 'investment' - Sunderland: US consortium invests funds in League One club definitely not a loan though...
And they’ll blame us for it.Hope to fucking god they dont go up. They'll be following Bury straight out the trap door if this gamble fails.
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And they’ll blame us for it.
The thing i would be concerned about is that the security given is many times the loan of £10m .......... it is disproportionate
Also who are FPP Sunderland? Seems it was only incorporated in September 2019 by three USA residents. They say the same ownership of the club remains but the charge effectively gives FPP control of the assets - split the assets from the liabilities ..... now where have i heard that before. It looks like they now control the properties and the shares Madrox has in Sunderland Ltd and following on from that the Sunderland Ltd shares in Sunderland AFC
Hope to fucking god they dont go up. They'll be following Bury straight out the trap door if this gamble fails.
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Gonna cost £10m to fix the lift apparently - EXCLUSIVE: Charlie Methven discusses Sunderland’s investment, transfer window & scouting plans
But they're now debt free! - Stewart Donald explains the consequences of Sunderland's FPP loan deal
As you say OSB, it smells of deja poo...
The statements from the directors are the usual kind of thing from football directors to their fans. There are a lot of words but says little...... quite patronising
Why if they have their own resources do they need an outside loan? Makes me think that they dont have the resources, given the security on offer the loan of £9m isnt a large figure.
Why does it need to be secured on all Sunderland assets? The Stadium alone has a value of £93m in the 2018 financials but the £9m is secured on much more than that.
What has been done with the £9m lent to Madrox? If their company madrox lent the money on to Sunderland ltd and Sunderland AFC then that would be a debt wouldn't it so cant be debt free (given the football club didnt have any loans outstanding in the 2018 financials)
It is a bit disingenuous to say they remain fully in control when there are conditions, risks and securities from a third party.
Also less than transparent saying ask FPP their intentions, its the Sunderland directors intentions people want to know about and they have just secured all club assets to cover a debt for another part of the group
Interesting to that Sunderland Ltd which owns Sunderland AFC Ltd state
View attachment 13427
Rent remains within the group though i suppose
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