£10m from we be a game-ch
It turns out then that the Sunderland takeover hadn’t collapsed after all; it’s just that it didn’t happen. Negotiations seemed to go on for longer than Coronation Street.
My guess – it doesn’t even qualify as a theory – is that one or other side made lastminute amendments, and the takeover went pop.
Stewart Donald remains chairman and majority shareholder. Plus ça change, as they say in Witherwack.
Well the main change is another £10m debt, although this loan is to Stewart Donald’s holding company Madrox Partners.
Money owed to previous owner Ellis Short was secured against the parachute payments, which end this season.
This new loan is secured against the Stadium of Light and the Academy of Light. Nothing to worry about there then, although Donald says the risk falls only on himself, Charlie Methven and Juan Sartori.
If it all goes wrong and those assets end up in the hands of FFP Sunderland, in essence some extremely wealthy Americans, then what happens is anyone’s guess.
Extremely wealthy businessmen tend not to be sentimental; particularly about a club they had never heard of in a sport they know little about.
Nor do they stand or fall by the loan.
They have a £10m flutter with the same insouciance that you and I might stick a quid each way on the Grand National. The pressure is only felt on one side; although it isn’t obvious why FFP think the whole enterprise is worth their while.
Let’s just hope it’s sporting blood.
The main reason Sunderland landed in such huge debt (it was £139m at one stage) and fell down two leagues, was bad investments. Players were bought for large fees, given huge salaries that they were clearly unworthy of, then left the club for little or no money.
Let’s not dredge up a shameful past, so we’ll just say they departed for various reasons. What gives FFP any confidence their £10m w d t o m g f y f
K O r