Off Topic Warm Glow- Since 2014- now like Milan- Mackem Free

Think we need to make the most of the Warm Glow this season. There is no way it can continue next year with the disparity in the money being received by the clubs in League 1 once Sunderland get there. They are still due 25mill Parachute Payment next year which is untold riches by League 1 standard.

And if they do manage to piss that away like they did with the 45million this year surely the 20million they get the following year should be enough to get them out of League 2.

Apparently even Generous Jack has agreed to give up 1.5mill of his hard earned salary next year. I just hope that with gestures like that they will now allow him to see out his contract and stop blaming him for all the club's problems.

 

Whilst they languish beneath us. The glow lives on.

 

I stand corrected. I do however note that we still managed to receive the "Warm Glow" even when they were in the Premier league and we were in the Championship. Just shows how **** they were that year.

 

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Just a thought. If Mackems have no debt now then did Ellis actually give them away in the end?

Just like season tickets then and the club has zero value.

 

He of course he didn't.










If the deal is as suggested he wanted rid so much that he paid to give them away by settling all their external debt.

 

So they are values at -£100m and we are at £400m. So a half billion gulf.

 

Incredible. I can't believe a hard-headed businessman would walk away having let them off with a £140million debt. Maybe he just wanted shot of the club and combined with the fact that no serious offers came in, he has offloaded it to the owner of a non-league club?

I think the initial thoughts yesterday were that the sunderland fans will be pleased short has gone but, seriously what now follows? They may have a parachute payment still to receive but what about the long-term prospects of the club to finance promotion pushes?

 

They're going to spend all those parachute payments on keeping John O'Shea though mate. Oh and re-signing Wes Brown if there's enough left over.

 

On the face of it it all looks great, but in reality you've got an owner whose prime experience is owning Eastleigh.

It's a bit like hiring your next manager based on their stats playing Football Manager and the fantastic work they did with 'Big Tez' in their local Sunday league team.

 

I can see this going badly for them on account of the inexperience of this new guy. Out of the pan and into the fire perhaps?

I've read that Short was losing £500k a week and that he thought better to cut his losses and get out. I bet he rues the day he ever got involved.

 

That's it. If Short, an incredibly successful businessman, ends up too handicapped by the fact the club he owns is in Sunderland, how's this chump guna fair?


At current rate I fully expect there to be a 'warm glow' sister thread starting up sometime next season called 'Road to Eastleigh'
Only two more relegations to go!

 

Why didn't he do this earlier? If he had been as generous earlier they could have stayed up. Strange decision. I think the devil will be in the details. Once the euphoria evaporates the reality might kick in...

 

It's a bit like the Haidara joke, where we say we'd have to pay the buyers just to get him sold.

Except this is Sunderland and this is real life, making it even funnier

 

The gift that keeps on giving. It just gets better and better. I hope they get stuck with McClaren. Now that would be funny.

 

The debt owed to him - think they still have to service the loan made against the stadium which was picked up by a debt management company

 

How much is it Judge?

 

Original loan of £85 million from SBC - Security Benefit Corporation - and based on 2016 accounts, £68million is owed to SBC. There are significant annual interest payments per year too.

They're also embedded in the deal the mackems have with Story Homes over the sale and redevelopment of their training centre. Not sure if this is simply security against defaulting on the balance of the stadium loan or part of some payment strategy.

It has also been suggested that other monies - e.g. competition money (TV money etc I'm guessing) has been claimed by SBC before ever entering the club’s coffers. All of which sort of suggests the funds from the land sale won’t make their way back to the club.

 

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