S.A.F.C. - the future

The fear some have (and I am absolutely not saying this has happened) - is that the deal has or is about to fall through as KLD wants more and SD doesn't want to give more up. So will apply for the monitor loan and KLD will walk away. And that theory would also suggest the appointment of LJ and KS was done before they knew it was fallen through.

I don't think the above has happened or is happening or will happen. But until its sorted that fear will remain, and the monitor loan has created another plausible "get out" for Donald, even if its a) mindbogglingly stupid to take it ; b) an absolute ridiculous proposition and c) unlikely the EFL will grant it considering it will be hard for us to prove we need it.

The issue with a) is that Donald has proved he's mindbogglingly stupid before when it comes to these decisions ; b) I think Donald will still think he can try to get promoted with this squad so why does an embargo matter to him - and frankly he's spent **** all of his own money so he's only gambling the club, not his own pocket ; and c) the EFL are also mind-bogglingly stupid so crazier things have happened.

Wow - this was a long post. To cut it short - I don't think it's going to happen, and I don't think it should happen, but until the takeover is sorted we can't know it won't happen because both Donald and the EFL are ****s

 

So...if the delay is being caused by the EFL going through the fit and proper process.....would not the share issue be sorted before it got there, as I would guess the EFL would want to know precisely the amount of Shares any prospective owner would receive before they went through this lengthy process

 

We don't need to disagree on that - I agree with that. My point was more that agreeing a new price for any remaining shares COULD be as easy as a phone call away. It doesn't need to drag on. Of course it might, but if they've got this far after months of negotiation you'd like to think both sides have a handle on what the other side value any remaining shares at - be them the same as or higher value than the other shares.

 

Johnson has made it clear he's looking at bringing players in ...

... Donald won't be paying for them.

 

The ratification by the EFL of the owners and directors test and of any takeover or share allocation does not depend on amounts of shares only on significant share holders. IE if you are to become a significant shareholder in a club for example a 40% holder you would go through fit and proper persons if you then wanted to increase you shareholding to 65% you would not need to do that test again. It may be that the initial deal is close to completion with the EFL but the deal to purchase remaining shares may be ongoing but I am only speculating.

 

Have heard him mention cash a few times

 

The EFL only require the fit and proper test to be carried out on significant shareholders of a club EG Sartori had to undergo this when he was given 20% of safc so the amount of shares for this test is not really applicable as long as the EFL class it as a major shareholding

 

I'm thinking more about KLD

 

If that's true then we won't be taking the EFL bailout money then surely?
If that's the case then would hope we'd be looking to pay some players off in January, ones who's contracts run out soon anyway, to make room for the salary cap.

 

That's his point - KLD will need the fit and proper test whether he's taking 22%, 53%, 78% or 100%.

 

Yes but to be fair - Lee Johnson wouldn't be the first sunderland manager to be told he had money to spend in January to then not have money to spend in January.

Until the takeover is done, there's still every risk it won't be, and we won't spend any money in January.

 

If SD is still here he will probably flog diamond

 

I can't believe Johnson has been brought in, on false promises, to fail when new players don't arrive ....
.... there's absolutely no point in doing that, we may as well have kept Parkinson if that was the situation.

I'm sure we'll be looking for ways to get players out of the club, such as Graham.

 

I understand that, I was just wondering if the EFL would need clarification BEFORE they applied on the actual share issue. Strikes me that would be a necessity..but appears not to be the case

 

Isn’t that illegal these days?

 

Think a lot of people are panicking slightly. One of the most telling statements by LJ was when he said he had spoken to the ownership group. This was quite clearly a way of saying that he hadn't just dealt with SD but without breaching and ND agreements. If he had agreed to take on safc position and it was all SD he would have just stated something along the lines of ' yeah me and Stuart had a discussion and I believe that we are both on the same page' or words to that effect. But instead he is talking about an exciting new era for the club and his excitement for the future. Says it all really SD has had very little vision or the money to implement change.

 

Thing is that bailout loan is only 300k (I think) if he SD and SAFC are paying out the reported 1 million per month then that bailout isn't going to touch the sides. I think he has well and truly backed himself into a corner. If he is trying to hang on for a later payout then he needs to gamble that we go up, he simply cannot afford to do so. He had his chance 2 1/2 years ago, him and his team f***ed it up, so unlucky.

 

But the reports are saying that KLD is now wanting more shares, so that could alter the process timescale.

 

That`s my point exactly.