S.A.F.C. - the future

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I don't read it like that
"the Times understands that the total valuation of the club in his purchase will be around £30m with an £11m loan to FPP repaid"
Its merely giving the value of the club as £30m with the loan repaid. However I haven't seen all of the article and from that excerpt it can be read both ways
The way I understand it is:

Madrox owns 100% of Sunderland afc ( Madrox/Sunderland valued at £30m )
Donald owns 74% of Madrox
KLD buys 59% of Madrox from Donald’s 74% for £18m
The FPP loan is repaid by Madrox from that £18m leaving Donald with £7m ( he’s probably around £4m out of pocket to date )
Donald retains 15% in the hope the club is valued a lot higher in the next few years and he can bail with a tidy profit.
 
The way I understand it is:

Madrox owns 100% of Sunderland afc ( Madrox/Sunderland valued at £30m )
Donald owns 74% of Madrox
KLD buys 59% of Madrox from Donald’s 74% for £18m
The FPP loan is repaid by Madrox from that £18m leaving Donald with £7m ( he’s probably around £4m out of pocket to date )
Donald retains 15% in the hope the club is valued a lot higher in the next few years and he can bail with a tidy profit.
I’d imagine he’d have bought more than 59% of Madrox if he’s acquiring 59% of the club.