Serious takeover talk

Loan is $12m

 

So this is good news aye? If SD and CM **** up the Americans own us and take full control?

 

I'm about to get on a train, will give this a proper read in a bit, but this is a really important document. I will say though upon first reading, that it's difficult to imagine Donald not finding a way to pay it, as it's absolutely holding him and even SJD leisure to account for it if he doesn't, and it also puts him on the hook for all of the cash that he's borrowed from SAFC.

 

Yeah that's the jist

 

Fantastic and he will be accountable for any money that may have been taken out?

These yanks are elite businessmen hopefully seen something they can use to get the club. I'm pretty sure when they are in full control it won't be a jobs for the boys situation.

 

Looks like FPP have given Donald and Co. enough rope to hang themselves and will basically get the club for as little as £9m if they don't repay the loan.

 

Gerrin the yanks playing hardball

 

Maybe they've seen something and know SD & CM can't pull it off so as you say gave them enough rope to hang themselves.

 

Where's Grumpy when you need him?

 

Marvellous

It'll be worth the humiliation if Pinky and Perky end up losing the club as collateral.

They can bullshit the fans all day long but their tendency to talk themselves up worked in FPP's favour.

 

Just been on RTG and it is kicking off over because of this, surely its a good thing though?

Am I getting something wrong or is it just typical RTG complainant over nothing?

 

Its a good news/bad news thing

The good news is that if those two duck eggs keep cocking things up on the pitch we pass on to rich American investors instead of liquidation

The bad news is that it will be horrible to see as fans, we could end up too ****ed up to invest in and FPP sell us on to another set of self serving arseholes

However I'm an optimist at heart

 

Me too I'm just hoping this is the yanks playing hardball and said fine if you can run it, prove it here's some money.

If you fail though we will take over and you will have no say in the matter.

I also wonder if shares in the club are included in this or if it is solely the SOL and AOL?

Be a bit **** if they just took the buildings and we still had these numpties in charge.

No way these guys would spend months of their time to just loan somebody 10m. What would be the point?

 

I haven't looked over the road yet but the fact CM has lied his tits off and they've put the club at risk won't have gone down well in hysteria city

The encouraging thing to me is that FPP had done a hell of a lot of due diligence etc just to give us a loan, it's not like they've come across a dying man in the street and wondered what's in his pockets.

 

The Americans have the power to shut the club down altogether if Methven and Donald don’t make the agreed repayments.

Not to mention Methven outright lying in that podcast last weekend.

 

Only question remains is when they fail what will the Americans want to do?

Do they want the club or the real estate/land. I'm pretty sure it will be the club as they have been wanting to buy one for some time but people will be worried. Over the road it's kicking off people saying we are Venkys Mk2 and will do a Bury.

 

Can't see them doing that though.

I think they've pulled off a blinder playing hardball and now have SD & CM over a barrel.

You succeed or we take over and you hit the road and they get the club for 10m.

 

Of course he was..he's a spruiker of the highest order ..an expert in smoke and mirrors.
The cr9p he would have us believe that it was akin to an 8 figure we would never have to payback had some of gullibilistas believed good old uncle sam was pushing 10m in our pocket and wishing us well.
I said some time back that the money would be structured like their Marlins investment ( it didnt take a Rhodes scholar to work it out either )
This in essence confirms it. We have money and if it cant be paid back in a certain time they get it from donald or in the form of equity.

 

How does Donald expect to pay a £10m loan off when all the parachute payments have now stopped and we don't have any players with resale value?

Methven has also lied through his teeth claiming this loan had nothing to do with SAFC. Well yes Charlie it ****ing does have something to do with SAFC when you are using every bit of land that SAFC own as security.

Very worrying development this.

 

from GOM over the road

OK.

What we have here are standard fixed and floating charges. Given that the primary security for the loan is Madrox's shares in Sunderland, which effectively gives control of all the other assets anyway, the extent looks a bit like overkill, or legal throughness if you're being kind. It appears to cover a term loan of $12m. What we don't know is the length of term. The SBC loan, which was very similar, although coming direct into Sunderland, rather than Drumaville, was for 5 years. This may be similar. There's also no reference to applicable interest rates. For a charge of this type, we're probably looking at at least a 3 year term. It's only a problem if it can't be repaid or rolled over.

For what it's worth, I'm not remotely worried.