North East UK news Football finance expert's verdict on 'eyebrow-raising' SAFC accounts MetiNews.Com

MetiNews.Com - Sunderland's accounts for the period ending July 2019 were released on Friday confirming the £20.5m of the club's money was used to purchase it

North East UK news Football finance expert's verdict on 'eyebrow-raising' SAFC accounts MetiNews.Com

MetiNews.Com - Sunderland's accounts for the period ending July 2019 were released on Friday confirming the £20.5m of the club's money was used to purchase it

North East UK news  Football finance expert's verdict on 'eyebrow-raising' SAFC accounts MetiNews.Com
01 August 2020 - 06:08

Breaking News ! Football finance expert Kieran Maguire has given fresh insight on Sunderland's financial account results, saying eyebrows are sure to be raised. The Black Cats' financial accounts for the year ending July 2019 were filed and made public on the companies house website on Friday after businesses were offered an extension on the usual deadline due to COVID-19. And despite showing the club would have otherwise made a £9million profit, they confirmed the reports of a £20.5m hole in the accounts which are described as 'exceptional operating expenses'. At the same time Madrox - the holding company set up by Stewart Donald and co. to purchase Sunderland - made a £20m profit, as their accounts were also released. Although the accounts documents don't detail what the 'exceptional operating expenses' are, it is believed to be the club's own money - from Premier League parachute payments - which Donald took out of the club in order to be able to pay Ellis Short to buy it. Although he recently removed the obligation to pay that debt back to the club, he has committed to making sure he does eventually repay it, with around £11m of it believed to have been paid off so far. Read More Related Articles Experts predict how costly playing behind closed doors could be for Sunderland Read More Related Articles Sunderland's accounts show £11.2m loss for first season in League One But Maguire - a football finance expert and author who lectures at the University of Liverpool - feels it just further highlights why fans have stopped trusting the club's owners, and says he believes the sooner Donald can sell the club the better. "On the face of things they look quite good in the sense that Sunderland did make a profit of £9m overall, as far as their holding companies were concerned," Maguire told Sky Sports.

. That will have reduced substantially. Sign up for our Sunderland newsletter for takeover and transfer updates Why should you sign up? The ownership situation a Sunderland has been the talk of Wearside in recent weeks, with Stewart Donald in talks over selling the club to an as-yet-unnamed bidder By signing up to our twice daily newsletter, you'll get all the latest news on the bid - and all things red-and-white - straight to your inbox. We'll also send out special newsletters with any breaking transfers news. How do you sign up? It's really easy and only takes a few seconds. Just click on this link to our newsletter sign up form and select SAFC - all you have to do is enter your email address and you're all done. If you decide to unsubscribe at any stage, simply follow the unsubscribe link on any of our newsletters - but we don't think you'll want to. "I think as people start to closely look over the accounts there will be some eyebrows raised. There have been some big transfers between the football club and Madrox Partners, which is one of Stewart Donald's other companies (the vehicle company he used to buy Sunderland). "That resulted in the profit to Sunderland Football Club falling by over £20m, so that seems a little bit strange. "I think Sunderland fans are really frustrated and again it's another indication of relationships which have soured between owners and fans, and I think it's in the best interests of all concerned if Stewart Donald can achieve his aim of finding a new owner."

Source = MetiNews.Com

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North East UK news Football finance expert's verdict on 'eyebrow-raising' SAFC accounts MetiNews.Com


North East UK news Football finance expert's verdict on 'eyebrow-raising' SAFC accounts MetiNews.Com


North East UK news Football finance expert's verdict on 'eyebrow-raising' SAFC accounts MetiNews.Com


North East UK news Football finance expert's verdict on 'eyebrow-raising' SAFC accounts MetiNews.Com

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