sunderland appoint a new head coach

[Sima]

He didn't even know what % of the company Richie Rich owned, man after stating it as fact.

 

Ironically, the bloke is a fraud.  In fact I'm not sure if he's wearing a tie/is an accountant at all...

[Gaztoon]

2 hours ago, Disco said:

 

 

Can't wait to read how this is good for them but bad for us ?

[Abacus]

26 minutes ago, Joey Linton said:

Am I missing something here? He's saying that that owners are now owed over £2m by the club, but didn't the owners previously write off something like £25m that they borrowed from the club when they bought it? And he's presenting it as a good thing? 

 

He's making some pretty sweeping claims 

 

On this specific point, what he is saying is that the club have a debt to the owners of just over £2m. The previous £25m debt that they wrote off was the other way round - something they owed the club and decided to remove their obligation to repay.

 

Anyway, presumably this new debt was money put into the club to keep it running and help cover it's day to day losses, which are pretty severe.

 

Grumpy is saying is that this is OK, because the owners don't expect the club to have to repay it. They will capitalise it instead. I.e. They will issue more shares to the owners and use the money from that to pay off the debt. A bit like we did, when we issued new shares not so long ago rather than go into debt, probably to help fund the January transfer window.

 

One possible reason they haven't already done that could be because the owners have no idea how long they will be in L1, and how much more loss they will have to cover. 

 

NB this set of accounts only runs up until July last year. That was bang in the middle of Covid. Who knows what the results are going to be like this year just gone, but they should have some more match-day income since then at least, though I'd still expect it to be grim reading.

 

Still, I like to remember their jubilation at being "debt free, marra", when Short binned them off.

[The Butcher]

They're in a bad, bad state. Hehe. 

[Wallsendmag]

Surely promotion will compound their financial problems and their base costs go up but income won't rise at the same rate, especially if they're struggling and their crowds are smaller than they are now as was the case last time they were in that league (more people will pay to watch a winning team in League One than a team losing most weeks in the Championship).

 

You look at established Championship clubs like Birmingham and Derby County, obviously Bolton went tits up when they were in that league, Reading, Hull, the list goes on so if they're hanging their hats on promotion sorting them out they could be in for a shock.

[Guest HTT II]

They are, as my own actual real accountant who is a Mackem said, fucked!

[Manxst]

4 minutes ago, HTT II said:

They are, as my own actual real accountant who is a Mackem said, fucked!

As opposed to the Grumpy Oracle:

 

“No real concerns. With lockdown, the numbers were always going to be a disaster area. For me, the operating costs still look too high, but we're probably getting close to the limit of what can be done.”

[Abacus]

This is one of my favourite bits of their accounts, aside from them being worth approximately minus £7.5m;

 

In the six months since February 2021, the Club invested in projects across all its venues, including structural steelwork, painting, a new fire panel and emergency lighting in the stadium, all of which helped to ensure the Club complied with the requirements of the safety certificate.

 

They are bragging about a fire safety certificate.

[Guest HTT II]

2 minutes ago, Manxst said:

As opposed to the Grumpy Oracle:

 

“No real concerns. With lockdown, the numbers were always going to be a disaster area. For me, the operating costs still look too high, but we're probably getting close to the limit of what can be done.”

Their following accounts will be just as bad, and if they don’t get promotion…

[Manxst]

1 minute ago, Abacus said:

This is one of my favourite bits of their accounts, aside from them being worth approximately minus £7.5m;

 

In the six months since February 2021, the Club invested in projects across all its venues, including structural steelwork, painting, a new fire panel and emergency lighting in the stadium, all of which helped to ensure the Club complied with the requirements of the safety certificate.

 

They are bragging about a fire safety certificate.

Does it mention repairing the lift to fulfil their anti discrimination requirements? ?

[Abacus]

Or;

 

In December 2020, the Board took the difficult decision to change the Manager and appointed Lee Johnson as Head Coach. This resulted in a significant improvement in performance of the team, but ultimately the Club failed to secure promotion.

 

Hounded out.

 

Or;

 

The Board are committed to securing revenue streams outside of football. From the off-season in summer 2022 the club will host concerts in the Stadium for the first time in 3 years.

 

Sheeran cancels.

 

Also, one of their top 3 risks is listed as "Playing success". At least they got that right.

 

 

[Abacus]

Funniest of all;

 

It is recognised that after several years of less-than-optimal performance, including two relegations and a failure to return to the second tier, this requires a long-term project.

 

Yes, I'd agree that's less than optimal performance.

[Groundhog63]

48 minutes ago, Abacus said:

This is one of my favourite bits of their accounts, aside from them being worth approximately minus £7.5m;

 

In the six months since February 2021, the Club invested in projects across all its venues, including structural steelwork, painting, a new fire panel and emergency lighting in the stadium, all of which helped to ensure the Club complied with the requirements of the safety certificate.

 

They are bragging about a fire safety certificate.

Don't underestimate fire safety young man. Fire's a beast, it can turn on you in a heartbeat

[Wolfcastle]

Strange position for a club bigger than Spurs to be in.  Based on highest one-off gate and more titles and ignoring everything else.

Have that Levy.

[JumpersForGoalposts]

2 hours ago, Manxst said:

As opposed to the Grumpy Oracle:

 

“No real concerns. With lockdown, the numbers were always going to be a disaster area. For me, the operating costs still look too high, but we're probably getting close to the limit of what can be done.”

The lockdown must still be on for them, because none of the cunts go to the games.

[Wolfcastle]

11 minutes ago, JumpersForGoalposts said:

The lockdown must still be on for them, because none of the cunts go to the games.

Weddings, wrestling and holidays apparently.

[Chris_R]

Ignoring 2021, which was clearly an anomaly with very few fans in, they made 5.7m in 2020 from "Matchday" which must be season tickets, gate receipts, food, drinks, programmes etc.

 

36 games were played by them that season. That's most likely 18 home games but I cannot be arsed to check. Their average attendance was about 28,000 from what I can see.

 

£5.7m / 18 games / 28000 spectators = £11.31 per person per match. That's TOTAL spend per person, not just ticket price.

 

No wonder they're fucked.

 

Either they're handing out tens of thousands of free tickets, or (SHOCK!) the attendance figures they print are a complete work of fiction. It's most likely a mix of both.

[et tu brute]

1 hour ago, Wolfcastle said:

Weddings, wrestling and holidays apparently.

........ and the North Sea

[Joey Linton]

1 minute ago, et tu brute said:

........ and the North Sea

Nightmare when the Holy Island tide is in and the "Lindisfarne Branch" can't get over marra. Usually bring 6,000.

[Wallsendmag]

I doubt there's a club in the country with such a bleak outlook as Sunderland. Division 3, financially crippled, poor ownership and to top it off they'll have to suffer the effects of having the worlds richest club, and all that entails, just 12 miles up the road. It's a shame really.

[Chris_R]

Just now, Wallsendmag said:

It's a shame really.

 

[GWN]

Hope the stay in league one and then go bust .

 

Shit faces 

[JumpersForGoalposts]

6 minutes ago, GWN said:

Hope the stay in league one and then go bust .

 

Shit faces 

This. Absolutely no sympathy at all for them, the rotten cunts.

[Bintang]

They must be fucked. They have a premier league size stadium and premier league type academy that need maintaining while they are in league 1. If they don't get owners willing to invest I could see them going bust. 

[Lazarus]

Have I just seen a thread over there asking if they should be in for Eriksen?