OX18
Active member
- Joined
- 22 Jun 2018
- Messages
- 436
Thats probably what this new ten million short term loan is needed for, to pay off players inc Rodwell. I was reading last week that their previous CEO Margaret Byrne, who was the one who bought Rodwell to the club and agreed the five year contract , is now his agent. After dropping the club in the manure with a huge contract, she is now acting for him to get the remaining three years paid off (£42K a week now since they were relegated) It all seems pretty crazy up on Wearside with their huge liabilities.............as copied from an article last week.....
''''''''It has already been reported that Ellis Short has allowed the new owners to buy the club in instalments because they couldn’t afford to pay the £40m up front. The Times have revealed that the new owners paid only £15m up front and now have to pay the rest in two further instalments, one of those next summer but the other in only three months time (September 2018).
The Mackems are still due around £49m in parachute payments, with £34m this coming season and £15m in 2019/20 but around half of that cash is what the buying of the club is secured on AND The Times have revealed that another significant portion of this coming season’s parachute payment has already ‘been accounted for as it is required to pay off a previous bank loan agreed by Short.''''''''''’
No wonder Stewart Donald is reported to have said ..we should have a top three budget after they announced they are looking for another ten million loan. Their only positive at the moment is their increased season ticket sales.