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Does this change your view of Short

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Does this change your view of Short

Post  cyprussyd on 2018-08-01, 11:18 am

Stewart Donald praises Ellis Short and reveals details of Sunderland sale and wiping £152m debt  


RICHARD MENNEAR Email Published: 08:00 Wednesday 01 August 2018 


Stewart Donald has revealed further details of the deal he struck with Ellis Short to buy Sunderland AFC - and has praised Short for doing the right thing by the club. 


Donald bought Sunderland from Short for £40million, the deal structured in a way that only a small fee was paid up front with the rest in installments. So far a total of £15million has now been paid, with the rest due over the next 18-months. 


As part of the sale, Short agreed to wipe the club's substantial £152million debts - some of which was owed to Short and the rest to SBC bank.  


Short has written off all of the personal debts to him and the majority of the bank debt so far, with the remaining debt to the bank - reported to be around £10million - being paid off by Short, rather than Sunderland AFC. Donald has praised Short for the way he handled the sale and said the financial deal struck was as good as Short was going to get given Sunderland's recent struggles on and off the pitch, with the high debt and successive relegations. 


When Donald was asked whether Short was desperate to sell this summer, the new Sunderland owner told BBC Radio 5 Live: "Yes, Ellis was desperate to get out and I think he had been that way a little while. "So, I think the financial deal from Ellis' perspective was as good as he was going to get. "It is still a gamble because you never know will you be able to get rid of some of the players? What skeletons are in the closet? "You have to turn the club around to actually get everyone enthused and maximise it all. "You have got to do those things, those things are never a given." 


When pressed on whether the club was now debt free, Donald confirmed it was and explained the deal struck with Short. Donald said: "Yeah, basically, there was £152m to write off [in total]. "To be fair to Ellis, most of that debt was to him and he wrote all that off and then there was a debt to a bank that was due to be paid back. "That was due to be paid back by Sunderland but he has taken that debt and is paying that off himself through the money that I am paying him, I am paying him over a couple of installments. "As long as I pay him - which isn't a problem! 


The club has been inherited and to be fair to him he has wiped the whole £152m off." Donald added: "Whilst I think he acknowledges he didn't quite get it right for Sunderland, you can't argue that he didn't put his money where his mouth is when the time came, he has done the right thing by the club. "He was great to deal with from my perspective. So, while the results didn't go well, you couldn't ask anymore of him once he had had enough."

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Re: Does this change your view of Short

Post  vinkel on 2018-08-01, 11:37 am

Well, he did a good thing in the end. Still pleased he's gone though.

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Re: Does this change your view of Short

Post  Gordon Armstrong on 2018-08-01, 12:14 pm

No, I haven't changed my opinion of him . . . . 'cos I never saw him as the villain that most seemed to.

I believe that he tried his best for the club, having backed managers when needed, funding transfers and the building of individual managers' teams . . . . it's just that he seemed to back the wrong horses 'cos he trusted other people who cocked up.



He didn't, and probably still doesn't, understand football, and he therefore put his faith in others that seemingly did. It didn't work and he's eventually done the right thing, and I'm glad to see him gone, but he gave it a go for the right reasons, I believe [You must be registered and logged in to see this image.]

Similar to Bob Murray, I believe, who simply couldn't afford to fund us as we'd have liked, but he gave us a lot to be grateful for, including The Stadium [You must be registered and logged in to see this image.]
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Re: Does this change your view of Short

Post  cyprussyd on 2018-08-01, 12:34 pm

Gordon Armstrong wrote:No, I haven't changed my opinion of him . . . . 'cos I never saw him as the villain that most seemed to.

I believe that he tried his best for the club, having backed managers when needed, funding transfers and the building of individual managers' teams . . . . it's just that he seemed to back the wrong horses 'cos he trusted other people who cocked up.



He didn't, and probably still doesn't, understand football, and he therefore put his faith in others that seemingly did. It didn't work and he's eventually done the right thing, and I'm glad to see him gone, but he gave it a go for the right reasons, I believe [You must be registered and logged in to see this image.]

Similar to Bob Murray, I believe, who simply couldn't afford to fund us as we'd have liked, but he gave us a lot to be grateful for, including The Stadium [You must be registered and logged in to see this image.]
Totally agree, I think everyone including Short himself is pleased he is gone and without doubt his reign was a disaster but he has lost a fortune and did his best but was badly advised.

For many he was a money grabbing mercenary who was ony in it for the money, well if that's true he was crap at it.

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Re: Does this change your view of Short

Post  Vincemac on 2018-08-01, 2:04 pm

He is 100% a money man 
He has and always will love money
He never looses
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Re: Does this change your view of Short

Post  sunderpitt on 2018-08-01, 2:18 pm

As I said in an earlier topic.. Short has w/o a large debt to the benefit of the club.. he should be thanked for taking the hit.

This largess does bring up the question why on earth did he not give Coleman say £10m in the January window
 A decent striker and we might have stayed up and not needed to w/o £150m
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Re: Does this change your view of Short

Post  cyprussyd on 2018-08-01, 3:01 pm

Vincemac wrote:He is 100% a money man 
He has and always will love money
He never looses
With an estimated net worth of around £2bn, Ellis Short is not going to be destitute after walking away from Sunderland.
However, even for a billionaire, a loss of more than £200m over the course of ten years has to hurt.
As he reflects on his time as an English football club owner at his new base in the United States, Short must be rueing his decision to attend the Ryder Cup at Ireland’s K Club in 2006. That was where he first met Niall Quinn, and it was where the opportunity to invest in Sunderland first took seed. Rarely can a round of golf have proved so expensive.

By agreeing to pay off all Sunderland’s debt in order to facilitate a takeover by a consortium led by Eastleigh chairman Stewart Donald, Short has agreed to write off more than £100m.
Sunderland’s latest set of accounts, which cover the period to July 31, 2017, are due to be released later this week, and are expected to show that the club’s total debt rose slightly from the figure of £110.4m that was quoted in the previous year’s figures.
Around £70m of that figure was owed directly to Short, with the Irish-American financier having put in an extra £19.5m in the form of an interest-free loan during Sunderland’s final season in the Premier League to ensure that day-to-day expenditure could be met. Short will not see any of that money again, and has also settled the £50m-or-so that Sunderland owed in the form of an external bank loan.
Since taking over from the Drumaville consortium in 2008, Short has already written off more than £100m by capitalising a large chunk of the money that was initially loaned during the early years of his reign. Throw in the money that was paid to actually buy the club in the first place, and there is every chance that his total losses during his spell as Sunderland chairman will exceed £250m. That is quite some sum.

His desire to hand over a club that is debt-free is commendable, although as previous failed takeover discussions prove, it was probably the only way for him to devise an exit strategy that did not involve placing Sunderland into the hands of the administrators.
Short could have opted for administration, thereby reducing his own liabilities and negating the need to personally pay off the banks, but that would have crippled Sunderland for years and possibly decades to come. By avoiding that course of action, the outgoing owner has lived up to his pledge to be a sympathetic custodian of an institution he professes to love.
He deserves credit for the course of action he has taken, although any praise for the manner of his withdrawal has to be tempered by an acknowledgement of why Sunderland are in this almighty mess in the first place. A decade of decline has occurred on Short’s watch.
Having inherited a club that owed around £50m, the level of Sunderland’s external debt remained relatively stable during Short’s tenure. But that ignores the vast explosion in television revenue that occurred during the Black Cats’ ten-year stay in the top-flight. Premier League football has never been more lucrative, but Sunderland squandered their golden eggs and eventually found themselves excluded from the goose that was laying them. Short has to take responsibility for that failing.
He kept on tipping the money in during Sunderland’s spell in the Premier League, but did nothing when it was disappearing at an alarming rate. His chief failing was that he appointed a succession of senior figures who were completely unqualified for the job they were given.

An Italian agent, Roberto De Fanti, became Sunderland’s director of football with complete control over the club’s transfer policy. In the summer when Paolo Di Canio was manager, more than a dozen players arrived and money was lost on each and every one of them.
Lee Congerton’s spell as sporting director was equally disastrous, and between 2009 and 2016, Sunderland signed 46 players and sold just three – James McClean, Simon Mignolet and Darren Bent - for a profit.
Players were signed for a fortune, and allowed to leave for nothing when their contracts expired. As an example, more than £25m was spent on transfer fees and wages on Steven Fletcher and Danny Graham, yet the pair both left as free agents when their deals came to an end. There are dozens of similar examples.



When financial prudence was required, Short took his eye off the ball. Then when he decided things were out of control, with Sunderland sliding out of the Premier League, he turned off the taps completely, with even more disastrous consequences.
It wasn’t just signings that were an issue either. Short appointed Margaret Byrne, a corporate lawyer, to the position of chief executive. Her time in the role was a disaster, yet she still left with an £850,000 pay off despite her disastrous handling of the Adam Johnson case.

Short was a willing supporter of hair-brained initiatives such as the tie-up with Invest In Africa, a charitable institution funded by oil giant Tullow Oil, that saw senior Sunderland executives jetting off to Tanzania and South Africa while the club was foundering at home.
Far too much time and energy was devoted to non-footballing activities such as the summer concerts staged at the Stadium of Light or the promotional tours to South Korea and the United States that were supposed to grow the ‘Sunderland brand’. Short was supposed to be running a football club; instead, he was presiding over an institution that had its lost sight of its core reason to exist.
Only the 57-year-old will know whether he enjoyed his time at Sunderland. He was an aloof presence during his most of his reign, but there were times when he would wander through the press room at the Stadium of Light, nodding to those he vaguely recognised.
On the eve of Sunderland’s Capital One Cup final loss to Manchester City, he staged a function at a London hotel and invited members of the press. He appeared to be in his element, introducing his American friends to the glitz and glamour of his football club.
In hindsight, that was probably the high point of his reign. Further relegation battles followed, and eventually his appetite for being in charge of Sunderland waned.
He took over a club that was struggling, and bequeaths one that is at the lowest point of its proud 139-year history. Some going when you’ve also managed to lose more than £200m.



 

 

  

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Re: Does this change your view of Short

Post  MrRAWhite on 2018-08-01, 3:15 pm

No it doesn't change my view at all.. I have always thought that Short had the best interest of the club at heart, but was let down badly by a lot of people.

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Re: Does this change your view of Short

Post  Silvers on 2018-08-01, 11:37 pm

Plus, SAFC losses will have helped his tax returns.
Am sure his company will have benefited too from hefty 'admin' fees paid to them.

He could have dissolved safc and wiped us out of existence...... but he didn't....

Well done that man..
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Re: Does this change your view of Short

Post  Black Cat Kiwi on 2018-08-02, 1:57 am

Silvers wrote:Plus, SAFC losses will have helped his tax returns.
Am sure his company will have benefited too from hefty 'admin' fees paid to them.

He could have dissolved safc and wiped us out of existence...... but he didn't....

Well done that man..
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Re: Does this change your view of Short

Post  oxfordshire on 2018-08-02, 7:41 am

What a great investment it turned out to be for him. Poor advice, naivety or what? He should have known better but we should be very grateful that after all the huge mistakes he had the acceptance that he needed to draw a line under his tenure and that was a very costly line. I don't thank him for what happened under his ownership but I do thank him for finally providing a great platform for the new owners to get the club back to where it belongs.
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