Last year, Sunderland’s owners purchased the team from Ellis Short using £32 million in Premier League parachute payments.
Based on evidence obtained by Sportsmail, Stewart Donald, the chairman, and Charlie Methven, the executive director, only used £5 million of Donald’s funds during the £37 million buyout that was carried out to acquire control of the team a year ago.
If they proceed with their plans to sell for £50 million, they could both suddenly profit millions, even though no laws will have been broken.
On Wednesday night, Donald declared that the takeover required a payment of “£15 million plus the parachute payment of £25 million from last summer.” However, data indicates that about £10 million of the initial payment was actually parachute money.
A popular character among the supporters, the chairman of Sunderland also reaffirmed his commitment to the team ahead of Sunday’s League One play-off final against Charlton.
“The idea that I am going to leave Sunderland in the near future, having made a quick profit,” he declared, “is just incorrect.”
However, the intention to sell to a new owner is made obvious in letters obtained by this newspaper.
Sunderland supporters may honor two men they consider to be their team’s heroes if Sunderland defeats Charlton on Sunday and earns promotion back to the Championship.
However, Stewart Donald and Charlie Methven made an agreement with former owner Ellis Short to purchase the team with Premier League parachute money, as revealed by a Sportsmail investigation.
They have only recently acknowledged that this was a key component of a deal that saw Donald contribute just £5 million of his own funds to the £37 million buyout, following this newspaper’s challenge.
They stand to gain a fortune if they are successful in their plan, which has not violated any rules or regulations, to sell Sunderland within a year. If their £50 million asking price is met, Donald would take home about £37 million, while Methven would receive about £3 million for his investment.
They have only recently acknowledged that this was a key component of a deal that saw Donald contribute just £5 million of his own funds to the £37 million buyout, following this newspaper’s challenge.
They stand to gain a fortune if they are successful in their plan, which has not violated any rules or regulations, to sell Sunderland within a year. If their £50 million asking price is met, Donald would take home about £37 million, while Methven would receive about £3 million for his investment.
They succeeded Short as owners and proclaimed Sunderland “debt-free.” Although Short did consent to wipe off the majority of the club’s £150 million debt, Sportsmail can now establish that Sunderland, not Donald and Methven, paid around £32 million of that debt through parachute payments once the takeover was finalized.
Methven got the remaining four percent, while Donald took home ninety-four percent. They pledged to get back in touch with the disgruntled fans of the team.
All that matters on Sunday is whether or not Sunderland can defeat Charlton. Maybe those two men in the Royal Box will become the talk of Weirside if they succeed. But there will have been a price to pay for the team to be back in the English football second division.
The Sunderland academy, which has long been the team’s pride and joy, may soon lose its ranking as a Category One institution, according to sources.
Since a sizable portion of the parachute money has been spent, any new owner will need to fund the club entirely with their own funds.
One insider claimed on Wednesday, “They have been portrayed as Batman and Robin.” “Well, the deal is not exactly what we had anticipated. Let’s wait and see what transpires.”
Insiders are worried about whether Donald has the money or the will to keep funding Sunderland.
Methven maintains that Donald may still control “25 to 55 percent” of the company’s shares, but Sportsmail has access to correspondence that reveals both Methven and Donald want to sell for a profit of £50 million.
There won’t have been any infractions of laws or rules. However, the two men who won over Sunderland’s supporters with their long-term idea of “a family club” would be substantially wealthier when they returned to their own Oxfordshire family homes.
“Juan Sartori and I have had to inject our own money and continue to do so even now, effectively writing down the £25 million parachute payment that was advanced to Ellis, instead of having the parachute payment from last summer to settle these debts.” I’m very clear that my long-term goal is to keep a sizable interest in the club.
The idea that I’m going to leave Sunderland soon after realizing a swift profit is untrue.
However, Sportsmail has data that shows £9.6 million of that initial £15 million payment was also funded by parachute funds that were already present in Sunderland’s bank accounts.
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