Sunderland fans have been left furious at being “misled again” as ownership revelations emerge, making for surprise reading.
Supporters discovered via Kyril Louis-Dreyfus that the club’s former owners still hold a majority share.
Fans were thrilled a year ago at what they thought was a new majority owner when Swiss trust-fund billionaire Louis-Dreyfus completed his takeover.
Sunderland fans furious at being “misled again” as trust-fund billionaire chairman Kyril Louis-Dreyfus reveals former owners Stewart Donald & Co still hold majority share in club #safc https://t.co/GENTWULaTw https://t.co/f20HQBcrG4
— Craig Hope (@CraigHope_DM) February 15, 2022
It was known then that the Madrox group consisting of Stewart Donald, Juan Sartori and Charlie Methven had retained what was believed to be a minority shareholding, say the Daily Mail.
However, after a number of months speculating and having their questions unanswered, Louis-Dreyfus has confirmed he owns just 41% of the club.
Donald (34%), Sartori (20%) and Methven (5%) hold the remaining shares which, if acting as a group, means Madrox is the majority stakeholder and the ‘new era’ promised by Louis-Dreyfus was misleading.
However, Louis-Dreyfus insists he has control of the League One club, who appointed Alex Neil as their new manager last week after a failed pursuit of Roy Keane, believed to be the preferred choice of the Madrox members.
It’s also understood that Donald and Co signed off on the financials of the deal for the new boss and are still contributing on a pro-rata basis when it comes to club funding.
‘As previously stated, I have executive control of the running of the football club – something that was a fundamental requirement upon the purchase of my shares – and the executive management team report directly into me on a day-to-day basis,’ said Louis-Dreyfus in a statement to supporters.
‘Over the past 12 months, SAFC has required significant shareholder funding as part of our ongoing investment within the club and as a result of the lasting financial challenges from the pandemic.
‘Substantial investment will continue to be required moving forward to ensure we fulfil our collective objectives and all shareholders remain wholly committed to honouring their respective financial obligations.’
Accountant Chris Weatherspoon wrote on Twitter: ‘The simple truth is that fans have been misled again. Coaxed into supporting a falsehood. A new “owner” had a chance to rebuild trust and he’s blown it to bits.’
Since then, Stewart Donald and Charlie Methven respond to the Sunderland ownership revelations.
Donald issued a statement, insisting his ‘only active involvement’ has been to fulfill his funding commitment, while declaring he would be ‘happy’ to sell his remaining shares under the same terms previously agreed.
A spokesman told the Athletic : “When Kyril Dreyfus arrived last year as SAFC’s major shareholder, Stewart was happy to hand over control of the running of the club to him and, together with Charlie Methven, voluntarily waived their right to be on the board.
“From that moment on — with Kyril Dreyfus and Juan Sartori being on the board — Stewart’s only active involvement has been covering his pro-rata funding commitment.
“In the period directly preceding Kyril Dreyfus’ arrival in February 2021, the combined effects of COVID and the Alvarez case (where the Court of Arbitration for Sport ruled Sunderland must pay former winger Ricky Alvarez £4.7 million in compensation last January) necessitated cash injections from the then-shareholders (Madrox) of £11.35 million into Sunderland AFC, as revealed in the accounts published last summer.
“Subsequently in Kyril Dreyfus’ first year in charge, the amount required has been £8.1 million to date, which is expected to rise to around £10 million by the summer (making total shareholder funding more than £21 million in less than three years).
“Throughout that time, in common with all shareholders, Stewart has contributed his share of financing pro rata to his shareholding.
“He has made it clear throughout that he is happy to sell the remainder of his shares internally to the other shareholders at the same level he has already accepted initially.”
Charlie Methven said: “I have deliberately not taken up my seat on the board because, just like Stewart, I don’t want to have an active role in the running of the club.
“Like Stewart, I would be very happy to sell my shares. But, in the meantime, I will continue to provide my share of the financing of the club.”
Sunderland fans said they were furious at being “misled again” as ownership revelations emerge, some were more sympathetic and other Twitter users took the mick…
THEY’VE GOT 25 OWNERS, NO ONE KNOWS!.. SUNLUNS A MASSIVE CLUB ! 🙌 🤣 🤣 #SAFC Who’s laughing now. #NUFC 🙋♂️🎉🤣 pic.twitter.com/LmaZf7acoV
— Paul Mann (@16Manzy) February 16, 2022
— Goelinton (@Goelinton) February 15, 2022
— Ross Clegg (@C13GGR) February 15, 2022
@Steveuk2030: #SAFC fans maybe planning a protest for their next home game by walking out on the 59th minute, I feel sorry for them to be honest, imagine having to watch that shite for 59 minutes 🤣
@PKMNO9: No-one will convince me to feel sorry for Sunderland fans in their current plight. The mackems who I know, hailed Mike Ashley for trying to rip our soul out. Now it seems the shoe is on the other foot. No sympathy whatsover. #safc
@GrahamColeman09: It’s all coming out in the wash now….
@fans_toon: 🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣
@LouisBooth92: We need to get promoted for Madrox to make their money and leave. Who comes up with this shite, wake up man We will never get promoted with them clowns in the club. #SAFC #MadroxOut
@Jakew2k9: Look I know it’s funny to laugh at Sunderland but this whole crap about lying to the fans about who owns the club is shambolic. The fans deserve better #safc #nufc
@SR19__: I dont know whats worse. Them being involved or them not being involved and having a majority share holding between them. Utterly bizarre. Methven also saying hes doesn’t want to have an active role but attending games and being seen on “club business” is very fishy indeed #SAFC
@MarkDunn8786: Do I feel for them being in the position they’re in? No.
But do I feel for their fans given that we know the pain of being under shit, lying ownership for years? Also no.
@PaulDav86486288: Sunderland fans fewm as they find out that not only have they been conned into thinking they’d been taken over, now find out that Jermaine Defoe hasn’t actually resigned , he was only at the club to collect a bottle of aftershave that he left in his locker ! #nufc #safc
@handsom83686717: If anybody thinks that I am going to be so childish as to take have a right laugh at the state of #SAFC after the latest boardroom shenanigans, then you’d be absolutely right. #NUFC 😆
@mtaylor2410: However funny it is watching Sunderland atm explode with something new each week I would like to see them back in the premiership I miss the derby and tbh they have better fans than most southern teams. #NUFC #SAFC #PremierLeague
@TFMick1892: The truth for @SunderlandAFC fans was they lapped up Stewart-Donald, promoted them on podcasts etc. They swallowed the nonsense of ‘ney debt marra’, ignored the leveraged buy out of #SAFC and conspired in the lie with a staggering gullibility. We warned them. Fools rushed in 😀
@DavidBeattie86: When’s the next @NetflixUK series out? I’ve been looking for another comedy series… #safc
@tazzlor___: People saying that protesting is embarrassing do you not think being in league 1 for what’s looking like 5 years is embarrassing? Do you not think having a man in charge who’s repeatedly insulted our intelligence because we’re northern is embarrassing? #safc
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