FPP Sunderland dissolved: What it means for a Sunderland takeover and the $12million loan
FPP Sunderland Limited is set to be dissolved – but what does it actually mean?
Here’s a look at what the decision means for Sunderland, Stewart Donald and the impending takeover of the club:
What is FPP Sunderland and why was it set-up?
FPP Sunderland was set-up in September 2019, as American investors Glenn Fuhrman, Robert Platek and John Phelan entered takeover talks with Sunderland AFC.
Ultimately, after talks cooled, no deal was forthcoming and instead a $12million investment was agreed.
Why has the company been dissolved?
FPP’s reasoning behind the decision is unclear, but given the company has essentially lay dormant since its foundation, they may feel there is little relevance in leaving the company running
What does it mean for a potential takeover of Sunderland AFC?
Very little. The dissolving of this company does not mean FPP Sunderland - or the individuals involved - won’t mount a takeover of Sunderland AFC in the future.
They would simply need to purchase shares individually
Does it have any effect on the charge registered by FPP Sunderland?
No. FPP Sunderland LLC remains a registered company in Delaware, where they were initially formed, and Stewart Donald and his Madrox Partners company will still have to repay the $12million loan sealed in November.
Therefore, the charges registered against the Stadium of Light and Academy of Light, among others, remain very much active.
What has been said by Sunderland AFC and FPP Sunderland?
Donald, speaking after publicly placing the club up for sale, suggested it was ‘unlikely’ FPP would mount a full-scale takeover of the club.
He told BBC Newcastle: “I think if they were going to buy it, they would have done so already.
They invested the money on the basis that we would be there to oversee it.
“Their view on it is that they’re 3,000 miles away, they invest in management teams. Their investment was in me.
“So if I’m not there, it’s unlikely I think that they’ll want to take on. Never say never but [I think its unlikely].”
FPP Sunderland have maintained a repeated ‘no comment’ stance throughout the process.