Slightly inconveniently, I'm away for the weekend. I'll look to do analysis of the #SAFC financials when I can, but it may be a few days.

In the meantime, here are some headline figures and observations. There's a lot to unpack, so apologies in advance for any gaps:

#SAFC income fell 5% to £59m. That's actually a good result, given parachute payments of £34m were 18% down on 17/18. Gate receipts improved a healthy 31% to £8.6m, reflecting an average league one crowd of over 32k.

To give credit where it's due, Charlie Methven and Tony Davison's commercial drive paid off. All types of commercial revenue increased in 18/19, despite #SAFC inhabiting a division lower than a year previously.

In terms of costs, #SAFC's current owners have repeatedly discussed the success they've had in cutting club expenditure.

Player wages fell 43% to £27m, having already fallen 45% in 17/18. That's a big drop - reflecting departures - but also the highest wage bill in L1 history.

Elsewhere, much has been made of #SAFC previously losing £30m a year. This was both slightly exaggerated and a tad misleading: the £20m loss in 17/18 included £12m of player values written off, a one-off cost.

After accounting for staff wages, fixed asset depreciation, amortisation on player contracts and cost of sales (e.g. on merch), I calculate that #SAFC's remaining expenses in 18/19 were still a hefty £14.3m.

That's a clear indication that sustainability in L1 is impossible.

In terms of player trading, #SAFC recorded £100k profit on player sales from August 2018 to July 2019. The club received transfer fees for outgoing players of £6.4m.

#SAFC spent £4.8m on new players in 18/19. Fees are known to have been spent on Grigg, Wyke, Baldwin and O'Nien.

Despite performing well in terms of revenue, #SAFC posted a loss of £11.2m in 2018/19. The reason for that is simple: a £20.5m debt owed by Madrox Partners to #SAFC was written off in the year.

In essence, that reduced the benefit to #SAFC of 18/19 parachute payments to £14m.

That write-off is reflected in the accounts of Madrox Partners, who correspondingly reported a profit of £20.5m. It's impossible to say for certain, but it looks highly unlikely that Madrox partook in business activities beyond owning #SAFC.

The group's cash flow appears in the parent company, SJD Leisure Holdings. We can see how much of his own money Stewart Donald has put into the group (and correspondingly, #SAFC).

In 18/19, SD put in £6.2m. Added to the figures of 17/18, as at 31 July 19, he was in for £11.2m.

Given Madrox told @SunderlandEcho in May they had committed £14.1m to the end of 18/19, and Charlie Methven's shareholding company filed dormant accounts, it stands to reason that as at 31 July 19, Juan Sartori was in for £2.9m.

That's reflected in the Madrox Partners accounts, where £14.252m is owed to 'Other creditors'. Those are the amounts loaned in by the current Madrox shareholders.

A curious element in the Madrox accounts:

The cost of investment in #SAFC increased £146k, in spite of Madrox writing off £20.5m of amounts owed to #SAFC. That £146k could (should?) have been put against that debt. It wasn't, and it has increased the 'cost' of #SAFC to Madrox.

Going back to the club accounts, the club's highest-paid director received £124k. This is believed to be, but not confirmed as, the remuneration of Charlie Methven. Directors received £285k in total.

The club paid out £320k to related parties for the services of key management personnel. Not confirmed here, but has been reported elsewhere as the amounts paid to Methven via his advisory firm, and to Millwood Enterprises, whose directors include Stewart Donald and Neil Fox.

Worth noting that accounts across the group appear to have been signed off back at the end of January 2020. That begs the question of why the option to delay publication of the accounts three months, to today, was taken.

As the current owners are keen to tell us: the accounts confirm #SAFC as debt-free. The removal of £6m p/a in finance costs is clearly helpful.

But on effective income of £38m (after removing £20.5m write-off), #SAFC still lost £11.2m. In a year where L1 football was a novelty.

Going forward, costs will reduce further. That £27m wage bill will and has fallen significantly again. But so will revenues and, as detailed, the club's infrastructure results in high fixed costs that will need to be met, regardless of which division #SAFC are in.

There's likely stuff I've missed, but the above is hopefully a decent summary of the main highlights.

Assuming you've made it this far, I'll look to do some real in-depth analysis, with nerdy graphs and the works, when I can.

As for now, I'm off for a pint

KTF