-
Posts
642 -
Joined
-
Last visited
Posts posted by Raich Carter
-
-
I totally understand what they're trying to do:
1) Have the 'fit and proper' process for any new owners to stop 'baddies' getting into the game
2) Ensure clubs don't over-spend to the detriment of the competition and the club itself
However...
When the worst happens, as has for us and other clubs, when the EFL apply the penalties, are the correct people being punished? Mel knew the risk he was taking and he lost some money but the club could actually disappear because of his actions - not something we signed up for as fans.
So whilst I appreciate the EFL have a job to do, by applying points deductions to the club, they actually compound the clubs problems by reducing our revenue and potentially sale'ability to new owners. This can't be right... can it?
The clubs themselves (if we define that as the entity of us as fans and the collective interest that is DCFC) have done nothing wrong. The owners and money men are using the club as a vehicle to make money. If that doesn't work, they lose a bit of money but our club is damaged significantly.
There's a whole generation of kids that won't follow DCFC now because we'll be in League One so that sends us down a notch in terms of fanbase which in turn reduces our revenue which makes it less likely for us to return to the Prem. It's a very, very vicious circle caused by money men who don't truly have the balls, money, skill or luck to see it through.
-
25 minutes ago, Grumpy Git said:
In my experience, their bill is always the amount left-over (less 5p) after the preferential creditors have been paid. I've been on the wrong-end too many times so have been party to all the paperwork involved.
I get that - my point is why be angry at the administrators? They're just doing what they're paid to do and of course they should be paid for their work else there'd be no-one to do it! There are less expensive administrators out there, I'm sure.
-
23 minutes ago, Grumpy Git said:
An observation regarding administrators;
business X has not enough cash to pay it's debts yet administrators charge eye-watering amounts per hour for their services (£500/hr senior staff and £150/hr for an office clerk not uncommon) and THEY ALWAYS GET PAID, go figure!
Why would they do it if they weren't going to get paid?
And if a company is big enough to have millions of debts then probably justifies the high rates. Now, if you're asking if £500 ph for a pleb who can count beans is fair, that's a different question! ?
-
Tell you what, let then crack on and we'll the do the same against QPR (or the EFL) for considerably more $ as they went into the Prem after demonstrably breaking the rules (i.e. they were fined).
And if you look back at it, I'm sure there are lots of other similar cases so let them go for it, if they win then there's no reason why we can't do the same and get, what, £150m back? Problem solved.
PS Obviously none of this will happen.
-
50 minutes ago, IslandExile said:
It was my understanding that directors of failed companies can be disqualified from holding similar positions again for a period of time.
However, someone has already said that wouldn't apply in Wassall's case because he was an 'operational director'.
TBH I don't know what I'm talking about. I'm just fearful of us losing academy staff and products.
LOL! Fair enough! And I agree - given the focus and investment, it would be crazy to lose any of the benefits.
Regardless of his job title (i.e. Operational Director, cleaner or CEO), if he's a director of the company then he's legally responsible for the affairs of the company - i.e. that he should act in the best interests of the company. So, if he was aware that the company was doing anything illegal, then the Limited Liability aspect is irrelevant and he could be personally liable for the actions of the company. However, if he does act correctly (as I'm sure he would), then his own personal liability is Limited - hence the term Limited (Liability) Company. In essence, the Company exists to limit ones personal exposure to risk - as long as you don't break the law. It works quite well.
So it wouldn't be an issue for Dazza at all that they went into administration as long as he wasn't aware they were trading insolvent or equally dodgy stuff. The fact we've gone into administration rather than stop paying staff and players, etc actually suggests the directors are doing the right thing so it could be that Dazza resigned because he's moving on, wants no part of it or just because there's no point in him being a director as it'll all being sold off.
In short, lots of reasons why he might resign.
-
On 18/09/2021 at 14:23, IslandExile said:
Out of the Directorship will remove any penalties following administration.
What do you mean bud?
-
1 hour ago, RadioactiveWaste said:
"Once you can fake the sincerity, the rest is easy" - Tony Blair.
The original of that is:
"The secret of success is sincerity. Once you can fake that you've got it made." (possibly) by the same (French) bloke as:
"Only the mediocre are always at their best" - Quite like that one.
-
1 hour ago, MackworthRamIsGod said:
Are you trying to tell us that Tom Inces mum is going to be our new owner?
It's a consortium of Sam Rush (transfers), Tom Ince's mum (finance) and Lee Camp's dad (team/fans/management relations) with Peter Ridsdale as footballing advisor. They couldn't screw it up any more than the current lot have.
-
Or.. our new billionaire, philanthropic, FFP-savvy owners go for Mbappe, Kante and Virgil as our new spine and build out from there...
Seriously, I hope we have new owners in place by then so hopefully won't lose those that we don't want / need to.
-
4 minutes ago, G STAR RAM said:
Anyone has still yet to explain where this figure of £60m is coming from?
It might be one of those things that someone mentioned in passing as an example that became a de facto 'fact'.
We understand there's £27m owed to HMRC and £6m in transfer fees (£33m). Obviously the stadium was valued at £80m but realistically that's surely going to be more like £30m in real terms... if Mel is true to his word about effectively writing off his investment and helping new owners. Then there's the MSD money which I'm not sure is actually for but it's around £9m I think (could be wrong) so that's circa £70m and I'm sure there are more skeletons in closets so it feels like the £60m is actually low-balling it.
-
He has a very interesting tone - not quite but almost disinterested / disconnected. He sometimes sounds bothered but often just quite cold and calculated. He doesn't get ruffled at all but I thought the whole 'that's a great question' was patronising.
My 2p is that he's going to try and recover some of his money via selling the stadium back but they're talking about £60m to get the club out of debt / admin but not sure if that includes the (£80m?) stadium...
Most likely case for him is £200m investment - £30m return. That's gotta hurt...
-
12 minutes ago, Pearl Ram said:
So, to the poster wondering if Morris’s health was an issue that prevented him from informing Rooney the club were about to go into administration, this interview kind of blows that out of the water (thankfully)
Though not impressed with Morris, I do hope his health issues are behind him. Now, I won’t listen to the interview myself as I don’t believe it will be an honest account of what is going on. Subsequently I won’t comment on any posts that relate to the interview.
You won’t know unless you listen to it… I don’t think any of us has any idea what he’s going to say really. It could be a bombastic, ‘it’s all ok’ or a 20 minute apology. Let’s see
-
-
13 minutes ago, GenBr said:
Didnt we take a loan with the stadium as security? Which we now lose to Dell no?
This is what the administrators decide. Basically, the board are no longer involved in the key decisions so the administrators make decisions based on short-term financial aspects. So, if MSD/Dell/Mel want £1m per match to play at PP and that's a 'good thing' according to the administrators, then that's what we'll do.
Equally, we won't sign a single player unless we absolutely have to as they won't really have a view on performance, investments, etc - just the day-to-day functions to keep it viable.
I'm obviously exaggerating to prove my point but administrators deal only (pretty much) in fact.
I suspect someone will step in in a few months once the worse of it has been sorted. Basically, the creditors have to agree to an offer so let's say it's Mel and MSD who are owed the most, it's them that would have to agree to 10p in the £pound from new owners to settle their debts and come out of administration.
Unless, of course, this has already been done either as a pre-pack or off-the-record. I'm saying nothing on that score but would remind readers of the videos recently released regarding Mel's alleged approach to such deals...
-
I suspect DW resigned as a Director to avoid any issues with fiduciary duties and the like (i.e. protecting himself) but definitely could still be an employee and therefore potentially a manager option (it would make (some... maybe) sense if we're to use Academy players for the next 3+ years to have the guy that ran the Academy running the first team) if Rooney is deemed too expensive. I don't see Rooney walking.
-
1 minute ago, GenBr said:
Wass as in Wassal? He's already left hasnt he?
I did mean Wassall. Can’t see confirmation that he’s left anywhere tho…
-
If the administrators decide we can’t afford his wages then he’ll be gone unless he takes massive pay cut I’d imagine.
And then it prob would be Wass or Rosenior for the reasons mentioned.
Or give Rammy a stab at it…
-
1 hour ago, jimtastic56 said:
One of the most annoying parts of the debacle is that for the last 2 years is 50% of us saw it coming . The other 50% insisted on ridiculing us. We should have protested more as a group before it got to this.
Ah, the good old ‘told you so’! ?
-
4 hours ago, RedSox said:
Whilst I agree with your sentiment, surely if they want to see the back of Mel, they wouldn’t hinder his chances of selling, which is exactly what the impact of this drawn out saga is delivering!
Agreed but they have to be seen to be taking action to prevent reoccurrence perhaps?
-
17 minutes ago, simmoram1995 said:
It’s Mels money that he’s thrown away , overspent on crap , circumvented the efl rule book if we protest he’s threatened to walk so surely if Mel walked without a buyer what would happen ?
It's not necessarily Mel's money per se (in the abstract sense in that the investments are mostly loans, etc). He is obviously looking to get as much money back as he can. He may write some of it off but I don't believe he's in the Lionel Pickering 'ah fk it' camp and is prepared to write it all off! Let's say he's invested £50m - I'd imagine he wants at least £25m back.Obviously it's not as simple as that because of who owns what and I've no doubt that he'll link some of his investment to long-term results from the academy (i.e. perhaps a percentage for the next 10 years of all transfer fees from academy players) but anyway, the point of it is, if we truly went into administration then he'd be a creditor so would get 20p in the £ or whatever the agreement is that (even preferential) creditors get.
With regard to protesting against the EFL - to be sure that your feelings are not just frustration at the (awful) situation then perhaps you have to ask what their motivation is. If you believe them to be corrupt then fair enough, protest away. However, they strike me as inept and a bit naive but they're ultimately trying to stop people like Mel doing what he's done to DCFC...
So we might not like it as we're the 'target' but ultimately, it looks like we've cheated (repeatedly) and as such, their focus should be on getting Mel out and more... stable owners in. I don't think they have a vendetta against DCFC (why would they) but perhaps (and with some merit) believe Mel isn't good for the league or DCFC.
-
6 hours ago, Jubbs said:
What was the last "high profile ricket" ?
Remember the Florist game…? That was 50/50 tbf but Sky defo called it a ricket. I’m all for backing him but as has been as has been said, let’s not get too carried away just yet.
-
3 hours ago, atherstoneram said:
Don't forget the fact that when he took over we were £15M in debt with a ground to call our own. Now it is around £50M with no ground or training facilities to call our own. Brilliant.
I’m not a MM hater but you can’t really argue with that. Good summary but perhaps we could add that the squad is also worth less…
-
Totally agree with the dirt cheap tickets. Let’s get the ground full and kids in at an early age to expand the fan base. I’d charge the going rate for away fans tho. I have zero loyalty to them as they do to us.
I would 100% have a director of football who would ensure the long term vision of the club is seen through from academy to 1st team and it’s prob be Nigel or someone else with an affinity and love for the club. I’d like players like Eranio to be involved - class players with an affinity to us but also experience. Obviously they’d need to be decent coaches etc but I think it helps the fans identify with the club better when it’s made up of old heroes. I mean, if the coaching staff we have now, we have zero history with them so we basically don’t trust or know them. I’d get some reassurance that if Lee Carsley was in the dressing room that we’d have someone not just there for the money. Not sure I could say the same of gangster Stimac but you get my point!!! ??
-
4 hours ago, Ram1988 said:
I'd love it if we could get Daniel Sturridge, I think he could be a difference maker for us. Other than that I would be tempted to invite a couple of free agents (fowards)% to train with us if we had any hope of getting out of this embargo.
I suspect he’s so wealthy and has enough other interests that he just couldn’t be bothered. I’m not sure he’s one of those with a love for the game and I suspect it’ll take £20k pw to get him ‘motivated’.
Same applies to Wiltshire etc I guess. Or it could be that some of them would play for Wazza but we literally don’t have 2p to rub together (which I’m sure is the case).
Is the EFL punishment process correct?
in Derby County Forum
Posted
That's an excellent idea. I was conscious that I didn't have have an alternative and what you say is a much better model. I wonder if that's how they work in the EFL? I'm sure they don't operate like us.