PistoldPete

The description in the accounts was made in 2015/16. Personally I though it was obvious that "residual values" meant residual value during the contract, not at the end of it. If they really thought, on the basis of how it was described then, that  we were doing something as stupid as assigning players non-zero values at the end of contracts when they could leave on a Bosman, why did they wait until January 2020 to do anything about it, and why did they not check with us first before charging us and only then having to drop the silly charge?
 
 
 
 

No evidence for that whatsoever.

I would rather stick pins in my eyes than listen to a podcast featuring Kieran maguire. 
 
as I have said there is nothing funny either about COVID or Derby’s financial difficulties. And if it was a prod at Mel Morris, how come the administrators , who are genuinely professional accountants with real business experience also cited COVID as the reason for the administration? 
 
anyone with actual business experience would realise that a sudden collapse of two thirds of your revenue is a financial catastrophe which no one could have expected.

Exactly. The timing is significant. The applications were required by end of July 2020 , the IDC verdict was on 25 August which found us substantially not guilty. 
 
so that’s entirely consistent with us applying for an extension pending satisfactory resolution of the charges pending.
 
so still the Efl trying to swerve the main issue which is that it is their own charges that made us ineligible for the loan.

I would rather stick pins in my eyes than listen to a podcast featuring Kieran maguire. 
 
as I have said there is nothing funny either about COVID or Derby’s financial difficulties. And if it was a prod at Mel Morris, how come the administrators , who are genuinely professional accountants with real business experience also cited COVID as the reason for the administration? 
 
anyone with actual business experience would realise that a sudden collapse of two thirds of your revenue is a financial catastrophe which no one could have expected.

It isn’t the letter of the law. EFL are not bound to pursue points deductions for FFP breaches. They are not forced to fo anything.

From EFL statement 17 September
"The EFL entered into a debt raise to provide its Clubs with access to funds that would support them in dealing with the impact of COVID and, as with any loan, this was subject to a timeframe and eligibility criteria which Derby County was unable to meet."
 
So here they say we are unable to meet the eligibility criteria, which according to media reports included not being "suspected of breaching EFL rules". So because they accused us of breaking the rules, (mere accusation being enough) and because they agreed criteria that by definition excluded us from eligibility we didn't get the loan? And now they are saying its because we didn't apply.
 
Quite frankly this goes beyond spin , it is deliberately misleading and dishonest from the EFL. 

Their official statement said we were not eligible. Now they say we didn’t apply… well why apply for a loan you know you are not eligible for ? I haven’t applied for any £8 million loans either, for the same reason. As usual disingenuous in the extreme from EFL

Well yes .. and all the stories leaked to newspapers saying they had an independent valued who had valued the stadium at much less than Derby’s valuation. 
 
conveniently ignoring the fact that as Mel said on his interview with RD, Derby had used an independent valuer too… one who had considerably more standing and competence.
also the newspapers were told Derby had amortised players to non zero values at the end of their contracts. Also completely untrue . 
 
during the dispute with Efl , both sides were supposed to say nothing, yet the Efl version of events was always leaked to the media. 

Well yes .. and all the stories leaked to newspapers saying they had an independent valued who had valued the stadium at much less than Derby’s valuation. 
 
conveniently ignoring the fact that as Mel said on his interview with RD, Derby had used an independent valuer too… one who had considerably more standing and competence.
also the newspapers were told Derby had amortised players to non zero values at the end of their contracts. Also completely untrue . 
 
during the dispute with Efl , both sides were supposed to say nothing, yet the Efl version of events was always leaked to the media. 

I would rather stick pins in my eyes than listen to a podcast featuring Kieran maguire. 
 
as I have said there is nothing funny either about COVID or Derby’s financial difficulties. And if it was a prod at Mel Morris, how come the administrators , who are genuinely professional accountants with real business experience also cited COVID as the reason for the administration? 
 
anyone with actual business experience would realise that a sudden collapse of two thirds of your revenue is a financial catastrophe which no one could have expected.

I would rather stick pins in my eyes than listen to a podcast featuring Kieran maguire. 
 
as I have said there is nothing funny either about COVID or Derby’s financial difficulties. And if it was a prod at Mel Morris, how come the administrators , who are genuinely professional accountants with real business experience also cited COVID as the reason for the administration? 
 
anyone with actual business experience would realise that a sudden collapse of two thirds of your revenue is a financial catastrophe which no one could have expected.

Exactly. The timing is significant. The applications were required by end of July 2020 , the IDC verdict was on 25 August which found us substantially not guilty. 
 
so that’s entirely consistent with us applying for an extension pending satisfactory resolution of the charges pending.
 
so still the Efl trying to swerve the main issue which is that it is their own charges that made us ineligible for the loan.

The fact they had our stadium 'valued' by a valuer that had zero experience in valuing football grounds, and appointed an expert witness on the amortization issues that had no experience with football finances or day-to-day accounting, would be a decent starting point.  And all at the expense of the other clubs in the league too.

From EFL statement 17 September
"The EFL entered into a debt raise to provide its Clubs with access to funds that would support them in dealing with the impact of COVID and, as with any loan, this was subject to a timeframe and eligibility criteria which Derby County was unable to meet."
 
So here they say we are unable to meet the eligibility criteria, which according to media reports included not being "suspected of breaching EFL rules". So because they accused us of breaking the rules, (mere accusation being enough) and because they agreed criteria that by definition excluded us from eligibility we didn't get the loan? And now they are saying its because we didn't apply.
 
Quite frankly this goes beyond spin , it is deliberately misleading and dishonest from the EFL. 

I think the Efl name and Shame process can start with Statements made in March 2019. In a public statement they said Birmingham were the only club found to be in breach of rules for the period ending 2017/18 .
so either they had investigated Derby and found nothing wrong , or they were still investigating Derby in which case the Birmingham statement was misleading at best.
it would be reasonable for anyone from Derby to read that and think our accounts are fine, Efl has found nothing wrong.

The outstanding tax bill will not be paid in full. Some of it is not a preferred creditor status and even preferred creditor status does not mean you get paid in full.

Exactly. The timing is significant. The applications were required by end of July 2020 , the IDC verdict was on 25 August which found us substantially not guilty. 
 
so that’s entirely consistent with us applying for an extension pending satisfactory resolution of the charges pending.
 
so still the Efl trying to swerve the main issue which is that it is their own charges that made us ineligible for the loan.

I would rather stick pins in my eyes than listen to a podcast featuring Kieran maguire. 
 
as I have said there is nothing funny either about COVID or Derby’s financial difficulties. And if it was a prod at Mel Morris, how come the administrators , who are genuinely professional accountants with real business experience also cited COVID as the reason for the administration? 
 
anyone with actual business experience would realise that a sudden collapse of two thirds of your revenue is a financial catastrophe which no one could have expected.

I would rather stick pins in my eyes than listen to a podcast featuring Kieran maguire. 
 
as I have said there is nothing funny either about COVID or Derby’s financial difficulties. And if it was a prod at Mel Morris, how come the administrators , who are genuinely professional accountants with real business experience also cited COVID as the reason for the administration? 
 
anyone with actual business experience would realise that a sudden collapse of two thirds of your revenue is a financial catastrophe which no one could have expected.

That all sounds very garbled and not consistent with publicly available information.
 
are they saying the loans had to be repaid by 31 July 2021? And we couldn’t commit to that ? If so Well I wouldn’t be surprised .. what’s the point of a loan to cover losses from COVID that needs to be repaid whilst those losses are still accumulating? 

From EFL statement 17 September
"The EFL entered into a debt raise to provide its Clubs with access to funds that would support them in dealing with the impact of COVID and, as with any loan, this was subject to a timeframe and eligibility criteria which Derby County was unable to meet."
 
So here they say we are unable to meet the eligibility criteria, which according to media reports included not being "suspected of breaching EFL rules". So because they accused us of breaking the rules, (mere accusation being enough) and because they agreed criteria that by definition excluded us from eligibility we didn't get the loan? And now they are saying its because we didn't apply.
 
Quite frankly this goes beyond spin , it is deliberately misleading and dishonest from the EFL. 

I would rather stick pins in my eyes than listen to a podcast featuring Kieran maguire. 
 
as I have said there is nothing funny either about COVID or Derby’s financial difficulties. And if it was a prod at Mel Morris, how come the administrators , who are genuinely professional accountants with real business experience also cited COVID as the reason for the administration? 
 
anyone with actual business experience would realise that a sudden collapse of two thirds of your revenue is a financial catastrophe which no one could have expected.

I would rather stick pins in my eyes than listen to a podcast featuring Kieran maguire. 
 
as I have said there is nothing funny either about COVID or Derby’s financial difficulties. And if it was a prod at Mel Morris, how come the administrators , who are genuinely professional accountants with real business experience also cited COVID as the reason for the administration? 
 
anyone with actual business experience would realise that a sudden collapse of two thirds of your revenue is a financial catastrophe which no one could have expected.

I would rather stick pins in my eyes than listen to a podcast featuring Kieran maguire. 
 
as I have said there is nothing funny either about COVID or Derby’s financial difficulties. And if it was a prod at Mel Morris, how come the administrators , who are genuinely professional accountants with real business experience also cited COVID as the reason for the administration? 
 
anyone with actual business experience would realise that a sudden collapse of two thirds of your revenue is a financial catastrophe which no one could have expected.