kevinhectoring
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Posts posted by kevinhectoring
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7 minutes ago, JuanFloEvraTheCocu'sNesta said:
So it turns out the EFL will let us sign out of contract players.
Really good news this and suggests Pearce meant it when he said the club was building bridges with EFL. Hopefully we are also agreeing the outstanding P&S returns with them so that the accounts can be filed
- angieram, r_wilcockson and CBRammette
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2 hours ago, CBRammette said:
I dont know what but must be different to other clubs regarding HMRC default as they are not listed as embargoed because of it except Swindon. No point us speculating really as we are all totally in the dark on state of play with everything!
People on here said it was PAYE and that we can’t have any other problems because we’re loss making. But could a gain on the stadium sale have caused problems with HMRC ?
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38 minutes ago, RoyMac5 said:
Well he's already lasted longer than that. What a strange thing for you to put.
Spooky eh? Clarkson would have named the ram Wayne before WR was even a twinkle in Mel’s eye. (Think Rooney started with us in early 2020? )
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14 hours ago, Tyler Durden said:
I don't think I did - you gave two simplistic scenarios, if Rooney keeps us up then he's an astute manager, if he doesn't then no one can blame him cos he had a crap squad to manage.
There's more grey than those two limited black and white outcomes. In my opinion of course.
Noticed that in Clarkson’s Farm, Jeremy named one of his 2 rams Wayne (the other one was Leonardo deCaprio). Leonardo is still going strong but Wayne lasted just 2 years before giving up the ghost.
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6 hours ago, G STAR RAM said:
On top of this the directors would be breaking the law continuing trading if they knew we were insolvent.
If there’s a fair expectation that Mel will plug gaps in cashflow, then they’re not trading whilst insolvent. Still think he will do everything needed to avoid administration etc
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7 hours ago, Charlotte Ram said:
Creditors cannot petition for administration, they can only ask a judge to issue a winding up order, only the directors/owner can ask to be put into administration.
MSD can can if the terms of the repayments or loan are not being met can call in the loan and demand immediate repayment and seize all of the assets they have a charge over, including the stadium and the club, this would seem a far more likely scenario.
If there was going to be an administration, the directors could work with insolvency experts like RSM or Begbies ahead of the administration to engineer a prepack to sell it to a friendly party. However the ramifications are that unless all football related debts are paid the club would be kicked out of the football league, if that hurdle was overcome there is a 10 point deduction, which given the sadistic treatment we are currently receiving seems almost quite lenient.
So to sum up in my opinion Mel would be better hanging on to the club, operating on a Burton Albion wage bill (about £6million) paying down debt like crazy and hoping to stay in the championship for 3or 4 seasons. Our income can be certainly be maintained at around £25-£30 million a year and so debts would reduce very significantly fairly quickly. We need to forget about promotion for many years and concentrate on survival, we cannot compete with the parachute cheats so let’s not spend like drunken sailors ever again, no matter what the supporters want.
I think any old creditor can ask a judge to appoint an administrator. But they can’t appoint out of court.
No the directors can’t sell to a ‘friendly party’, because MSD has security. MSD could engineer this though and if they were working with the directors they could actually do it without triggering administration. But I agree with you, that’s not going to happen for all sorts of reason.I more optimistic than you - I think we’ll be back challenging for promotion in 22/23 if we get through this season
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13 hours ago, Igor Igor Whats the Score? said:
I don’t want to ruin Xmas but 2 x ACL injuries = no longer the superstar we all prayed for at £10M ?
Terry Hennessy. And that was before the word physio existed
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47 minutes ago, Yani P said:
The FA Cup decision is a joke, the penalties for following HMRC covid gudelines are a joke, surely someone should be ripping them to shreds - purely on their unprofessional behaviour and vindictiveness??
It’s absurd for us to be punished for fielding a team against Chorley. But does anyone know what discretion the EFl has? Can they waive a rule? or is a rule change needed and if so what does that take ? (I’m guessing it might take the support of a load of clubs that we have royally pi$$ed off)
ARE they being unprofessional and vindictive? Or are they just saying: them’s the rules and you know our constitution as well as we do so you know that our options are limited
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1 hour ago, Tyler Durden said:
I'm calling it as things are being played out, hence the total vacuum of any serious investor wanting to take on the club.
I've already posted some time ago that the longer it takes for an investor to come in then the likelihood of thst investor materialising becomes more and more remote - you mention when we get free from the pandemic, how long will that be, this year, next year it's totally manyana atm.
I can't see the economy picking up dramatically over the next 12 months, I can't see interest rates rising much if any over that period so we're going to be stuck in that financial rut for a long while yet.
I don’t think the value of the club has anything to do with the wider economy. It’s all to do with the return of fans and whether it will be permanent. So the problem is, how do you put a value on the club in such a volatile environment. Makes it very hard to sell especially when there are fire sales going on around us.
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34 minutes ago, Tyler Durden said:
Derby are not seen as a viable business proposition let's face it.
I don’t know why you would say that. Problem is, how do you value a club in a pandemic? Does freedom day mean revenues will return to normal? Or will we slide back into distanced or even non-existent attendance by fans? Buyers will be cautious and sellers will have the opposite view. So there will be a massive gap between what is offered and what is asked for.
As a result, it’s quite likely the club won’t be sold until we’re out of the pandemic. Because Mel will think, I’d rather fund the short term cash need than give the club away for a song -
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13 hours ago, Charlotte Ram said:
No because it would potentially compromise their security, they would also need a reason and I can assume Mel is keeping up the payments on the loan so why would they.
I think you’re saying that MSD can petition for administration which is what I thought (I wasn’t asking whether they would, I agree with you on that). I think it’s that case that any creditor can petition in fact (but haven’t checked that)
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On 15/07/2021 at 20:31, Charlotte Ram said:
No chance of administration, Mel is the only one who can put the club into admin and it would not help him recover his cash, he is a preferential creditor as are MSD holdings who have a lien on everything according to documents at companies house.
Seems right there’s no chance of administration, because Mel would do what it takes to avoid it. But can’t MSD appoint an administrator?
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11 hours ago, Tyler Durden said:
I'd be satisfied with new owners, Rooney out of the club and a scraped end of season survival again.
Don't ask for much do I.
On your scenario we’ll do much better than survival, so long as Beilik is back at Xmas and we have money to spend in Jan
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On 14/07/2021 at 08:07, Tamworthram said:
Anyone else notice that it was Curtis who lightened the mood and put his arm around Tom’s neck in a playful (and supportive) way? What a man.
Was interested to read this. Yes maybe we will have a group of leaders who will take us forward. Stranger things have happened (to us in the last 12 months)
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On 07/07/2021 at 19:50, QuitYourJibbaJivin said:
Regarding the HMRC payments, surely if we’re not filing accounts with them how can we be paying tax?
You don’t file accounts with hmrc. You file tax returns. If you have not filed accounts with EFL, that does not affect the requirement to file tax returns nor does it affect the requirement to pay tax
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13 hours ago, therealhantsram said:
Pearce was also keen to point out he had nothing to do with that deal. Which I think is a shocking admission in itself for the CEO.
The club is not involved in the sale. The sale is just something that happens to the club. In theory ...
Yes, interesting that Pearce distanced himself from the Alonso episode. But it’s no surprise that he wants to stay around after Mel sells.
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4 hours ago, Charlotte Ram said:
Isn’t this how brokers find deals ? ‘Thank you for your interest. We are not at liberty to disclose the identity of our client at this time but please send us bank references and a list of your advisers and we will take instructions [from our soon to be client ]
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17 hours ago, Charlotte Ram said:
It would appear that the fake Sheik went to great lengths to fool everyone, as he did with Newcastle.
Interesting that Pearce went to great lengths to explain that he was not a ‘fake sheik’. The most convincing explanation of what happened with BZI came from the UAE journalist on SBW who had been told that there was a Mr Big behind BZI who simply changed his mind. This was echoed by a lady journalist in the U.K. (can’t remember who) who said in January that she was informed of difficulties with the ‘investor group’. This suggests Pearce and Mel thought Khalid was the one but in fact he was fronting for an investor who had committed but then backed out. So Pearce would say (defensively) that the Sheikh was genuine in his commitment and perhaps that’s true. But the questions for Pearce are: why didn’t you get a strong contractual commitment early in the process and why didn’t you ensure the controller approved by the EFL was in fact the real controller? It was Mel’s first attempt at selling a club, and he showed that doing something difficult for the first time can result in egg on face. First thing you should do is find an adviser (not a broker as you point out I think) who has seen it all. I’d guess he did not. Doesn’t help that we were in a pandemic - it was a dreadful time to be selling a club. But having stumbled on the first step the performance with Alonso was seriously worrying and raises major questions about the levels of competence at management level at the club.
The reason the ‘he fooled Newcastle and he fooled us’ line is hard to swallow is this: why would a successful, sophisticated, well-connected UAE businessman make bids for clubs that he couldn’t or didn’t intend to buy? He’s surely got better things to do with his time.
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On 12/07/2021 at 22:58, Charlotte Ram said:
Businesses are normally sold on a debt free cash free basis with purchaser coming in covering overheads as soon as contracts are exchanged. They also would have to open their own bank accounts for the business which as we all know is very difficult with current money laundering regulations, it is clear a date for signing completion and exchanging contracts had been agreed and bank accounts emptied prior to that taking place. It is also clear that on the other side, the fake Sheik has a case to answer, although suing him like his own lawyers are doing, is probably throwing good money after bad.
Regarding due diligence although in this case probably due negligence is a more apt description, would NOT have been carried out by Mel and Pearce, the selling party on a deal as complex and large as this would have definitely been outsourced to an M&A specialist of which there very many, and I have lifted their sales role from a company I have dealt with in the past when selling a business.“Privately-held and public companies, and private equity firms around the globe count on our mergers & acquisitions (M&A) team for comprehensive financial advisory services and expert guidance. We assist buyers and sellers by providing in-depth financial and strategic analysis, identifying optimal potential transaction partners, developing creative deal structures, and negotiating complex M&A transaction terms.
Your business is unique. You don’t want an advisor who just shows up when it’s time to sell, you want an advocate. Selling companies for private business owners, corporations, and financial sponsors is our specialty. Our commitment to clients is consistent and simple: get the deal done right and deliver the highest quality outcome – both qualitatively and quantitatively.”
As you can see DCFC would not have the resources to do a full DD on the purchaser, it would take a specialist company to do it, therefore the comments about DD on here are misinformed and not accurate.
I think when all the dust has settled Mel will have a number of lawsuits outstanding, as he has been seriously let down by his advisors.maybe Mel was let down by his advisers. Maybe he uses advisers who tell him what he wants to hear.
The main problem with going with BZI was that the money was (we have been told) coming from elsewhere. That’s a train wreck in the making for a load of reasons, including that the EFl have not approved the right controller. -
2 hours ago, Sparkle said:
WBA outbid Sheffield United then - Brighton have made some money out of Clarke haven’t they?
he was ok for us but a long way from being excellent so good luck to him
Excellent in my book. And a fabulous partner for Buchanan (whose form fell off when Clark was injured).
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2 hours ago, Sparkle said:
sounds like every free kick will be wasted then not to mention potentially corners as well
His corners are usually pretty good.
Well last season we had Knight as captain for a game and this is a better decision than that was. Onwards and upwards. -
10 hours ago, RoyMac5 said:
I presume he'll be at Utd because we can't sign him yet.
V excited if Menghi returns For someone so young he’s strong, very fast and great on the ball. His positional sense was erratic on occasion but not helped by him playing in at least 3 positions. He’ll be a more mature footballer this season. But if he is the only loanee Rooney can spring from ManU, that’s disappointing
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4 hours ago, Eatonram said:
Well the medicine is the current DC punishment which we will take. You keep saying we should stop fighting. This is difficult whilst ever the EFL keep throwing punches (to use your fight analogy) How exactly do we achieve what you are suggesting? I'd love to know.
My post was in response to one which basically said: “the EFl approved our accounts. There is some arcane legal doctrine that gives us a basis to refuse a points deduction so if they try to apply one should we try that one on”
Im saying two things: first we should not be putting forward spurious and disingenuous legal arguments to avoid a points deduction if we fail FFP when we resubmit. We should take it on the chin, move on and focus on what is going on on the pitch. In the long run we’ll be better off
the second thing is related, and Pearce has already said it: we need to build bridges with the EFl. So we should stop carping about them in club statements. We should stop briefing against them in the press. And we should establish better and less confrontational back channels with them and the other chairman.
The distraction of the EFl proceedings has been damaging and has probably scared good buyers off. And as a club we are ridiculously isolated which is not a great place to be
Has the transfer embargo been lifted?
in Derby County Forum
Posted
It’s a capital gain which I believe does attract corporation tax but can be set off against trading losses. But could have been a very chunky gain ...