El DerbyCo

[Derbados]

13 minutes ago, angieram said:

It's going over old ground a bit, but Trevor Birch made some interesting comments about the lack of proof of funds with Alonso on Talksport yesterday.

Article from Telegraph, with the relevant bits. When you read it like that, it is sort of reassuring that the EFL will prevent someone with no money taking us over.

 

Reassuring that the EFL did their due diligence, alarming that Mel seemingly did not (again)

[i-Ram]

16 minutes ago, angieram said:

It's going over old ground a bit, but Trevor Birch made some interesting comments about the lack of proof of funds with Alonso on Talksport yesterday.

Article from Telegraph, with the relevant bits. When you read it like that, it is sort of reassuring that the EFL will prevent someone with no money taking us over.

 

 

A little less reassuring that Mel might not prevent someone with no money taking us over.

Simon Jordan - taken from the article - quotes:

“The reason I was on board with Erik Alonso was because I asked Mel Morris, and Mel Morris was on board with Erik Alonso. Then the EFL come along with its weights and measures and say ‘hold on a sec, that might satisfy you but it seems the origin of the funds isn't quite where we want them to be’.

[MackworthRamIsGod]

40 minutes ago, angieram said:

It's going over old ground a bit, but Trevor Birch made some interesting comments about the lack of proof of funds with Alonso on Talksport yesterday.

Article from Telegraph, with the relevant bits. When you read it like that, it is sort of reassuring that the EFL will prevent someone with no money taking us over.

 

I may have read it wrong, but it sounded like Erik did have money it was just the EFL werent too happy with where the money comes from.

 

[Spanish]

2 hours ago, MackworthRamIsGod said:

I may have read it wrong, but it sounded like Erik did have money it was just the EFL werent too happy with where the money comes from.

 

this is what is termed 'show and tell money'.  Could be that he proved the existence of the funds to Mel but the EFL required the money to be transferred to an escrow account and this is where it can get difficult is the guy with the money doesn't really control it.  Always best to insist on a transfer to an escrow

[DCFC1388]

17 minutes ago, Spanish said:

this is what is termed 'show and tell money'.  Could be that he proved the existence of the funds to Mel but the EFL required the money to be transferred to an escrow account and this is where it can get difficult is the guy with the money doesn't really control it.  Always best to insist on a transfer to an escrow

An interesting part of the article is - “I’ve been involved in selling clubs. You get to the point where, unless someone has cash in a solicitors’ bank account ready to go, you have to mistrust most people who come forward.”

So in terms of Mel's side of things he is clearly getting shown proof of funds to get it as far as the EFL fit & proper test, but what he needs to start seeing is the money in the solicitors bank account to know its got a good chance of happening.

[Spanish]

5 minutes ago, DCFC1388 said:

An interesting part of the article is - “I’ve been involved in selling clubs. You get to the point where, unless someone has cash in a solicitors’ bank account ready to go, you have to mistrust most people who come forward.”

So in terms of Mel's side of things he is clearly getting shown proof of funds to get it as far as the EFL fit & proper test, but what he needs to start seeing is the money in the solicitors bank account to know its got a good chance of happening.

TBF it is a big decision by the buyer to lay up that sort of cash with no certainty as to when it will be returned.  Did any of us think this ex boxer lad had the money?  It was never certain whether he was fronting others and the stories that came from him were variable.  I have seen various efforts to prove wealth and you must start with your instinct.  The proof can be easily fudged (careful with my wording)

Edited June 3, 2021 by Spanish

[europia]

13 hours ago, i-Ram said:

 

A little less reassuring that Mel might not prevent someone with no money taking us over.

Simon Jordan - taken from the article - quotes:

“The reason I was on board with Erik Alonso was because I asked Mel Morris, and Mel Morris was on board with Erik Alonso. Then the EFL come along with its weights and measures and say ‘hold on a sec, that might satisfy you but it seems the origin of the funds isn't quite where we want them to be’.

Reading some of this stuff, just getting ridiculous now. There's no shortage of legitimate companies who specialise in business take overs, mergers / acquisitions. The generally employ highly qualified experts who would be able to sniff out a chancer like Alonso within a few days, if not hours. Unfortunately this alludes to a serious lack of business acumen from Derby County's side of things. As for Simon Jordan, he seems to have a lot of strong opinions, obviously in this case, on the basis of hearsay. How does that song go?  "been getting away with it all my life...." 

[Derby blood]

14 hours ago, Derbados said:

Reassuring that the EFL did their due diligence, alarming that Mel seemingly did not (again)

Does it really surprise you though, Mel only sees what Mel wants to, how some can defend him to the hilt is beyond me, he has slowly destroyed us, We need new owners as soon as possible to move on from this mess, and build a squad for next season and beyond. 

[i-Ram]

1 hour ago, europia said:

Reading some of this stuff, just getting ridiculous now. There's no shortage of legitimate companies who specialise in business take overs, mergers / acquisitions. The generally employ highly qualified experts who would be able to sniff out a chancer like Alonso within a few days, if not hours. Unfortunately this alludes to a serious lack of business acumen from Derby County's side of things. As for Simon Jordan, he seems to have a lot of strong opinions, obviously in this case, on the basis of hearsay. How does that song go?  "been getting away with it all my life...." 

I can’t see us having a new owner this Sumner. The last 3 to 4 years of the Morris tenure has been Marred by some crazy decisions. We are now at a  really Lowe point. The club is even a Tennant of the stadium.

[cheron85]

10 hours ago, europia said:

Reading some of this stuff, just getting ridiculous now. There's no shortage of legitimate companies who specialise in business take overs, mergers / acquisitions. The generally employ highly qualified experts who would be able to sniff out a chancer like Alonso within a few days, if not hours. Unfortunately this alludes to a serious lack of business acumen from Derby County's side of things. As for Simon Jordan, he seems to have a lot of strong opinions, obviously in this case, on the basis of hearsay. How does that song go?  "been getting away with it all my life...." 

Alternatively it could be that the EFLs systems/checks aren't up to date enough to deal with modern business practices? Or they've decided they're so annoyed at Derby at the moment they'll take any excuse to screw with us? We don't know...

None of us were in the room with Morris and his people when the proof of funds was made - He employs lawyers who check these kinds of deals (and work with a lot of other companies to do similar) - So we have no idea what the decision he made was based on

Morris decided by his standards the money was there - The EFL decided by their standards it wasn't - Nobody has come out and said what either of those standards were - So to point the finger at either side being right or wrong is daft

[europia]

On 04/06/2021 at 10:39, cheron85 said:

Alternatively it could be that the EFLs systems/checks aren't up to date enough to deal with modern business practices? Or they've decided they're so annoyed at Derby at the moment they'll take any excuse to screw with us? We don't know...

None of us were in the room with Morris and his people when the proof of funds was made - He employs lawyers who check these kinds of deals (and work with a lot of other companies to do similar) - So we have no idea what the decision he made was based on

Morris decided by his standards the money was there - The EFL decided by their standards it wasn't - Nobody has come out and said what either of those standards were - So to point the finger at either side being right or wrong is daft

Not a case of pointing the finger. It's blatantly obvious that who ever carried out the due diligence, whether it was the highest paid consultant in the country, the DCFC tea lady, or Mr Morris himself... got it wrong. It's not as if either of the two proposed buyers came with glowing references. 

[ariotofmyown]

On 04/06/2021 at 00:12, i-Ram said:

I can’t see us having a new owner this Sumner. The last 3 to 4 years of the Morris tenure has been Marred by some crazy decisions. We are now at a  really Lowe point. The club is even a Tennant of the stadium.

Well it hasn't worked out with money from Dubai or Spain/Indonesia. Looks like Mel has decided to Go West and try America. 

[MrPlinkett]

1 hour ago, ariotofmyown said:

Well it hasn't worked out with money from Dubai or Spain/Indonesia. Looks like Mel has decided to Go West and try America. 

it's a sin how badly it's all been handled,  I'd have thought it couldn't happen here.

[hintonsboots]

On 04/06/2021 at 00:12, i-Ram said:

I can’t see us having a new owner this Sumner. The last 3 to 4 years of the Morris tenure has been Marred by some crazy decisions. We are now at a  really Lowe point. The club is even a Tennant of the stadium.

It makes the mind Bogle.

[i-Ram]

4 hours ago, ariotofmyown said:

Well it hasn't worked out with money from Dubai or Spain/Indonesia. Looks like Mel has decided to Go West and try America. 

I was a bit Disappointed more did not Get The Message. You were nearly there. Only @cheron85appears to have recognised the Reality. Good job I have the Patience Of A Saint.

[Wignall12]

45 minutes ago, hintonsboots said:

It makes the mind Bogle.

Wonder how manymore skeletons are in the Wardrobe 

[ariotofmyown]

38 minutes ago, i-Ram said:

I was a bit Disappointed more did not Get The Message. You were nearly there. Only @cheron85appears to have recognised the Reality. Good job I have the Patience Of A Saint.

You are just being boring now.

[cheron85]

36 minutes ago, i-Ram said:

I was a bit Disappointed more did not Get The Message. You were nearly there. Only @cheron85appears to have recognised the Reality. Good job I have the Patience Of A Saint.

I think I Missed The Boat here as I'm not sure I really know what I got right (awks) - Certainly seems with the benefit of hindsight that We Were Dead Before The Ship Even Sank

[i-Ram]

4 hours ago, cheron85 said:

I think I Missed The Boat here as I'm not sure I really know what I got right (awks) - Certainly seems with the benefit of hindsight that We Were Dead Before The Ship Even Sank

Modest Mouse. Modest bloody Mouse. It's Electronic aint it. Im living in an Idiot Country.....

 

[cheron85]

4 minutes ago, i-Ram said:

Modest Mouse. Modest bloody Mouse. It's Electronic aint it. Im living in an Idiot Country.....

Oh I got that yours was Electronic - Just thought I'd come back with another Marrvelous project 

I hadn't punned anything in my post that I was aware of so wasn't sure why you were quoting me! ?