Derby County Administration (with the slight possibility of Liquidation still there)

[gfs1ram]

2 hours ago, Charlotte Ram said:

Deep joy the Administrator is an avid Liverpool fan.

Don't worry the Administrator will only be thinking of how he can get most money back for the creditors. 

He will sadly give the long term future of DCFC and indeed the fans little consideration.

Can not believe Morris has put the Club into Administration.  So much for having the Club at heart.

If the Club have debts of £60m then I just cannot see where his input of £200m+ has gone??

[uttoxram75]

6 minutes ago, gfs1ram said:

Don't worry the Administrator will only be thinking of how he can get most money back for the creditors. 

He will sadly give the long term future of DCFC and indeed the fans little consideration.

Can not believe Morris has put the Club into Administration.  So much for having the Club at heart.

If the Club have debts of £60m then I just cannot see where his input of £200m+ has gone??

The administrators fees alone will cripple us. 

[Gee SCREAMER !!]

8 minutes ago, gfs1ram said:

Don't worry the Administrator will only be thinking of how he can get most money back for the creditors. 

He will sadly give the long term future of DCFC and indeed the fans little consideration.

Can not believe Morris has put the Club into Administration.  So much for having the Club at heart.

If the Club have debts of £60m then I just cannot see where his input of £200m+ has gone??

I can't either. I assume he's including the money! he paid for the stadium in that, even so the club averages 25- 30 million in revenue outside of last season.  That's a lot of money and were talking another 60 million plus in incoming fees as well.  

[Gee SCREAMER !!]

25 minutes ago, Sparkle said:

Well at least sky sports will take a huge hit when we eventually get shafted - lots of cancellations at that time I suspect in this area

talking of sky sports we have been their bread and butter for the last 8 or 9 years what on earth are they going to do without us?

league one/ third division is really taking on the graveyard of major football clubs ( if we make it there) 

Pointed this one out last week.  If Derby and another large club were to drop, the remainder of the clubs in this division would miss us when the TV rights moved to League 1 and that would only be the start of a shift. Barnsley v Peterborough.  Tell you what, you pay us.   

[Ambitious]

It's plain to see that Mel hasn't been putting his own money in the club for the most part, hence the loans. He bought the stadium for £80m and sees that as money spent. If he gifted the stadium back to the club then he would have a point, but since he owns it... I don't really think he should be putting that money into the equation. 

The information that has come out today is damning for the club. Derby look like a club that is beyond the peril. An investor would look at the numbers, the situation and have to figure pretty quickly that it's going to be near-on-impossible to turn a profit for a long time. Multiple sanctions, huge debt and barely any tangible assets due to the way the club has been run. 

Sure, someone has the opportunity to buy a fairly reasonable sized football club. However, we genuinely need someone with too much money, with too much time on their hands and someone looking for a vanity project. A chance to save Derby County may not be front page news, but it will get your name in the newspaper and on the radio every now-and-again. It could be worthwhile branding for someone - again, if the money is no issue. 

It's hard not to think of the worst. The stories of a big club, a genuinely big club, going bust has been foretold now since I was in school. I just didn't expect it to be us.

[Gee SCREAMER !!]

4 minutes ago, Ambitious said:

It's plain to see that Mel hasn't been putting his own money in the club for the most part, hence the loans. He bought the stadium for £80m and sees that as money spent. If he gifted the stadium back to the club then he would have a point, but since he owns it... I don't really think he should be putting that money into the equation. 

The information that has come out today is damning for the club. Derby look like a club that is beyond the peril. An investor would look at the numbers, the situation and have to figure pretty quickly that it's going to be near-on-impossible to turn a profit for a long time. Multiple sanctions, huge debt and barely any tangible assets due to the way the club has been run. 

Sure, someone has the opportunity to buy a fairly reasonable sized football club. However, we genuinely need someone with too much money, with too much time on their hands and someone looking for a vanity project. A chance to save Derby County may not be front page news, but it will get your name in the newspaper and on the radio every now-and-again. It could be worthwhile branding for someone - again, if the money is no issue. 

It's hard not to think of the worst. The stories of a big club, a genuinely big club, going bust has been foretold now since I was in school. I just didn't expect it to be us.

Deja Vu

[Ambitious]

Just now, Gee SCREAMER !! said:

Deja Vu

That's the irony, at least for me.

[Rampant]

Can somebody correct me if any of this is wrong.

 

(i) Mel has led us into this mess

(ii) He still has over £300m to his name

(iii) We owe HMRC £27m and need to settle total debts of around £50m 

(iv) If the above three are correct then is it unreasonable to think the decent thing would be for Mel to reduce his fortune to around £250m by settling the debts?

 

He would still be the person responsible for damaging DCFC's reputation and plunging us into relegation turmoil through points deductions but he would at least be respected for taking the financial hit as a consequence of his numerous mistakes. Not to mention safeguarding jobs and settling debts to small local businesses. 

Allowing administration to happen whilst sitting on £300m is obscene.

 

[SamUltraRam]

12 minutes ago, Rampant said:

Can somebody correct me if any of this is wrong.

 

(i) Mel has led us into this mess

(ii) He still has over £300m to his name

(iii) We owe HMRC £27m and need to settle total debts of around £50m 

(iv) If the above three are correct then is it unreasonable to think the decent thing would be for Mel to reduce his fortune to around £250m by settling the debts?

 

He would still be the person responsible for damaging DCFC's reputation and plunging us into relegation turmoil through points deductions but he would at least be respected for taking the financial hit as a consequence of his numerous mistakes. Not to mention safeguarding jobs and settling debts to small local businesses. 

Allowing administration to happen whilst sitting on £300m is obscene.

 

He's only worth £300m if he has made zero investment growth on his personal fortune. I would expect his remaining wealth to be far higher unless his financial advisers performed as badly as his football advisers

Edited September 21, 2021 by SamUltraRam

[Ambitious]

2 minutes ago, Rampant said:

Can somebody correct me if any of this is wrong.

 

(i) Mel has led us into this mess

(ii) He still has over £300m to his name

(iii) We owe HMRC £27m and need to settle total debts of around £50m 

(iv) If the above three are correct then is it unreasonable to think the decent thing would be for Mel to reduce his fortune to around £250m by settling the debts?

 

He would still be the person responsible for damaging DCFC's reputation and plunging us into relegation turmoil through points deductions but he would at least be respected for taking the financial hit as a consequence of his numerous mistakes. Not to mention safeguarding jobs and settling debts to small local businesses. 

Allowing administration to happen whilst sitting on £300m is obscene.

 

I'm led to believe this is all factual, although his remaining cash flow is very much debatable. I would imagine that he's still very cash rich and in possession of one of the most expensive pieces of real estate in the city of Derby - which he seems to account into his losses when it really isn't.

I don't want to be too graphic again in my thoughts of Morris, again, but I am no fan of his and do believe what he has done puts him at the very least among Maxwell and Amigos in terms of Derby County owners. At the end of the day, when the dust is settled, he will be a very lucky not to go down as the worst owner in the history of this club - potentially the killer of this football club.

[Rev]

Is it possible things are slightly brighter than we think?

It seems unlikely that Mel has paid the money owed for the stadium sale so far, so that's £80m, or the balance of, owed to the club.

The MSD loan was secured against the stadium, if I understand correctly, so wouldn't that £15m or so be owed by Mel's stadium owning company, not the club?

If the above was roughly correct, maybe we're only left with the reported £26m debt to HMRC, the debts to suppliers, and whatever football related debts on top, could these be covered by the payments for the stadium sale going forward? 

Am I looking at this in too simplistic a manner, or is the above scenario possible?

 

 

 

 

 

 

[kevinhectoring]

1 hour ago, The Scarlet Pimpernel said:

Where has the £80m for the ground gone? 

Much of it must still be owed to the club by the company that bought the ground. Picture something disappearing up its own ar$e

[kevinhectoring]

4 minutes ago, Rev said:

Is it possible things are slightly brighter than we think?

It seems unlikely that Mel has paid the money owed for the stadium sale so far, so that's £80m, or the balance of, owed to the club.

The MSD loan was secured against the stadium, if I understand correctly, so wouldn't that £15m or so be owed by Mel's stadium owning company, not the club?

If the above was roughly correct, maybe we're only left with the reported £26m debt to HMRC, the debts to suppliers, and whatever football related debts on top, could these be covered by the payments for the stadium sale going forward? 

Am I looking at this in too simplistic a manner, or is the above scenario possible?

 

 

 

 

 

 

The club guaranteed the MSD loan unfortunately then gave security for its guarantee. 

[Inverurie Ram]

I watched the first part of Fever Pitch, the start of the Premiership on bbciplayer tonight and it makes me feel a lot worse!

 

[Rev]

Just now, kevinhectoring said:

The club guaranteed the MSD loan unfortunately then gave security for its guarantee. 

How does that work then, when the club don't own the ground? 

I'm not doubting the answer by the way, just seems wrong.

[San Fran Van Rams]

1 hour ago, Crewton said:

That was the sale price booked in the 2017/18 accounts, not a revaluation for accounting purposes. If it's not been paid in full, it's a debt owing to the club.

Do we know whether the amount was ever paid in full? I'd assume it was although given the sale was assumingly for FFP purposes as opposed to helping with cashflow, can we live in hope this debt is still an asset for club? Perhaps this is why Mel didn't put the company owning the stadium into admin too... 

At. Straws. Clutching etc. etc.

[Eddie]

34 minutes ago, Rampant said:

Can somebody correct me if any of this is wrong.

 

(i) Mel has led us into this mess

(ii) He still has over £300m to his name

(iii) We owe HMRC £27m and need to settle total debts of around £50m 

(iv) If the above three are correct then is it unreasonable to think the decent thing would be for Mel to reduce his fortune to around £250m by settling the debts?

 

He would still be the person responsible for damaging DCFC's reputation and plunging us into relegation turmoil through points deductions but he would at least be respected for taking the financial hit as a consequence of his numerous mistakes. Not to mention safeguarding jobs and settling debts to small local businesses. 

Allowing administration to happen whilst sitting on £300m is obscene.

 

I can find no fault in your logic.

Saying that, I only really ever knew 2 really rich people - and both would sell their own mothers to become richer. 

[RadioactiveWaste]

12 minutes ago, Rev said:

How does that work then, when the club don't own the ground? 

I'm not doubting the answer by the way, just seems wrong.

It does seem weird, normally you might be able to offer something you own as security but something you don't.

I live in a rented flat and I wouldn't be able to offer my flat as security.

[kevinhectoring]

25 minutes ago, Rev said:

How does that work then, when the club don't own the ground? 

I'm not doubting the answer by the way, just seems wrong.

The club gave security over all its own assets including its rights as lessee of the stadium 

Edited September 21, 2021 by kevinhectoring

[atherstoneram]

1 hour ago, Rampant said:

Can somebody correct me if any of this is wrong.

 

(i) Mel has led us into this mess

(ii) He still has over £300m to his name

(iii) We owe HMRC £27m and need to settle total debts of around £50m 

(iv) If the above three are correct then is it unreasonable to think the decent thing would be for Mel to reduce his fortune to around £250m by settling the debts?

 

He would still be the person responsible for damaging DCFC's reputation and plunging us into relegation turmoil through points deductions but he would at least be respected for taking the financial hit as a consequence of his numerous mistakes. Not to mention safeguarding jobs and settling debts to small local businesses. 

Allowing administration to happen whilst sitting on £300m is obscene.

 

People of his character dont care much about respect