Gritstone Ram Posted November 22, 2021 Share Posted November 22, 2021 Well I’m sure someone told me we had only got a fiver in the bank. So at least a little bit of good news for once. jimtastic56 1 Link to comment Share on other sites More sharing options...
europia Posted November 22, 2021 Share Posted November 22, 2021 4 hours ago, Tyler Durden said: The size of the debt isn't the issue here, am sure there a number of other football league clubs with debts of the same order of magnitude it's the fact that their owners didn't welch on their financial responsibilities and do a runner. All said and done, a significant debt. It's one thing owing millions to club owners, but that's simply not the case with DCFC. The £29m to HMRC is an interesting one, if it's unpaid PAYE & NI. The majority, if not all business's now operate RTI, so effectively the PAYE & NI declaration (FPS) is due on or before the employees payday. The tax is due around a month later (unless paying quarterly). HMRC does not take late payments lightly, so how a business can amass a tax debt of £29m beggars belief. We all have to pay our taxes, whether we agree or not. No one enjoys paying, but taxation keeps the country functioning, and pays for healthcare, education, security etc. David Graham Brown, jimtastic56, Tyler Durden and 1 other 4 Link to comment Share on other sites More sharing options...
G STAR RAM Posted November 22, 2021 Share Posted November 22, 2021 4 minutes ago, europia said: All said and done, a significant debt. It's one thing owing millions to club owners, but that's simply not the case with DCFC. The £29m to HMRC is an interesting one, if it's unpaid PAYE & NI. The majority, if not all business's now operate RTI, so effectively the PAYE & NI declaration (FPS) is due on or before the employees payday. The tax is due around a month later (unless paying quarterly). HMRC does not take late payments lightly, so how a business can amass a tax debt of £29m beggars belief. We all have to pay our taxes, whether we agree or not. No one enjoys paying, but taxation keeps the country functioning, and pays for healthcare, education, security etc. During Covid, HMRC did not pursue debts, I believe this came to an end in September and probably prompted going into administration. r_wilcockson, Carnero and jimtastic56 2 1 Link to comment Share on other sites More sharing options...
PistoldPete Posted November 22, 2021 Share Posted November 22, 2021 6 hours ago, Tyler Durden said: The size of the debt isn't the issue here, am sure there a number of other football league clubs with debts of the same order of magnitude it's the fact that their owners didn't welch on their financial responsibilities and do a runner. Weren’t you saying he could be done for fraudulently trading? So he should have put us into admin sooner than he did? or maybe you just like making random accusations in the hope that some might stick? do you work for the Efl by any chance? That could be just the job for you. Link to comment Share on other sites More sharing options...
B4ev6is Posted November 23, 2021 Share Posted November 23, 2021 Plus Derby fans raising money to pay off amberlance service aiming for 8k so fare they have rainse 5k. jimtastic56 1 Link to comment Share on other sites More sharing options...
spondon_ram Posted November 23, 2021 Share Posted November 23, 2021 7 hours ago, B4ev6is said: He sold one of his company's and it came upto 7b mate and it was confirmed by efl mate. As much as I always thrive on your positivity B4, Chris himself said he isn't a billionaire. Perhaps your confused with the tepper link? I'm hopeful but we have to be realistic and no amount of fan fundraising will get us out of this. We need responsible ownership and soon. Keep doing you though. You are DCFC's soul my guy and I ducking love it. Link to comment Share on other sites More sharing options...
B4ev6is Posted November 23, 2021 Share Posted November 23, 2021 No I have not It was confirmed it that he is worth 7b by efl. Not that efl can be trusted through. jimtastic56 and GenBr 2 Link to comment Share on other sites More sharing options...
Crewton Posted November 23, 2021 Share Posted November 23, 2021 32 minutes ago, B4ev6is said: No I have not It was confirmed it that he is worth 7b by efl. Not that efl can be trusted through. Sorry mate, but that just isn't correct. IIRC Kirchner said he'd satisfied the EFL's requirement that he has >£100m in available funds and the Administrators confirmed that he'd met the EFL's initial requirements. Kirchner himself said on Twitter that he "wasn't a Billionaire". He clearly has a growing, very promising, online tech business, but when someone has so little 'trail' on the internet in respect of his net worth, it's unlikely that he's a secret billionaire. It is possible for such people to have references to themselves removed from the Internet, but to do that they usually have to operate outside of the USA where Kirchner is based. The good news is that we have 4 interested, seemingly viable buyers in discussions with the Administrators and we shouldn't be distracted by rumours of what their net worth is because it isn't necessarily the most important thing about them. jimtastic56 1 Link to comment Share on other sites More sharing options...
jono Posted November 23, 2021 Share Posted November 23, 2021 On 22/11/2021 at 12:37, Maharan said: It is a sobering figure. All eyes on HMRC now to see how flexible they will be. It’s very interesting. HMRC will be very straight forward. They simply have to decide if what the Admins offer will be greater than what they would get on liquidation. I don’t see we have much of value beyond players and what we are as a football club. After the players are taken out of it, what is actually tangible ? A long lease on Moor Farm ? and some memorabilia. Our “brand” and merchandise. ? As far as I can see the stadium is under a debenture held by MSD so they can’t touch that. Certain Big name players are almost out of contract so will be free men soon, with limited value in a fire sale. So where are we ? . 10 players with a forced sale value of a million each in this market - if we are lucky ? 10 more from 250k to 750 K ( using what we paid for Byrne as a guide to the market ) I doubt we have 15 million in assets and that will take time to “liquidate” Have I missed something ? .. Bielik and Joz .. don’t know where they fit relative to unpaid transfer fees. ? jimtastic56 1 Link to comment Share on other sites More sharing options...
Indy Posted November 23, 2021 Share Posted November 23, 2021 21 minutes ago, Crewton said: Sorry mate, but that just isn't correct. IIRC Kirchner said he'd satisfied the EFL's requirement that he has >£100m in available funds and the Administrators confirmed that he'd met the EFL's initial requirements. Kirchner himself said on Twitter that he "wasn't a Billionaire". He clearly has a growing, very promising, online tech business, but when someone has so little 'trail' on the internet in respect of his net worth, it's unlikely that he's a secret billionaire. It is possible for such people to have references to themselves removed from the Internet, but to do that they usually have to operate outside of the USA where Kirchner is based. The good news is that we have 4 interested, seemingly viable buyers in discussions with the Administrators and we shouldn't be distracted by rumours of what their net worth is because it isn't necessarily the most important thing about them. I think the confusion may be the report that said Kirchner had raised capital by selling shares. The money he raised for the percentage of the business he sold meant the business was valued at £7bn? But that’s a gamble from the investor on what they think the potential future worth is, not what it actually is now - and definitely not cash that CK has available to invest in DCFC. Crewton and jimtastic56 1 1 Link to comment Share on other sites More sharing options...
Crewton Posted November 23, 2021 Share Posted November 23, 2021 1 hour ago, Indy said: I think the confusion may be the report that said Kirchner had raised capital by selling shares. The money he raised for the percentage of the business he sold meant the business was valued at £7bn? But that’s a gamble from the investor on what they think the potential future worth is, not what it actually is now - and definitely not cash that CK has available to invest in DCFC. It was $60M for a 4% stake IIRC, which gives a straight valuation of $1.5Bn (though in reality, that would be a good bit less on Goldman Sachs terms). I think the $7Bn was quoted by Simon Jordan, which made no sense at all. Slync's annual turnover is only $5M and you can't get to Jordan's figure even with the most wildly optimistic multiple imo. Link to comment Share on other sites More sharing options...
jimtastic56 Posted November 23, 2021 Share Posted November 23, 2021 We were in trouble with HMRC long before COVID so “ The Candy Man” is clutching at straws. Bald Eagle's Barmy Army, Kingpin and europia 1 1 1 Link to comment Share on other sites More sharing options...
Indy Posted November 23, 2021 Share Posted November 23, 2021 33 minutes ago, Crewton said: It was $60M for a 4% stake IIRC, which gives a straight valuation of $1.5Bn (though in reality, that would be a good bit less on Goldman Sachs terms). I think the $7Bn was quoted by Simon Jordan, which made no sense at all. Slync's annual turnover is only $5M and you can't get to Jordan's figure even with the most wildly optimistic multiple imo. Ah. My bad. Thanks for digging up the numbers! Link to comment Share on other sites More sharing options...
Abu Derby Posted November 23, 2021 Share Posted November 23, 2021 He must be absolutely loaded if he can spend £90 on a private plane. Could have saved nearly all of that just by going economy on Pan Am or Monarch Airlines. Link to comment Share on other sites More sharing options...
Crewton Posted November 23, 2021 Share Posted November 23, 2021 9 minutes ago, Indy said: Ah. My bad. Thanks for digging up the numbers! No worries - I hope that I've misunderstood and he really is worth $7Bn ? Indy 1 Link to comment Share on other sites More sharing options...
Mucker1884 Posted November 23, 2021 Share Posted November 23, 2021 4 hours ago, B4ev6is said: No I have not It was confirmed it that he is worth 7b by efl. Not that efl can be trusted through. No offence meant, buddy, but are you absolutely sure it was 7b, and not 7d? *The really, really old folk on here will probably wee themselves with joyous memories, after reading that! ? Tyler Durden 1 Link to comment Share on other sites More sharing options...
B4ev6is Posted November 23, 2021 Share Posted November 23, 2021 22 minutes ago, Crewton said: No worries - I hope that I've misunderstood and he really is worth $7Bn ? Told you so he was Boycie 1 Link to comment Share on other sites More sharing options...
B4ev6is Posted November 23, 2021 Share Posted November 23, 2021 2 minutes ago, Mucker1884 said: No offence meant, buddy, but are you absolutely sure it was 7b, and not 7d? *The really, really old folk on here will probably wee themselves with joyous memories, after reading that! ? It was 7b mate I am 100 percent sure on that. Link to comment Share on other sites More sharing options...
roboto Posted November 23, 2021 Share Posted November 23, 2021 4 minutes ago, B4ev6is said: Told you so he was You seem to be the only one thinking he's worth this much mate. Have a read through the thread and see what people are saying trying to figure out what his net worth is. No one is getting close to your number. Link to comment Share on other sites More sharing options...
Mucker1884 Posted November 23, 2021 Share Posted November 23, 2021 6 minutes ago, B4ev6is said: It was 7b mate I am 100 percent sure on that. Then that's good enough for me, buddy. Thanks for checking. ?? Link to comment Share on other sites More sharing options...
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