The Administration Thread

[Orphanram]

23 minutes ago, Miggins said:

Just listened to Ed Dawes on Radio Derby and the future is looking bleak indeed. Meeting between Toby Perkins and the administrators. Toby says that the EFL have put Derby in the firing line to avoid themselves being put in the firing line as they were going to be sued by Gibson if they didn't take action against Derby. Feel very sad and pessimistic now about anyone buying us. Toby is very concerned indeed about our future. Worrying news that the legal costs of the parasites couldn't possibly be covered by the sale of players. So many facts that I feel too sad and confused to list them all. But I'm sure you'll all be able to find the details soon. Sorry. I'm usually quite optimistic but this has thrown me into panic mode. Listen in to sports scene at 6pm. As someone just said on RD, How can this be fair and just?

Any positive comments will help at the moment.

Hugs to all. X

Dawes can be a champion wrist slasher when he wants to be, let’s see what else comes out from Q’s statement??

[Old Spalding Ram]

From today’s MPs meeting with the administrators.

“not be a 'football debt' but without that clarification the potential claims are almost as big as the entire value of the club and no creditor will take on that risk.”

“We discussed whether there is a prospect of keeping the club going by selling players but that is not a credible option in terms of value of players and amounts required. 

Urgent need for EFL to resolve outstanding situation to prevent the worst from happening.”

February the 1st deadline………..the club could be finished in two weeks time.

Think it really is time for someone high up to organise a day in Preston!

 

[strawhillram]

Just now, Orphanram said:

Dawes can be a champion wrist slasher when he wants to be, let’s see what else comes out from Q’s statement??

Don’t think I’m looking forward to it tbh

[cosmic]

This is grim. We are done. EFL will not save us as it exposes themselves to a potential lawsuit from Boro. That lawsuit would destroy them. It's damage limitation to "just" lose Derby County.

Edited January 19, 2022 by cosmic

[Maharan]

Just now, deano180 said:

What makes me sick is the EFL then get away scott free, scumbags

They run the members club we want to remain part of though. The simple argument they have is ‘you don’t have to be part of our structure if you don’t want’.

An independent regulator for football is inevitable now, but it’s come to late to impact on this case. 

[May Contain Nuts]

23 minutes ago, SamUltraRam said:

Tier 9 is where we may end up - North East Counties League Premier - that's the equivalent of where the Macclesfield Phoenix club are now & it's one level below Belper Town

Bury started a level below that though. How is it decided? Why wouldn't we start at level 10 or 11?

Edited January 19, 2022 by Coconut's Beard

[Mckram]

25 minutes ago, StrawHillRam said:

I think it’s more about when points deductions resulting from ffp are applied and if they were done at the time they would have changed any League positions 

If reading’s  ffp breach should have resulted in points deduction  in that season bug was delayed then other clubs could claim as per Wycombe

I don’t think that Boro’s claim is quite that. They’re literally claiming we were higher than them because we spent more money, got better players and broke the rules. So to the same effect Reading could be charged the same. 

[kevinhectoring]

36 minutes ago, duncanjwitham said:

The question was "what happens if they're not football creditors". If that's the case, and if the claims get quashed out of existence when we leave admin, then it's fine.

If there's the possibility of them just opening new claims against us after we leave admin, even if we're technically a completely different company that just happens to have the DCFC name and golden share, then we may as well give up now.

Well football creditors need 100%, unsecureds need 25%. If that is the only difference then perhaps the football creditor definition only affects the size of the problem . Thoughts anyone?

[Barney1991]

5 minutes ago, Leeds Ram said:

I guess the issue is if they can arrange a deal that doesn't exceed what someone is willing to pay. 

Trouble is the current creditor deal all in is 50 million for stadium and creditors to exit admin. Any deal with these clubs adds to that so we could do a deal for say 15 million all in but the club is only worth 50 million tops. Like said it would depend on if the potential bidders think it’s worth more than that I don’t think they will 

[RoyMac5]

3 minutes ago, cosmic said:

This is grim. We are done. EFL will not save us as it exposes themselves to a potential lawsuit from Boro. That lawsuit would destroy them. It's damage limitation to "just" lose Derby County.

Surely if the EFL said they're not football creditors then even if Gibson came after them he wouldn't win?

[Norman]

The MPs who have just got involved are obviously going to be worried by everything they are finding out. But let's be honest, nothing new has come out since that we didn't already know. 

The EFL will go to the wall of we go under. No doubt about it. You can't protect yourselves from being sued, at the detriment to a founding football club. 

But we won't be going under. The pressure on the EFL is immense. Since Monday they have received outside pressure and scrutiny like never before.

They will crack. 

In the meantime, it looks like the funding is there to carry on, we haven't lost more players for nothing, and we can still stay up. 

[Maharan]

2 minutes ago, Mckram said:

I don’t think that Boro’s claim is quite that. They’re literally claiming we were higher than them because we spent more money, got better players and broke the rules. So to the same effect Reading could be charged the same. 

That’s the problem, nobody seems to know what the claims contain, so making any kind of judgment on them is pure guess work. That’s what worries me more than anything. 

[DarkFruitsRam7]

Twitter admin has been brilliant in recent days.

 

[duncanjwitham]

1 minute ago, kevinhectoring said:

Well football creditors need 100%, unsecureds need 25%. If that is the only difference then perhaps the football creditor definition only affects the size of the problem . Thoughts anyone?

The size is still relevant if the claims end up being £50m+. 25% of that is probably still too much.

But the upside is, we don’t get kicked out of the league for not paying them, IIRC. We just get the -15 point penalty if we fail to pay non football creditors 25%.

[Maharan]

3 minutes ago, kevinhectoring said:

Well football creditors need 100%, unsecureds need 25%. If that is the only difference then perhaps the football creditor definition only affects the size of the problem . Thoughts anyone?

I thought that if they went down the restructuring route through the courts, unsecured creditors would likely get less than 25%, and quantuma seems to be saying that’s the only route available. If they could secure 25%, then surely a CVA would be better 

[Ram-Alf]

2 minutes ago, Miggins said:

Thanks, Alf, you are right of course. They are so in the wrong but that knowledge, in the end, won't necessarily save us.

I worry that Wayne will leave to help us out. What do you think?

My thoughts on WR

WR has been a manager for 1 year + a few months, If Everton are swayed by our last 5 games then they deserve to be relegated, WR is a Championship Manager, The Premier League is another world, Where footballers have their own set of rules and agendas.

Everton are consistantly seen as a basket case, kissed 100s of millions down the drain only to be 6 points off relegation, A £500 million New Stadium, Players who don't/didn't like playing for the Spaniard, Egos enough to fill said basket, Will they ever challenge the top 4, Who knows, It would be like jumping from the frying pan into raging inferno, It's OK being seen as a the 1st coming of the Messiah, But we all know what football supporters are REALLY LIKE, If you dont win owt, Or win games on a regular basis, Then your last nights chip wrapper.

Maybe one day our Wayne will go home to a heroes welcome...this isn't the right time...imo.

I've sat in meeting with Sir John Rose CEO of RR, Had talks(not personly)with the CEO of Toyota and Nissan(Sunderland)a good few years ago now, Where you expect these men to be right, The only right they have is to keep all their workers in work, Have good H&S, And pay a good wage, Brinkmanship is a scary thing and I think this is where we're at, Playing with peoples lives is a very risky business, The EFL only look after themselves, They are not covering themselves with any honour at all, I'd never pay a bean to the parasites but that's just me, It'll be a close call, Admin have said we're skint, Over to you EFL and other powers.

The right will win the day, I believe that.

[Miggins]

22 minutes ago, RoyMac5 said:

DC councillor said on RD interview that Admin are confident they will get proof of funding to take us to the end of the season. At 2m 55s:

https://www.bbc.co.uk/sounds/play/p0bj30xh

Really hope so, Roy. Thanks.

[Crewton]

34 minutes ago, StrawHillRam said:

I think it’s more about when points deductions resulting from ffp are applied and if they were done at the time they would have changed any League positions 

If reading’s  ffp breach should have resulted in points deduction  in that season bug was delayed then other clubs could claim as per Wycombe

It's this which is the long-term consequence of the EFL allowing these claims. THEY are supposed to administer sanctions - if every time a team is sanctioned for FFP other clubs are allowed to seek financial redress, the EFL may as well simply make the one and only sanction liquidation, because next time it won't be two teams claiming, it will be half a dozen or more.

This is the pandora's box that these idiots have opened.?

[The Scarlet Pimpernel]

It was always going to the wire. This is where we hold our nerve and look them in the eye! UTR

[May Contain Nuts]

1 minute ago, Crewton said:

This is the pandora's box that these idiots have opened.

...but also can create new rules to close.