The Administration Thread

[maxjam]

7 minutes ago, Curtains said:

 

Gary Neville 

https://www.skysports.com/watch/video/sports/football/teams/Derby-county/12522050/gary-neville-pleads-for-Derby-to-be-saved

I wasn't overly impressed with Gary Neville when he made his first steps into punditry but over the years he has grown on me, especially re. his opinions on the governance of football.

I may be slightly biased ? but I think this is one of his best rants yet.

[i-Ram]

53 minutes ago, Animal is a Ram said:

My understanding is that the £20m is against the stadium, which is owned by Mel, not DCFC. DCFC are, at current, only tenants - this was the whole point of the sale, no? The Stadium company is not, to my knowledge, in administration.

MSD might not like it, but that's not DCFCs problem, that's Mel's.

This is the only way a £28m offer can work. 

Sorry buddy, you are a long way away from being correct.

MSD are a creditor of the club - DCFC borrowed the money not Mel or his Gellaw Companies. So it is DCFC’s problem. The way that the Stadium security has been set up is that if DCFC can’t pay all of the debt, anything left unpaid after Administration (or Liquidation if the worst came to the worst) is only then the responsibility of Mel/Gellaw to repay.

So if the Binnies are only wanting to buy the Club, and not the stadium, and they are only paying £28m, well them MSD are not going to be fully repaid from the work currently being undertaken by Quantuma. The only real security of any worth that MSD have over the football club assets is the fixed charges they have on the leases of the stadium and training ground, but I can’t imagine either of those are worth a great deal in value.

I can’t be bothered to do the math tonight regarding how £28m might be cut and sliced, but if we want the Club to continue to play football we know the monies need to repay football creditors 100%, and Quantuma’s fees need to be paid too.  So about £12m has gone already. £16m then has to keep MSD happy (in for about £23m probably at this time), and also HMRC (£27m) and unsecured creditors (say £28m). Interesting how that might be sliced, especially as anything less than 25% to each gives the EFL the opportunity to deduct further points from us.

Doesn't look attractive to me, and as I said above it won’t look attractive to MSD or Morris. And I am pretty certain it won’t look attractive to Quantuma either, and I can’t see it being a preferred bid unless it ends up as the only bid. Quantuma and MSD, and not so important myself, would want to see the preferred bidder doing a deal for the stadium simultaneously. It’s cleaner for all concerned, and gets rid of Morris out of the equation, and gives the Club owner total control over the stadium.

The only real merit of the bid is that a) it is a bid to be considered, and b) Binnie appears happy to take on Boro & Wycombe down the track. Other than that I am struggling, but let’s be honest beggars can’t be choosers in the chair we currently sit.

[Miggins]

10 minutes ago, Curtains said:

 

Gary Neville 

https://www.skysports.com/watch/video/sports/football/teams/Derby-county/12522050/gary-neville-pleads-for-Derby-to-be-saved

 Brilliant. Thank you, Gary.

[Eddie]

35 minutes ago, Curtains said:

Of course but all this waiting to offer is unfair on Derby Fans. I have admiration for the guys who put the offer in today despite Boro and Wycombe claims and Morris and MSD Stadium stuff.  
Om very grateful and always will be 

Me too. I'm oming as much as I can.

[I know nuffin]

Did anybody listen to Parry on sportscene, In the bit about banging heads together he clearly said one head was missing the PB. Does that mean in only 12 months the arbitration  tribunal have come to the conclusion that Boro are in the right and they need to talk to the PB to decide the damages. Why not talk to the current owners the administrators. Does not sound at all right to me

[Jortat]

I loved the Gary Neville speech . He really gets the pain and struggle the supporters go through and appreciates the history and community that a football club brings.

I really hope we can get a change in the way things are run that he talks about ,as it’s a long time overdue.

[Andicis]

 

[andyburton72]

1 minute ago, Andicis said:

 

Thanks all, good rant although thought he went easy on the EFL, we have found a buyer, they just won’t let it happen

[Retro_RAM]

1 minute ago, Andicis said:

 

The irony of Sky Sports posting stuff like this, well said Gary but the Sky money is the root of all these problems. You have the relegated teams with their parachute money and clubs like Derby betting the farm just to match them financially.

[CBRammette]

2 hours ago, England Ram said:

The full asking price is £28 million for the club?

The £20 million for the ground is a separate issue but is being thrown in to the mix to clear the MSD liability although it’s guaranteed on the stadium? 
 

So, pay the £28 million if that clears us starting at 0 points and no deduction next year.
Sod owning the stadium right now. Let Morris keep it and pay him a small rent for now. 
look to take it on later once things are settled. 
 

Do I like giving MFC & WW a single penny, absolutely not. I’d rather we say we will take on that risk and take them to court! 
 

Never heard of these people though. Don’t sound like they have lots of money to throw around so will be the expected long road back to relevance in the promotion race. 

Usually in US if you can run for republican senator you are loaded unless one of our US resident fans can correct me. Just because you havent heard of them doesnt mean they're not rich.
 

Not aimed at you at all just generally but looking at this thread tonight cant get over how picky some suddenly are. It may not work out but we have an actual bidder. an actual formal bidder. Can we not just enjoy that thought tonight and analyse the amounts that will cover, why some with no knowledge seem to have taken against them already etc etc another time. I really thought the claims were going to see everyone off.  We have a bidder. Imagine the mood in Parry Towers, Gibson's grotto and other one's tacky mansion ????

Edited January 21, 2022 by CBRammette
Afterthought re dark side

[Simmo’s left foot]

Could the £28 million quoted cover football creditors at 100%, other creditors at 25% with an initial payment and ongoing plan to pay HMRC arrears. Could the MSD loan be rolled over and just be serviced?

[1of4]

The news of a potential new owner, while pleasing, hasn't ease any of the anxiety I have about us being liquidated.

Not until the ink is dry on the contract and confirmation from the ELF that their fit and proper persons rule has been met and more importantly ratified by Gibson.

That I will be able to breath a deep sigh of relief.

[i-Ram]

9 minutes ago, Andicis said:

 

Well, I don’t think Gary should expect a Christmas card from Mr M. Morris in 2022 ?

Gary did though let the EFL off the hook. Perhaps he is a bit closer to Mr Parry.

Edited January 21, 2022 by i-Ram

[Animal is a Ram]

17 minutes ago, i-Ram said:

Sorry buddy, you are a long way away from being correct.

MSD are a creditor of the club - DCFC borrowed the money not Mel or his Gellaw Companies. So it is DCFC’s problem. The way that the Stadium security has been set up is that if DCFC can’t pay all of the debt, anything left unpaid after Administration (or Liquidation if the worst came to the worst) is only then the responsibility of Mel/Gellaw to repay.

So if the Binnies are only wanting to buy the Club, and not the stadium, and they are only paying £28m, well them MSD are not going to be fully repaid from the work currently being undertaken by Quantuma. The only real security of any worth that MSD have over the football club assets is the fixed charges they have on the leases of the stadium and training ground, but I can’t imagine either of those are worth a great deal in value.

I can’t be bothered to do the math tonight regarding how £28m might be cut and sliced, but if we want the Club to continue to play football we know the monies need to repay football creditors 100%, and Quantuma’s fees need to be paid too.  So about £12m has gone already. £16m then has to keep MSD happy (in for about £23m probably at this time), and also HMRC (£27m) and unsecured creditors (say £28m). Interesting how that might be sliced, especially as anything less than 25% to each gives the EFL the opportunity to deduct further points from us.

Doesn't look attractive to me, and as I said above it won’t look attractive to MSD or Morris. And I am pretty certain it won’t look attractive to Quantuma either, and I can’t see it being a preferred bid unless it ends up as the only bid. Quantuma and MSD, and not so important myself, would want to see the preferred bidder doing a deal for the stadium simultaneously. It’s cleaner for all concerned, and gets rid of Morris out of the equation, and gives the Club owner total control over the stadium.

The only real merit of the bid is that a) it is a bid to be considered, and b) Binnie appears happy to take on Boro & Wycombe down the track. Other than that I am struggling, but let’s be honest beggars can’t be choosers in the chair we currently sit.

Thanks for correcting me. ?

I'm sure it's not meant that way, but the 'buddy' does come across as a little condescending. 

[Animal is a Ram]

1 minute ago, i-Ram said:

Well, I don’t think Gary should expect a Christmas card from Mr M. Morris in 2022 ?

I don't think MM is deserving of any Christmas cards. Ever again.

[derbydaz22]

10 minutes ago, Retro_RAM said:

The irony of Sky Sports posting stuff like this, well said Gary but the Sky money is the root of all these problems. You have the relegated teams with their parachute money and clubs like Derby betting the farm just to match them financially.

Spot on they never mention that

[duncanjwitham]

16 minutes ago, i-Ram said:

So if the Binnies are only wanting to buy the Club, and not the stadium, and they are only paying £28m, well them MSD are not going to be fully repaid from the work currently being undertaken by Quantuma. The only real security of any worth that MSD have over the football club assets is the fixed charges they have on the leases of the stadium and training ground, but I can’t imagine either of those are worth a great deal in value.

The only thing I’d say is, any bidder must have *some* kind of plan to deal with the stadium and whatever is secured against it, or they wouldn’t be bidding. It can’t make any sense to buy the club, and then have e.g. the stadium repossessed or sold onto a 3rd party and the rent potentially jacked sky high. The success/profitability of them buying the club is utterly tied to being able to play at the stadium. And I don’t see anything involving something like forcing Mel to clear the MSD debt has any legs, because of the real risk of losing he stadium if he doesn’t.

[i-Ram]

3 minutes ago, Animal is a Ram said:

Thanks for correcting me. ?

I'm sure it's not meant that way, but the 'buddy' does come across as a little condescending. 

Sorry. Wasn’t meant to come over that way. Up the Rams. duck the EFL.

[Ram-Alf]

9 minutes ago, CBRammette said:

Usually in US if you can run for republican senator you are loaded unless one of our US resident fans can correct me. Just because you havent heard of them doesnt mean they're not rich.
 

 

You're not to far wrong Rammette, They'll have a few $s that's for sure, Their backers on the other hand will have Mega Bux, And when they get voted in it becomes payback time with the Lobbyists, Money to money have never been more true than in USA Politics

[sonofmidnight]

Great speech by Gary. I appreciate what he said about Middlesbrough and Wycombe dropping their claims. It is the right and gracious thing to do.  Anything other than that is spiteful and greedy and causes hate and ill feeling which will last for years. I'm so pleased someone has at last made a bid for the club. It is a step in the right direction and gives us some hope.