The Administration Thread

[kevinhectoring]

1 minute ago, RAM1966 said:

So midnight has come and gone and we've missed another deadline.  I thought this may be due to a Dutch action thst Q have created to try and squeeze every last penny out.

So who is left in the running?  Ashley and the Binnies, possibly Appleby too.  So how long does it take to review the headline figures of 2 to 3 quotes?

Is the £5m non refundable deposit the issue or are offers simply not enough for the creditors to accept.  That said what real assets have the club got to sell?  Nowhere near enough to clear the debts, so a sale is more likely than liquidation.

I think as Ive said last week Mon or Tues, Mon has passed so todays the day.... 

part of the problem may be that q tells bidders to formulate bids in a particular way. But if bidders choose not to do so, q still has to consider them if they might offer best value to creditors. So q can be left comparing apples and pears 

[Tyler Durden]

1 hour ago, B4ev6is said:

Or they have sent them in and efl not brother looking at them.

Got lost in the post. There's a novel excuse I haven't heard in a while.

Can't believe the EFl are that dumb enough to start making a load of noise about not receiving information that they've overlooked that they've actually received.

Fraid this time the blame lies with the Administrators not the EFL.

[PistoldPete]

1 hour ago, B4ev6is said:

Or they have sent them in and efl not brother looking at them.

Efl went home at 4.30pm. 
 

they will open their emails in the morning. Good night.

[Oldben]

https://www.google.com/amp/s/www.derbytelegraph.co.uk/sport/football/football-news/government-challenged-derby-county-reach-6727012.amp

A repeat of much of the Bury fc findings.

It doesn't exonerate the efl which is good.

It says that the efl must be changed but who enforces that.

I'm upset with the efl over their lack of help for Derby especially over the mb/w claims, but also over their failure to accept covid costs as an issue.

I'm upset over efl desire to kick derby while the club's in this position by potentially handing out a further 15 points next season, and would that come with a continued transfer embargo.

It's like the efl are desperate to hurt clubs that don't have the ability to fight a battle when they are down.

It feels like the efl want to punish fans and not the owners who caused the issue.

[GB SPORTS]

A new day Lads and Lasses. We are still here, in more than one sense. 

Just remember we are Derby County and WFTTE. 

 

[FlyBritishMidland]

Have I missed something or is the deadline today?  The previous deadline was 1st Feb, a four week extension was agreed which brings us to today.  I think the statement from the EFL yesterday was unnecessary.  All it’s done is create anxiety, stress and a meltdown on Twitter.

I’ve defended Quantuma before and they have got a tough job on.  They’re basically trying to get someone to buy a debt for the best price they can get.   The PB then needs to do a deal with Mel to either buy or lease the ground at more expense.  This is down to Mel and the mess he created.

That said, they can be better at managing expectations.  In the days of social media every word, every promise, every deadline is pored over in minute detail.  On 11th Feb, instead of saying 7-10 days and “very, very soon”.  They’d have been better to give an outline of the process.  For example, they’re writing to bidder to put in final offers, that period will be 7 days, they then need to look at the bids in detail and see what they mean for the club and it’s creditors.  It may be hindsight but Quantuma knew that’s what they would need to do and giving a high level overview might have helped give some understanding.

Anyway, let’s hope by the end of the day we have clarity on what’s happening, a PB (hopefully), proof of funds and three points at Cardiff!!

[davenportram]

Deadline isn’t missed - it needs to be done today

 

football league don’t need to rule on it immediately - if they do they won’t have done due diligence on the offers. 
 

we have funding until the end of March which leaves 5 weeks to the end of the season that needs evidence of funds. The EFL have until the end of March to make a decision.

[Bald Eagle's Barmy Army]

If the deadline is today, that EFL statement was done deliberately to cause more stress between supporters. If that’s the case, it’s the lowest of low. 

[Gaspode]

2 minutes ago, Bald Eagle's Barmy Army said:

If the deadline is today, that EFL statement was done deliberately to cause more stress between supporters. If that’s the case, it’s the lowest of low. 

There certainly seems to be a vindictive nature to most of the the comms that come out of the EFL. The blame for this sorry mess lies squarely at Morris’s door, but we must never forget the role that the EFL have played in dragging out the resolution and increasing the stress felt by the supporters - despite their empty promises of trying to help the club…..

[RAM1966]

31 minutes ago, davenportram said:

Deadline isn’t missed - it needs to be done today

 

football league don’t need to rule on it immediately - if they do they won’t have done due diligence on the offers. 
 

we have funding until the end of March which leaves 5 weeks to the end of the season that needs evidence of funds. The EFL have until the end of March to make a decision.

The purchase of the club had duck all to do with the EFL, other than the fit and proper directors test and proof of funds, if Ashley gets it we know that both should in theorybe a breeze in the park. 

If the buyers do not agree to pay the unsecured creditors 25p in the pound they can not block the sale, which is why there are rumblings on a further -15pts.

Q are holding dutch auction to squeeze every last penny they can, unfortunately with recent results, we look more and more likey to be heading for league one, which Im afraid has devalued the club.  2 weeks ago Q would have been talking up our survival chances.  Not now though, theres also pre-contract deals some players may well be considering which devalues the club further.

Q needs to stop dicking about and announce the PB today and start the exit from Admin process once the £5m is in place.  Hopefully sufficient funds will be in place to allow us to pick up a few free agents...

 

Edited March 1, 2022 by RAM1966

[RAM1966]

6 hours ago, kevinhectoring said:

part of the problem may be that q tells bidders to formulate bids in a particular way. But if bidders choose not to do so, q still has to consider them if they might offer best value to creditors. So q can be left comparing apples and pears 

It doesn't matter that much really how they present it, all offers will have 3 headline figures thst really matter.

Offer for Stadium (Most important).

Offer for HMRC (Maybe the hold up is checking with HMRC if they are content?).

Offer for unsecured creditors (-15pts in not 25p in £, not that Admin will give a toss).

Yes of course there may be little clauses etc that differ, but these are the 3 main numbers to consider....

Edited March 1, 2022 by RAM1966

[Mucker1884]

38 minutes ago, RAM1966 said:

The purchase of the club had duck all to do with the EFL, other than the fit and proper directors test and proof of funds, if Ashley gets it we know that both should in theorybe a breeze in the park. 

 

Isn't that all they are asking for though?  Proof of funds by the mutually agreed deadline? 
They can't do the Directors check until they have a name.  Are they asking for anything else?

 

Having said that, yesterdays hint/request/snide dig should have been made directly to Q (Which they may well have have done, of course?) but ONLY Q.  There was no need for EFL to throw out that snide statement to the public.

[Sheff Ram]

9 hours ago, 1of4 said:

Well do we wakeup tomorrow morning to the news that there is no longer a football league club in the city of Derby?

Are we going out of existence without a whimper, due to the silence of what appears to be an incompetent administration team?

Erm, nope. This won't happen.

[i-Ram]

There is quite a bit of irony that after weeks of singing, and protesting, by our fanbase that we should ‘duck the EFL’ when Q put it into practice that so many on here think they are not either communicating well or fulfilling their legal duties correctly. Chill everyone. DUCK THE EFL. We go at our own pace, we go at our own pace, we are Derby County, and we go at our own pace.

[Mucker1884]

Quote

Campaigners demand change after Derby County 'catastrophe'

With the future of the Rams hanging in the balance, Fair Game – a recently-formed collection of clubs which is campaigning for major changes to football governance – issued a hard-hitting statement.

“As the EFL deadline for Derby to find a financial solution for the remainder of the year looms, Fair Game is reiterating its call to the Government to implement the Fan-Led Review and legislate to protect the future of our national game,” read the statement.

“Our national game is in crisis. More than half of clubs in the top 4 divisions who declared their finances in 2020 were financially insolvent. This leaves clubs, traditions and communities at the whim of owners and the precipice of being one bad owner from extinction.

“The warning signs from the winding up of Bury and Macclesfield haven’t been heeded. And now we have Derby County. Derby County, a founding member of the Football League. Derby County, twice champions of the Football League staring down the barrel of liquidation.”

Niall Couper, Fair Game’s CEO, says Derby must be the last club to experience such a crisis due to financial mismanagement.

He said: “The situation at Derby is nothing short of a catastrophe. Fans of Derby have to be the last to face these challenges.

“Football needs the Government to implement legislation to support the recommendations in the Fan-Led Review and to incentivise clubs to run themselves sustainability to protect our national game from disaster.”

 

https://www.derbytelegraph.co.uk/sport/football/football-news/derby-county-administration-wayne-rooney-6730337

 

[PistoldPete]

51 minutes ago, Gaspode said:

There certainly seems to be a vindictive nature to most of the the comms that come out of the EFL. The blame for this sorry mess lies squarely at Morris’s door, but we must never forget the role that the EFL have played in dragging out the resolution and increasing the stress felt by the supporters - despite their empty promises of trying to help the club…..

I think vindictive is going too far. How it seems to me is that the EFL is desperate to justify itself. However, Quantuma are best placed to decide whether we can recover and how best to do that, and in fact they are appointed by a Court to do that job. They have had to conduct confidential and commercially sensitive discussions with various parties. When they have something to say, they will say it.  

EFL imposing "deadlines" and even worse issuing statements before these "deadlines" have expired might seem to EFL that they are doing something useful, but actually all they do is cause confusion, and unsettle the DCFC stakeholders including many on this forum.

  

[i-Ram]

2 minutes ago, PistoldPete said:

I think vindictive is going too far. How it seems to me is that the EFL is desperate to justify itself. However, Quantuma are best placed to decide whether we can recover and how best to do that, and in fact they are appointed by a Court to do that job. They have had to conduct confidential and commercially sensitive discussions with various parties. When they have something to say, they will say it.  

EFL imposing "deadlines" and even worse issuing statements before these "deadlines" have expired might seem to EFL that they are doing something useful, but actually all they do is cause confusion, and unsettle the DCFC stakeholders including many on this forum.  

This, and more this. DUCK THE EFL. Q owe that organisation no duty of polite courtesy as far as I am concerned. 

[RedSox]

If true, this is an outrageous position to take when our very future hangs by a thread.  Surely, Nixon can't know the level of detail that has been disucssed and agreed.  And if he does, why would Q have possibly said the stadium element was 'not an issue'??

[Ramos]

3 minutes ago, RedSox said:

If true, this is an outrageous position to take when our very future hangs by a thread.  Surely, Nixon can't know the level of detail that has been disucssed and agreed.  And if he does, why would Q have possibly said the stadium element was 'not an issue'??

I think we have learned that he doesn’t know as much as he lets on. The fact he said Ashley was out of the running for Ashley himself to come out only a day later to say it was a load of rubbish. 

[Rambalin]

The moment Rick Parry made the decision to issue us with a warning