The Administration Thread

[Tyler Durden]

7 minutes ago, roboto said:

Ask Norwich fans how they feel about getting tanked every season in the premier league because their owners cash in their chips rather than invest in the squad each season.

Im sure they’d much rather have an established premier league team than be a yo-yo club.

But granted, still a better position than what we find ourselves in…

Premier League? What's that. I heard rumours of a fabled land beyond the Championship that our previous owner was trying to get us into apparently. 

[duncanjwitham]

42 minutes ago, kevinhectoring said:

‘preferred buyer’ is the term-of-art of Q’s  chosing, not a very wise one. The winning bidder (that’s a better term) can be named on whatever terms are agreed between seller and buyer. 
Q were clearly alert to the dangers of a flabby appointment - that’s partly why the deposit was going to be non-refundable. The danger is you tw-t around with a ‘Pb’ for weeks to no avail then find everyone else has moved on to the next deal 
 

it’s unbelievable, stunning incompetence. q has no control at all over the M&A process 

Nobody, and I mean literally nobody, is going to absolutely commit to buying us until they have a final agreed deal with HMRC, a final agreed business plan with the EFL and probably a bunch of other things too. And HMRC and the EFL are not going to agree final deals until they have an actual person to sit down with and make an agreement with.

[strawhillram]

2 minutes ago, Tyler Durden said:

Premier League? What's that. I heard rumours of a fabled land beyond the Championship that our previous owner was trying to get us into apparently. 

And the owner will tell you lies 
Of a kingdom beyond the skies
But I am lost within this half-world
It hardly seems to matter now

[LeedsCityRam]

13 minutes ago, Bris Vegas said:

Don’t really care how rich the new owner is as long as they run is like a proper business.

Norwich are a shining light on how you don’t have to have rich owners to succeed.

Mel Morris was wealthy and ran us into the ground.

1000% this.

The biggest myth in football...money buys success. It does eventually if your pockets are deep enough & you can blow everyone else out the water (Chelsea 2004, Man City from 2012). There are much more examples of clubs throwing cash around & going nowhere.

We need a proper structure with ideally a Director of Football to make consistently smart and shrewd decisions & the club run as a business. The youth model is the most sustainable way forward now that the cheap foreign route is closed...ideally discards from Prem academies like Plange & Ebiowei. We've seen this season how valuable a quality Academy is, its also much cheaper than buying established players both fees & wages.

Im not at all concerned how rich Kirchner is. The size of this club means we will naturally have greater revenue than most in the EFL. I am concerned about the key appointments he makes on the football side & how the decision making process runs.

Edited April 6, 2022 by LeedsCityRam

[Flying Fokker]

33 minutes ago, Tyler Durden said:

Premier League? What's that. I heard rumours of a fabled land beyond the Championship that our previous owner was trying to get us into apparently. 

The sad thing is that there is also the fabled League One 

[Yani P]

According to simon Jordan his companies are worth over 7 billion...never known Jordan to exaggerate so im ok with that guesstimate.

[Flying Fokker]

53 minutes ago, Bris Vegas said:

Don’t really care how rich the new owner is as long as they run is like a proper business.

Norwich are a shining light on how you don’t have to have rich owners to succeed.

Mel Morris was wealthy and ran us into the ground.

Ask a Norwich fan what success looks like.  I’m of the view that their forays into the is a syndical drive to fill their coffers every other year. 

[RipleyRich]

42 minutes ago, kevinhectoring said:

Needs to be contractually obliged to proceed before being appointed ‘PB’. It’s elementary 

It's only now that he is PB and has exclusivity, that he is given full open access to the accounts. Without seeing them, and being allowed to negotiate with the Creditors, can he possibly be expected to be contractually obliged to proceed with a purchase?

It's a bit like buying a house. Your offer is accepted and you instruct your solicitors to do the searches. The results of those searches could then mean you renegotiate the price or maybe walk away.

That's where this process is now. It's still a long way from a sale being agreed.

[europia]

47 minutes ago, duncanjwitham said:

Nobody, and I mean literally nobody, is going to absolutely commit to buying us until they have a final agreed deal with HMRC, a final agreed business plan with the EFL and probably a bunch of other things too. And HMRC and the EFL are not going to agree final deals until they have an actual person to sit down with and make an agreement with.

Yep, Kirchner still has a stack of 'get out of jail' cards. 

[Elwood P Dowd]

Until CK signs the purchase contract he has no obligation to purchase Derby. CK is simply the first in line to have a full view of the clubs financial position if he wants to proceed after he has seen the books then that is up to him.

[Van der MoodHoover]

47 minutes ago, StrawHillRam said:

And the owner will tell you lies 
Of a kingdom beyond the skies
But I am lost within this half-world
It hardly seems to matter now

Play me my song..... 

Da da da diddle iddle um

(here it comes again) 

[kevinhectoring]

9 minutes ago, RipleyRich said:

It's only now that he is PB and has exclusivity, that he is given full open access to the accounts. Without seeing them, and being allowed to negotiate with the Creditors, can he possibly be expected to be contractually obliged to proceed with a purchase?

It's a bit like buying a house. Your offer is accepted and you instruct your solicitors to do the searches. The results of those searches could then mean you renegotiate the price or maybe walk away.

That's where this process is now. It's still a long way from a sale being agreed.

If Q have not allowed serious bidders ‘access to the accounts’ then they are even more hopeless than it appears. (What do you think was in the data room ?)

[RipleyRich]

2 hours ago, thelovebelow said:

How rich is CK? 

 

[RipleyRich]

Just now, kevinhectoring said:

If Q have not allowed serious bidders ‘access to the accounts’ then they are even more hopeless than it appears. (What do you think was in the data room ?)

That's the way the process works. Its nothing to do with Quantuma.

[Scott129]

2 hours ago, thelovebelow said:

How rich is CK? 

Varying reports of between 5 million and a billionaire.

Although, if I remember correctly when he first came on the scene, he did reply to someone on Twitter and confirm that he wasn't a billionaire.

But he has shown proof of funds to the EFL, and I think they wanted to see close to 100m (someone might correct me on that).

[Day]

1 hour ago, PistoldPete said:

I am not happy about the "having consulted with the clubs" bit .. the penalty will be 15 points on exiting administration. When did they consult with the clubs,.. before or after we went into administration? 

If you are referring to the EFL, I haven’t seen what you have seen. I posted the EFL commas tweets in the update thread and that’s all I have seen from them. No point did they mention consulted with the clubs.

I haven’t been following that closely though tbh, so if I have missed something elsewhere I apologise.

[Van der MoodHoover]

9 minutes ago, kevinhectoring said:

If Q have not allowed serious bidders ‘access to the accounts’ then they are even more hopeless than it appears. (What do you think was in the data room ?)

A collection of Mels old bus tickets and dry cleaning receipts? 

 

Oh, and ikechi anya...... ?

[AndyinLiverpool]

14 minutes ago, Van der MoodHoover said:

Play me my song..... 

Da da da diddle iddle um

(here it comes again) 

What he did was a cryme

[scout's dad]

21 minutes ago, Van der MoodHoover said:

Play me my song..... 

Da da da diddle iddle um

(here it comes again) 

Hi Pete

when are you getting back together with the lads?

[BramcoteRam84]

34 minutes ago, Yani P said:

According to simon Jordan his companies are worth over 7 billion...never known Jordan to exaggerate so im ok with that guesstimate.

Yeah a bit wide of the mark. 
 

But seriously, the bloke isn’t poor by any stretch and more than has the means to own a football club if he runs it responsibly.

Slync.io raised $76m from series a and series b funding rounds, from what I’ve read a series b funding round of $7m-$10m indicates a company worth of $30-$60m so about 3x-6x the funding amount. Therefore applying the same logic slync.io is worth between $230m-$450m. That’s it’s worth now. They raised $60m from Goldman Sachs, they wouldn’t invest that unless Slync had serious growth potential. That’s before we even get to whatever he has in crypto, property or family wealth. Sure he probably isn’t a billionaire, he may not be worth as much as Mel but he’s probably not that far off.
 

I think we can say he isn’t Erik Alonso Mark 2.