The Administration Thread

[RoyMac5]

Just now, IslandExile said:

I would have thought 'preferred bidder', 'period of exclusivity' are all standard, legal aspects of the administration process.

Please could anyone with more knowledge, time and patience than me say what the average time for those clubs to name a preferred bidder to actually confirming the sale and coming out of Administration.

Well don't look at Wigan it took them 3 (or 4?) PBs.

We've got hardly anytime before next season starts. I can't see the EFL allowing us to sign players until we're sold. Oh and the money runs out end of May? It's going to be close...(ooh I sound like Nixon! ? )

[RoyMac5]

Just now, Curtains said:

Get RD on BBC Sounds last night and listen to Gerald Krasner mate .

He did Wigan case he’s very good 

Did he mention how many PBs they had, I thought it was 3 or so?

[RamBeauIV]

9 minutes ago, IslandExile said:

Please could anyone with more knowledge, time and patience than me say what the average time for those clubs to name a preferred bidder to actually confirming the sale and coming out of Administration.

CK was given 6 weeks period of exclusivity with the less-complex PNE.  As his team will be negotiating deals with HMRC, MSD, Morris, etc. then you can't see the sale being completed (and ratified with all parties and the EFL) in less than 8 weeks.  Sky Sports were reporting that sort of 8-week timescale as well.  If it can be completed early June, then the players still under contract can re-sign.

[RoyMac5]

4 minutes ago, RamBeauIV said:

CK was given 6 weeks period of exclusivity with the less-complex PNE.  As his team will be negotiating deals with HMRC, MSD, Morris, etc. then you can't see the sale being completed (and ratified with all parties and the EFL) in less than 8 weeks.  Sky Sports were reporting that sort of 8-week timescale as well.  If it can be completed early June, then the players still under contract can re-sign.

Won't our money have run out by then? And is it 8 weeks to complete the deal or just to look through the books/debts?

I presume 'exclusivity' is given because of the cost of doing 'due diligence'?

[Curtains]

20 minutes ago, RoyMac5 said:

Did he mention how many PBs they had, I thought it was 3 or so?

RD said 3 

Mate I have to go 

If you get chance listen to the Wigan guy.  
 

We have loads of hurdles to cross whomever takes over if at all in the end ?

[Alty_Ram]

I know that renting a stadium seems like a slightly alien concept to us but regarding CK's apparent willingness to rent the stadium (which we are all assuming buyers will be desperate to buy outright), it seems that American sports teams very often seem to rent their stadia so it is perhaps nothing unusual to him. It might also help explain some of the jarring things that we see from a UK perspective like franchises moving home and just upping sticks from City A to City B.

Just plucking a few random examples from this article from 2017, it's clear that plenty of big names in the NFL/AFC  just rent.

https://www.reviewjournal.com/sports/raiders-nfl/stadium-and-rent-details-for-all-32-nfl-teams/

New York Jets
New York Giants
Pittsburgh Steelers
Jacksonville Jaguars
Green Bay Packers
Denver Broncos
Dallas Cowboys
San Francisco 49ers
Chicago Bears

etc..

Culturally it may be a bit like Germans being far more likely to rent a house for life for life rather than buy it as per UK preference. I read that more than half of Germans rent rather than buy.

[r_wilcockson]

[Carnero]

1 hour ago, 86 Hair Islands said:

Slync-io uses blockchain technology so I think there's a significant likelihood that the guy's crypto game is strong.  I also think it's likely that he is not the exclusive source of funding for his respective consortium.

I have seen a dcfc "journalist" called Salem Hafez, who seemed pretty clued up about the BZI deal, suggesting that Kirchner may well have links to Dubai money (which fits with the golf tournament his company Slync.io sponsors).

[Turk Thrust]

59 minutes ago, FlyBritishMidland said:

I don’t think ‘preferred bidder’ is Quantuma’s term.  If so, why have clubs in administration announced a ‘preferred bidder’ why are Chelsea (although not in administration) about to choose a ‘preferred bidderk out of the four that have bid.  Are they all wrong?

Yes, preferred bidder was (when I was a civil servant) the standard legal term in the civil service in the procurement process for the bidder who is selected to some predetermined criteria, as being the body who it intends to sell the business to, or award a contract, subject to the completion of financial and administrative negotiations and legal arrangements. And this is what the joint administrators have done. It isn’t binding and the preferred bidder can walk away. Just don’t understand kevinhectoring’s points about this process

[Eddie]

58 minutes ago, kevinhectoring said:

Certainly PB is not Q’s term. They should be focused on getting CK on a contractual hook so it’s a foolish term for them to use 

Chelsea is quite different. The timetable for diligence is compressed (comedy stories coming out of the club right now about the process). More important Chelsea are in little danger of going bust if they lose a PB. If cK withdraws after 6 weeks negotiation we are in onechop territory 

I didn't realise that @OneChop had a garden big enough for us to use instead of Pride Park.

[BucksRam]

On 24/12/2021 at 12:58, Boycie said:

Now the American’s withdrawn, nowt new there then, who will it be?

Gadsby

Sam Rush

Or someone new?

15 weeks, 26,000 posts and 3 million views later, he's back. 

[Oldben]

https://footballleagueworld.co.uk/potential-off-field-major-boost-for-reading-fc-emerges-in-barnsley-and-derby-county-relegation-battle/

Further unfairness towards derby occurs.

Already unfairness over readings treatment compared to Derby.

[Guest]

29 minutes ago, Turk Thrust said:

Yes, preferred bidder was (when I was a civil servant) the standard legal term in the civil service in the procurement process for the bidder who is selected to some predetermined criteria, as being the body who it intends to sell the business to, or award a contract, subject to the completion of financial and administrative negotiations and legal arrangements. And this is what the joint administrators have done. It isn’t binding and the preferred bidder can walk away. Just don’t understand kevinhectoring’s points about this process

Please don't continue to try. It's an exacting process that can damage your health.

Edited April 7, 2022 by Brailsford Ram

[Day]

3 hours ago, PistoldPete said:

It’s in the attachment to the Maguire tweet that you posted. I would like to know when this consultation with the clubs took place , before or after derby went into admin. 
 

or is this another moving of the goalposts, let’s change the rules so we can punish Derby even more.

It's not about Derby, it's the insolvency policy that applies to all clubs.

[Half Fan Half Biscuit]

Wasn't the preferred bidder supposed to deposit a non-refundable £5 mill?

Or has that been conveniently side-stepped?

[AndyinLiverpool]

23 minutes ago, Oldben said:

https://footballleagueworld.co.uk/potential-off-field-major-boost-for-reading-fc-emerges-in-barnsley-and-derby-county-relegation-battle/

Further unfairness towards derby occurs.

Already unfairness over readings treatment compared to Derby.

Horrible website alert

[MackworthRamIsGod]

55 minutes ago, Carnero said:

I have seen a dcfc "journalist" called Salem Hafez, who seemed pretty clued up about the BZI deal, suggesting that Kirchner may well have links to Dubai money (which fits with the golf tournament his company Slync.io sponsors).

I questioned him about that, as its a big big deal if so.

He has responded this morning to say "just my hunch, no evidence of that".

To he honest, his tweet definitely came across as fact rather than an opinion, so maybe he is back tracking. 

But to say "Kirchner I'd Dubai by Proxy" and "I'm happy" suggests he knew that rather than just suspected that could be the case.

We shall see.

[EnigmaRam]

8 minutes ago, Half Fan Half Biscuit said:

Wasn't the preferred bidder supposed to deposit a non-refundable £5 mill?

Or has that been conveniently side-stepped?

That was the requirement to keep the club running from back in December. Since we’ve now sold players, there is enough funds to complete the season. So the £5 mil wasn’t required 

[Mostyn6]

1 hour ago, hintonsboots said:

A question for the collective. A few posters have attempted to estimate CK’s wealth and we don’t know if he is backed by other investors. If he is at a reasonable wealth level, I think somebody said similar to Mel ( although that’s unknown) why not buy the stadium? 

cos he's going to build a new stadium on Markeaton Park. Deal done with the council.

[Half Fan Half Biscuit]

Just now, EnigmaRam said:

That was the requirement to keep the club running from back in December. Since we’ve now sold players, there is enough funds to complete the season. So the £5 mil wasn’t required 

OK. I had thought it was supposed to be a statement of intent and to make it less likely PB would drop out later.