The Administration Thread

[scout's dad]

It’s going nowhere man

[RipleyRich]

1 hour ago, Charlotte Ram said:

MSD are currently receiving LIBOR + 8% = 9.67% p.a. on their loans against the Stadium and the Academy, some £42,000 per week, so the delays are financially crippling to MM so I very much doubt he is holding things up deliberately, it is also worth highlighting that MSD will have the final say on the stadium destination, therefore if MM has not got enough cash or assets, as he's given a PG on the loan to clear the outstanding amount then MSD would not give the go ahead to accept less than they are owed. Given that DCFC will need up to £12 million a year in a cash injection every year to make ends meet in League 1 and that CK cannot raise enough to purchase an asset he could get a loan against I am concerned he is becoming increasingly not credible as a buyer.

MM isn't paying the loans.

As far as I am aware the loans are on the books of DCFC, but secured against the Stadium. And that is where the big problem lies. Unless the buyer settles the loans, or, buys the Stadium, they have to come up with other securities for the loans

The Council will not buy a Stadium with someone else's loans guaranteed against it,  and I can't imagine anyone else will.

So in reality it means CK putting up security for c£20m to guarantee the loans, or stump up c£23m to buy the Stadium from MM.

Not gonna happen is it,?

[Mucker1884]

59 minutes ago, Rev said:

After a weekend of poor headlines regarding football and its issues around equality, I'd hope you'd use a more appropriate expression. 

You've blackened your name, in my eyes.

A/  I am unaware of any such headlines, having not been acquainted with any over the past few days, so please forgive my ignorance, and lack of a reactionary emotive response in the form of on-line cartoon-like animation (to your post).  

B/  My "expression"... as I am sure you are aware... refers to honesty, and moral purity, as penned by someone who is arguably history's most famous and revered pensmith (What a great word!  I'm 'avin' that!)

C/  I shall "defend my ramblings no further. 

D/  Good day sir!

 

 

*Actually, reading that back, I wish I'd gone for the more appropriate "Quillsmith"!  Marvellous!  

[plymouthram]

Quantuma are going to be the only winners of this balls up, which they have been masters at. It's a bit like the Wagatha libel case, the winners will be the lawyers. And who picked the Administrators, yes it was Mel. I just hope tomorrow somebody states some facts on where we are and whats happening. Time for this nightmare to finish, sort it everyone.

Who's to blame for the last 8 months, Mel Morris, EFL, Steve Gibson, Quantuma, Rick Parry, Tyre kickers (Fake Sheikh & Alonso), bad refs and that gobby yank at Wycombe. Please feel free to inform me of any other parties that I have missed off the list. The ones that come out with credit in this, is Wayne and his coaching staff, the players and the FANS.

[RoyMac5]

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

I’m pretty sure that somebody purchasing a football club for millions of pounds wouldn’t let some little scrote on Twitter put him off, do you? 
 

I also think he knows why DCFC supporters are frustrated. 

Someone naive enough to leave old 'abusive' tweets on his account and his DMs open to all? Yeah.

[strawhillram]

10 minutes ago, scout's dad said:

It’s going nowhere man

Saul badman 

[PistoldPete]

7 minutes ago, RipleyRich said:

MM isn't paying the loans.

As far as I am aware the loans are on the books of DCFC, but secured against the Stadium. And that is where the big problem lies. Unless the buyer settles the loans, or, buys the Stadium, they have to come up with other securities for the loans

The Council will not buy a Stadium with someone else's loans guaranteed against it,  and I can't imagine anyone else will.

So in reality it means CK putting up security for c£20m to guarantee the loans, or stump up c£23m to buy the Stadium from MM.

Not gonna happen is it,?

The loan is irrelevant if MM uses the proceeds to repay the loan. So it doesn't matter who he sells the stadium to, the Council. local businessmen. Kirchner or whoever. So long as the sale price of PPS is at least £23m, it pays off the MSD loan.

[Rev]

6 minutes ago, Mucker1884 said:

A/  I am unaware of any such headlines, having not been acquainted with any over the past few days, so please forgive my ignorance, and lack of a reactionary emotive response in the form of on-line cartoon-like animation (to your post).  

B/  My "expression"... as I am sure you are aware... refers to honesty, and moral purity, as penned by someone who is arguably history's most famous and revered pensmith (What a great word!  I'm 'avin' that!)

C/  I shall "defend my ramblings no further. 

D/  Good day sir!

 

 

*Actually, reading that back, I wish I'd gone for the more appropriate "Quillsmith"!  Marvellous!  

Every day is a school day. 

I had no idea Jeffery Archer was behind the term Whiter than white.

[PistoldPete]

4 minutes ago, RoyMac5 said:

Someone naive enough to leave old 'abusive' tweets on his account and his DMs open to all? Yeah.

Can you imagine Mel morris doing that? It would be asking for it I think. Not that Kirchner deserves abuse but it is twitter after all, it's an absolute cess pit.  

[Crewton]

The nub of Kirchner's tweet at the end of last week was :

"All is almost complete. We’ve extended to Monday so we can finish the last piece and they’ve agreed to let us." 

Why hasn't the "last piece" been finished and what is preventing that? 

That's what the fans need to know, but I assume the answer would be even more inflammatory than Nixon's "leak". 

[RipleyRich]

7 minutes ago, PistoldPete said:

The loan is irrelevant if MM uses the proceeds to repay the loan. So it doesn't matter who he sells the stadium to, the Council. local businessmen. Kirchner or whoever. So long as the sale price of PPS is at least £23m, it pays off the MSD loan.

But, is that what MM intends to do?

There has been talk of renting the Stadium from MM. So what happens to the loan guarantees then. Will MM still allow loans to be guaranteed against his properties? ( it is believed that he also has guarantees against his own personal properties too)

What was the loan for? Buying the Stadium? Or running the club?

If it wasn't to buy the Stadium then why would MM settle the loan?

The Stadium is his and I'm guessing he would want some return for it.

[Gringo]

25 minutes ago, RipleyRich said:

MM isn't paying the loans.

As far as I am aware the loans are on the books of DCFC, but secured against the Stadium. And that is where the big problem lies. Unless the buyer settles the loans, or, buys the Stadium, they have to come up with other securities for the loans

The Council will not buy a Stadium with someone else's loans guaranteed against it,  and I can't imagine anyone else will.

So in reality it means CK putting up security for c£20m to guarantee the loans, or stump up c£23m to buy the Stadium from MM.

Not gonna happen is it,?

The MSD loans were to Gellaw new 202 which is owned wholly by MM so DCFC are not paying the loans

[Elwood P Dowd]

1 minute ago, Charlotte Ram said:

The MSD loans were to Gellaw new 202 which is owned wholly by MM so DCFC are not paying the loans

I think Mel has personal guarantees against the MSD loans

[PistoldPete]

2 minutes ago, RipleyRich said:

But, is that what MM intends to do?

There has been talk of renting the Stadium from MM. So what happens to the loan guarantees then. Will MM still allow loans to be guaranteed against his properties? ( it is believed that he also has guarantees against his own personal properties too)

What was the loan for? Buying the Stadium? Or running the club?

If it wasn't to buy the Stadium then why would MM settle the loan?

The Stadium is his and I'm guessing he would want some return for it.

My understanding is that that is what MM intends to do. That is what he told Ed Dawes ... he only wants sufficient to cover the MSD loan .I do not think there is any live solution that does not involve the sale of the stadium.

[RipleyRich]

8 minutes ago, Charlotte Ram said:

The MSD loans were to Gellaw new 202 which is owned wholly by MM so DCFC are not paying the loans

Well according to the documents filed by Quantuma with companies house they aren't.

[Bald Eagle's Barmy Army]

30 minutes ago, RoyMac5 said:

Someone naive enough to leave old 'abusive' tweets on his account and his DMs open to all? Yeah.

You must be Dominic Brown in disguise. 

[CornwallRam]

I've regularly asked this question over the years; why would anyone other than a billionaire playboy or a super-wealthy fan buy a Championship club?

The question remains valid, although we're now a League 1 club at best. Why would you pour millions down the drain trying to build a team who might just get promotion to the Premier, but most likely will just hoover up your fortune?

I think the answer probably is that the only other realistic owner is a chancer taking a gamble. I suspect that's what Kirchner is. That's not to be too harsh on him - he's the best we can hope for and he's far better than oblivion. 

With stakes this high however, chancers won't be gambling with their own money. This will be a leveraged buy out. Kirchner will need the stadium as security. That's why he needs to buy it at a discount. Imo, he simply will not buy the club (including the stadium) for more than he can eventually borrow against it. He'll be aware that he'll need to stabilise things and make DCFC look like a big club again to fully leverage his asset. But as soon as he can, he'll look to recover all of his 'investment' and fund a promotion push by borrowing more. 

If it succeeds, he'll make a good profit. If it fails, we'll be back in administration in a couple of years. Hopefully though, the next time it won't have Mel's 'clever' structure acting as a lead weight. And the next chancer will be easier to attract. 

That's not to be too disparaging; in our current situation, we're not going to attract anyone better than Kirchner and sometimes gambles pay off. Better to be a chancer's roulette bet than to be the big club who died.

[JPRamFan]

Not looking like we're going to get a statement from Q or CK before midnight before CKs exclusivity runs out. WTF happens now?

[RoyMac5]

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

You must be Dominic Brown in disguise. 

Says his older brother. Easy to do isn't it.

Edited May 16, 2022 by RoyMac5

[i-Ram]

3 minutes ago, JPRamFan said:

Not looking like we're going to get a statement from Q or CK before midnight before CKs exclusivity runs out. WTF happens now?

Tuesday.