The Administration Thread

[kevinhectoring]

47 minutes ago, Archied said:

Yep , it’s bizarre, the clubs very existence is on the line and people see Rooney staying as being vital , now I have great respect for how he has been through all this but ANY manager or player is short term , they all move on or are moved on , that’s the nature of football,

we must survive first and foremost 

the point is not whether managers move on. The point is that in our situation, Rooney's attitude to a bidder is itself likely to affect the amount that bidder will pay   and in turn how much creditors receive. 

That's not to say Ashley would give Rooney so much as the time of day before buying the club. But Ashley ain't gonna be paying much 

[TheresOnlyWanChope]

3 minutes ago, Topram said:

Sky saying this will be back to another lengthy process ffs

How can it? Season starts soon. Will happen within a couple of weeks or thats it most likely

[StaffsRam]

Is it wrong to get sh*t-faced this early in the day? Cos this is f****** depressing ?

[RoyMac5]

FYI

 

[Mostyn6]

3 minutes ago, RoyMac5 said:

I can read. I highlighted the multiple choice "scared off" suggestion and said it was unbelievable.

of course he could quite easily have thought "screw this" after all the abuse, accusations and harassment. I know I would've reconsidered paying over the odds for a Lg1 club with no assets and I'm a Derby fan!

[DCFC Kicks]

8 minutes ago, Norman said:

If anyone thinks Mike Ashley is the bloke to buy us in the next 2 weeks, that ain't happening. Whilst he holds the position of not wanting to pay the administrators a penny, and low-balling creditors, he will be bottom of the pile. 

The only way Mike Ashley gets us is if the club goes right down to a liquidation deadline and the administrators agree to only taking a percentage of their 'earnings' as part of the rescue deal to stop the club liquidating. 

We need someone other than Mike Ashley if we are to start on anything other than - 15 points and have a chance of putting a competitive squad together and keeping Rooney for the coming season. 

Mike Ashley is always waiting for that deadline. He does this multiple times a year. He must be thinking Kirchner has pushed the deadline so close that he now stands a chance. I have nothing against his approach. He's a fine contingency plan to have, but we need someone else. 

In my opinion, of course. 

That the way he usually buys things but maybe football is different as he paid £135m for Newcastle. If he was out to purely make money, there's much more effective ways then football to do that.

Edited June 14, 2022 by DCFC Kicks

[Ramos]

1 minute ago, Mostyn6 said:

of course he could quite easily have thought "screw this" after all the abuse, accusations and harassment. I know I would've reconsidered paying over the odds for a Lg1 club with no assets and I'm a Derby fan!

Whereas I think CK never had the money, I do agree that it’s a possibility and I do think Derby’s in a position where you have to be a Mike Ashley or a Steve Morgan (who had wolves in league one) to have that experience and that vision to see beyond the current mess. We are not in a position for a first time into football buyer to pick us up. I don’t think they’d know where to start when it boils down to it. 

With that hat on, Mike Ashley is probably our best bet…. For at least becoming a section in flannels ??. 

[De22Ram]

5 minutes ago, StaffsRam said:

Is it wrong to get sh*t-faced this early in the day? Cos this is f****** depressing ?

Haha thinking the same thing mate! Its doing my head in all this! Keep checking for info but theres never any good news!!

[RoyMac5]

2 minutes ago, Mostyn6 said:

of course he could quite easily have thought "screw this" after all the abuse, accusations and harassment. I know I would've reconsidered paying over the odds for a Lg1 club with no assets and I'm a Derby fan!

Yeah because you've a couple of million dollars to throw away on a whim. If he didn't know what social media was like after he pulled out of the buy the first time, and after he told us fulsomely on Twitter what he thought of Mel, then you're missing something very obvious!

[PistoldPete]

24 minutes ago, duncanjwitham said:

But there literally is no deal available at that kind of price.  If you don't pay enough to clear the stadium (by whatever means) and enough to meet the minimum requirements of the EFL insolvency policy, then you either have a club with no stadium to play in, or a club with no league to play in.  If Ashley is still only prepared to offer £28m or similar, and wants to own the stadium for that, he's just another non-serious time-waster IMO.

Any bidder offering that kind of money has to accept that they won't own the stadium (and be able to negotiate a deal with whoever Kirchner's stadium partner was), or somehow be able to strong arm Morris into clearing some/all of the MSD loan (and history suggests that this is very unlikely to happen, at least on any kind of realistic timescale).

Spot on Duncan. 

[Topram]

11 minutes ago, TheresOnlyWanChope said:

How can it? Season starts soon. Will happen within a couple of weeks or thats it most likely

Saying that businessmen around Derby are happy to keep derby running short term until we find a new buyer 

[duncanjwitham]

7 minutes ago, TheresOnlyWanChope said:

How can it? Season starts soon. Will happen within a couple of weeks or thats it most likely

How can it not be though. Unless it's literally a carbon-copy of the Kirchner deal, you're back to negotiating something for the Stadium/MSD, getting creditors to agree to a new amount/payment plan and so on.  And even then, purchasers will probably want to do their own due diligence, Quantuma/EFL will need to do theirs on the purchaser etc.  Anybody thinking somebody is going to swoop in, slap £40m on the table and have it done in an afternoon, is dreaming IMO.

And that's obviously the reason Quantuma gave Kirchner so many chances to complete - the time to start a new bid from near scratch are significantly longer than a few extra days to finish a near-complete deal.

[CornwallRam]

39 minutes ago, duncanjwitham said:

The problem is, there's an absolute floor to the price here - if you don't pay enough to clear the MSD/Stadium issue (whether it be you, a 3rd party, Morris, whatever) and enough to clear football creditors and whatnot, there is no deal - the club will simply not be allowed back into the league and the purchaser will not follow through on it.  That doesn't really exist with something like the Missguided deal - that's a straight game of brinkmanship between the purchaser and the creditors - you just find the sweet spot between the two positions, and the deal goes through.

Ashley currently seems to be offering below that floor, so either he has to up his bid significantly (which is money he seemingly doesn't want to spend), negotiate something with someone somewhere (which takes time), or accept 3rd party ownership of the stadium (which he is apparently not happy with).

I completely agree with you about the floor price. That's exactly how I understand it. The thing is though, logically we must both be wrong.

If it was a simple as saying floor pice is (figures just as illustration) £20m for stadium and either £25m upfront or £15m upfront plus anther £15m over three years - why do we have interested parties?

If the figures were set in stone, surely they'd either be bidders or not interested? Logically, there has to be some scope for negotiation or we'd have either been bought or liquidated by now. Struggling to come up with viable options.

Maybe squeezing Mel to take less for the stadium whilst still paying off MSD? Maybe trying to get a court to sanction a restructuring plan where HMRC get get wrung out to 10%? Taking the EFL to court and arguing that this is 50% their fault so they'll have to pay 50% of the football creditors? None look very likely, but Ashley especially must see some wiggle room somewhere. 

[Elwood P Dowd]

One of the issues we have as supporters is Q are tasked with getting the best deal for the creditors  there is no one ensuring that whoever takes over the ownership our club will have the interests of the club at heart and be able to sustain us in the long term.

The bottom line is Derby County is a business however, we supporters have a lot more invested in Derby County than we do in our local Tescos, which is also a business.

There’s nothing we can do about the above just sit and hope for the right outcome.

This post is an excellent example of how to depress yourself????

[TheresOnlyWanChope]

4 minutes ago, Topram said:

Saying that businessmen around Derby are happy to keep derby running short term until we find a new buyer 

hopefully, but EFL may want proof for the entire season. They won't want the risk of fixture cancellations etc.

[Seth's left foot]

2 hours ago, RoyMac5 said:

It will be easier for Q as they are now dealing with 'real' businessmen. Although MA has dealt with more administrators than Q have had hot dinners, so that might not be easy on them! ?

Have you seen their expenses, it would have to be a hell of a lot of administrators! ?

[StaffsRam]

5 minutes ago, Topram said:

Saying that businessmen around Derby are happy to keep derby running short term until we find a new buyer 

Doubt that will be good enough for the EFL. They’ll want to see evidence that we can fund the entire season. The last thing they’ll want is us going bust mid-season.

Edited June 14, 2022 by StaffsRam

[TheresOnlyWanChope]

4 minutes ago, duncanjwitham said:

How can it not be though. Unless it's literally a carbon-copy of the Kirchner deal, you're back to negotiating something for the Stadium/MSD, getting creditors to agree to a new amount/payment plan and so on.  And even then, purchasers will probably want to do their own due diligence, Quantuma/EFL will need to do theirs on the purchaser etc.  Anybody thinking somebody is going to swoop in, slap £40m on the table and have it done in an afternoon, is dreaming IMO.

And that's obviously the reason Quantuma gave Kirchner so many chances to complete - the time to start a new bid from near scratch are significantly longer than a few extra days to finish a near-complete deal.

Won't be an afternoon but things will need to move fast. This won't be allowed to be a long drawn out process.

[Seth's left foot]

Just now, TheresOnlyWanChope said:

hopefully, but EFL may want proof for the entire season. They won't want the risk of fixture cancellations etc.

Yes, to stay in administration for next season the club will have to prove that they have funding for the entire season. That’s why the EFL have mentioned our membership again.

[RoyMac5]

Just now, Elwood P Dowd said:

One of the issues we have as supporters is Q are tasked with getting the best deal for the creditors  there is no one ensuring that whoever takes over the ownership our club will have the interests of the club at heart and be able to sustain us in the long term.

The bottom line is Derby County is a business however, we supporters have a lot more invested in Derby County than we do in our local Tescos, which is also a business.

There’s nothing we can do about the above just sit and hope for the right outcome.

This post is an excellent example of how to depress yourself????

Whilst the EFL are fairly useless (!!!) they have at least 'waved' the Golden Share around. So you would assume that they will now look out for the best interests of our club. Oh no its no good I can't type any more of that crap! ? I'll just stick with while there's life there's hope. 

#COYR