The Administration Thread

[duncanjwitham]

25 minutes ago, atherstoneram said:

HMRC are not unsecured creditors.

What security do they have (in terms of charges against club property etc)? If the answer is "none", they are by definition unsecured.

[Ram-Alf]

31 minutes ago, Macintosh said:

Except it comes at a huge cost, take Burnley as an example going this route: ALK Capital took out their £65m loan from MSD Holdings to finance the buy out and currently pay only interest – at 8 per cent – on it. The full amount is due to be repaid in 2025. That is £5.2m each year or £21m interest they will have paid. You can buy Pride Park for that and have your own car space!

https://www.theguardian.com/football/2021/feb/02/burnley-us-takeover-has-left-club-90m-worse-off-and-loaded-with-debt

[RipleyRich]

17 minutes ago, CornwallRam said:

 

I can't remember where I read it, but someone said that the HMRC deal is 25% now followed by another 25% over three years. I think (without checking) that the total is £36m, meaning we'd repay £9m upfront and another £9m over the next three years. No idea how true this is, but doesn't sound too far-fetched. 

That would stack up with what I suggested about half of CKs alledged £21.4m going straight to HMRC as an upfront with further payments over 3 years.

 

[Phoenix]

A lot of 'ifs', but

if Clowes intended to but the stadium in the event of CK being successful, and

if Appleby has indeed offered north of £40 M and

if Appleby's bid includes the stadium, then

maybe Clowes is part of the Appleby consortium.

[hintonsboots]

How I long for the golden days when we discussed transfers, formations, post match debriefing etc. This has become the accountancy thread.

[Curtains]

[Hans Datdo-Dishes]

8 minutes ago, hintonsboots said:

How I long for the golden days when we discussed transfers, formations, post match debriefing etc. This has become the accountancy thread.

It's accrual world. 

[i-Ram]

12 hours ago, B4ev6is said:

Look guys we all need to ge careful with Q right now last thing we need is david could get in big trouble I know we are all stressed as hell right now but we need to support each other not start falling out with each other.

 

[BramcoteRam84]

19 minutes ago, Phoenix said:

maybe Clowes is part of the Appleby consortium.

He was involved in Appleby’s consortium 2 weeks ago according to what I was told. Things may have moved on since but I know he was involved, no reason to suggest why he wouldn’t be involved still.

[RoyMac5]

 

[Animal is a Ram]

Interesting, now over £50m!

 

[CBRammette]

58 minutes ago, Coconut's Beard said:

 

I am! Can't be bothered fending off the rabid horde for a few days, it's like trying to surf against a tsunami of groupthink (or rather group-not-think) and takes up too much energy.

Hoping the Mike Ashley Mind Control Drones have some malware installed on them in the meantime, but I won't hold my breath.

Also can't spend my entire working week not doing work, I'm probably 10 hours behind where I should be already.

 

I know I am usually off today but working to make up for "refreshing" my phone

[RoyMac5]

1 minute ago, Animal is a Ram said:

Interesting, now over £50m!

 

Blimey was it as long as a decade of ownership with Appleby?

[Ghost of Clough]

1 hour ago, Animal is a Ram said:

Very much agreed, and it depends on how much stock you take in what various people have said - but let's break it down.

Taking things at face value:  

Nixon 'report' that new bidders are looking to do it cheaper by taking the 25% hit
Nixon 'report' EFL want creditors paid in that initial money within 10 days of completion

Appleby's 'in excess of £40m' would cover:
the £21.4m for creditors (as agreed under the CK 'deal') - assume this would drop using a 25% calculation
the £20.5m for MSD/Mel for the stadium.

See above. It would also be said that Ashley would look to buy the stadium outright too, given his quote in the Telegraph/Percy piece.

How can it possibly, given the numbers we know above? Also, the EFL will test for this, think there was a reference to £100m of funds in the early times of the CK interest? (Yes, I know about how useless the EFL have been...)

The '£40m' would exclude football creditors. As some of that amount is yet to be determined (promotion), the excess above £40m would likely relate to the football creditors.

Breakdown being:
Unsecured creditors - £1m (35% of the £3m claimed)
Administrators - £3.5m (100%)
MSD (loan) - £3.5m (100%)
HMRC - £12.6m (if 35%)
Total = £20.6m

MSD (Stadium) - £20.5m

Football creditors - when falling due. (100% of whatever is left from £8.4m)

[maxjam]

3 minutes ago, RoyMac5 said:

 

Nice, its grown £10m in a couple of days.  Leave it until after the weekend and it will be £60m!

[GenBr]

5 minutes ago, RoyMac5 said:

 

"As quick as the administrators allow it" well see you all in 3 months when they finally get round to processing this...

[jono]

2 hours ago, Curtains said:

So Appleby deal is say 22 Million for the ground and out of other 18 Million they have to pay MSD 20 Million and HMRC etc .

Is the feasible 

It’s confusing.  .. what does Mel really want for the ground ? Surely we can’t have it and Mel can’t sell it unless it includes settling the  debenture with MSD.

[TuffLuff]

As a point, I do remember a few months back Radio Derby having an interview with the administrator from Wigan who basically said when things are close to being sorted is when you will hear most ‘noise’. I know we all getting suckered in to posting on here at the slightest flinch of something happening. But maybe, Ashley/Binnies etc are making noise because there’s a firm bid in place no one will match.

[alexxxxx]

https://generalsportsworldwide.com/2022/06/15/own-a-piece-of-the-dream/

Still looking for some more investors?

[DCFC1388]

1 minute ago, GenBr said:

"As quick as the administrators allow it" well see you all in 3 months when they finally get round to processing this...

That was from her previous tweet in Jan