The Administration Thread

[Tyler Durden]

1 minute ago, Topram said:

People waiting in the wings for Ck exclusivity to end so they can bid was obviously wrong. A week since no bid nothing, 9 months and further back than we started 

I can't remember whom I argued the toss with over the weekend whom maintained that Kirchener was responsible for a 2 month delay in the proceedings, players going out of contract and leaving etc 

I countered that if there was no one else interested in buying the club then the time Kirchener took faffing us around was an irrelevance.....

[Topram]

Just now, Tyler Durden said:

I can't remember whom I argued the toss with over the weekend whom maintained that Kirchener was responsible for a 2 month delay in the proceedings, players going out of contract and leaving etc 

I countered that if there was no one else interested in buying the club then the time Kirchener took faffing us around was an irrelevance.....

Was me I think, until now all we’d heard that bids had gone in etc but clearly not, so yes waiting and hoping the CK bid went through was our only hope 

[Mick Brolly]

7 minutes ago, B4ev6is said:

That might be the case mate perhaps it has but got to wait before they have confirmed it.

More waiting my god it's enough to test the patience of a saint. 

[Tyler Durden]

Just now, Topram said:

Was me I think, until now all we’d heard that bids had gone in etc but clearly not, so yes waiting and hoping the CK bid went through was our only hope 

Oops ?

[PistoldPete]

Just now, Tyler Durden said:

It's not desperate, by their own explanations it was an offer they couldn't refuse.....

Well yes. They couldnt refuse it because it was in effect the only one.

[Gritstone Ram]

So what is this claim that MASH was going to be PB in January? Was it or wasn’t it?

[Ram-Alf]

19 minutes ago, RoyMac5 said:

Well come on, this is kinda good - we keep going, we are Derby!

Not that good Roy, I've £400 waiting for a season ticket, If still in admin when the season kicks off...it may just stay in the bank, And I wont be the only one☹️

[RoyMac5]

1 minute ago, Gritstone Ram said:

So what is this claim that MASH was going to be PB in January? Was it or wasn’t it?

It's not January any more, so it doesn't matter. The Club is in a different place.

[Tyler Durden]

Just now, PistoldPete said:

Well yes. They couldnt refuse it because it was in effect the only one.

Correct. Which makes our position appear even more parlous than it actually seemed to be if that's possible.

Still can't get how Ashley for example is pissed that the admins wouldn't talk to him if his offer fell short of the first and second conditions of the club retaining the golden share. 

[PistoldPete]

3 minutes ago, Tyler Durden said:

I can't remember whom I argued the toss with over the weekend whom maintained that Kirchener was responsible for a 2 month delay in the proceedings, players going out of contract and leaving etc 

I countered that if there was no one else interested in buying the club then the time Kirchener took faffing us around was an irrelevance.....

Yes and at least if nothing else the Kirchner distraction flushed out an offer (believed to be from Clowes) to buy the stadium. 

[RoyMac5]

Just now, Unlucky Alf said:

Not that good Roy, I've £400 waiting for a season ticket, If still in admin when the season kicks off...it may just stay in the bank, And I wont be the only one☹️

Well if they take credit card payments you'll be alright ya tight booger! ? ? #COYR

[RoyMac5]

Just now, Tyler Durden said:

Correct. Which makes our position appear even more parlous than it actually seemed to be if that's possible.

Still can't get how Ashley for example is pissed that the admins wouldn't talk to him if his offer fell short of the first and second conditions of the club retaining the golden share. 

Because he knows that we aren't worth what they want and like was suggested with Appleby's current bid - divvy the money up how you want, ie you lot take less.

[Tyler Durden]

1 minute ago, RoyMac5 said:

Because he knows that we aren't worth what they want and like was suggested with Appleby's current bid - divvy the money up how you want, ie you lot take less.

Yer but that would mean we'd be kicked out the league so what in effect would Ashley have been buying ?‍♀️

Edited June 19, 2022 by Tyler Durden

[RoyMac5]

Just now, Tyler Durden said:

Yer but that would mean we'd be kicked out the league so what in effect would Ashley be buying ?‍♀️

Does it mean that or does it mean that Mel and Q get less of the 'pot'?

[Ram-Alf]

3 minutes ago, RoyMac5 said:

Well if they take credit card payments you'll be alright ya tight booger! ? ? #COYR

Never had a credit card in my life, If I aint got the loot I do without ?

[RadioactiveWaste]

2 minutes ago, Tyler Durden said:

Correct. Which makes our position appear even more parlous than it actually seemed to be if that's possible.

Still can't get how Ashley for example is pissed that the admins wouldn't talk to him if his offer fell short of the first and second conditions of the club retaining the golden share. 

I strongly suspect it's more of a "gottcha" over process or something else "improper" that in the grander scheme of things is "frivolous" like Q said,but, if Ashley can demonstrate Q acted improperly in some way, it can cause them a difficulty.

 

[Ramarena]

23 minutes ago, RadioactiveWaste said:

They're very positive that MSD are now so deep in on this they'll lend the money to keep the club going for the season in league 1 rather than risk things going kaput. 

I also read it as nothing on the table at present satisfies the conditions to exit administration and remain in the league.

I know it’s not their business plan. But at what point does it just become worth it for MSD just to buy the club, get it into the Champ and sell up to recoup their expenditure/make a profit?

[Leeds Ram]

Reading that statement is depressing. Unless new bidders are actually in from before Kirchner then they've got to increase their offers to satisfy the EFL and exit administration. Despite their 'positivity' this hardly reads as positive news but the beginning of a protracted period where we'll likely be starting the season without an owner. 

[PistoldPete]

1 minute ago, Tyler Durden said:

Correct. Which makes our position appear even more parlous than it actually seemed to be if that's possible.

Still can't get how Ashley for example is pissed that the admins wouldn't talk to him if his offer fell short of the first and second conditions of the club retaining the golden share. 

I think the story (as I read it) is that Ashley made an offer in Dec/ January and was going to be named PB. Then thet fell apart because of the BOro thing and how EFL chose to deal with it. After the Boro thing was settled in February ashley doesnt seem to have kept with his offer but made another much lower offer in May.  Ashley is claiming he was misled into thinking he was PB, Q's position I think is that he has messed them around by not keeping to his original offer.  Its all "he said, she said" which gets us nowhere. 

[Ramos]

43 minutes ago, RoyMac5 said:

 

"Thank you for your email. We also note Trevor Birch’s response on behalf of the EFL.

Firstly, it is very important to state that we absolutely understand the frustration and distress of the fans, particularly since the turn of the year. We receive a huge quantity of correspondence daily and are also aware of the considerable press reporting and social media activity. Clearly, some of the reports have been closer to the truth than others.

Before a sale is finalised, there is an immediate requirement to secure the short-term future of the club, to allow players to be signed, issue season tickets for sale and to secure commercial agreements, as well as our best intentions to bring the uncertainty for staff and supporters to an end as soon as possible.

Once the short-term future of the club is secured, the minimum requirements for a bidder to be referred to the EFL for consideration are:

Bidders to submit offers that pay football creditors in full, pay 25p in the £ to other creditors (or 35p in the £ over 3 years) and propose a suitable solution for the club’s ongoing occupation of the stadium.

If such offers are not received, the next possibility is for offers that pay football creditors in full and propose a suitable solution for the club’s ongoing occupation of the stadium. In this scenario, where less than 25p in the £ is paid to other creditors, a 15-point deduction would be imposed for next season (depending on when a sale completes).

If neither 1) nor 2) is met, then it is unclear what position the EFL will take.

In either scenario 1) or 2) the costs of the administration need to be settled. The vast majority of these costs are the ongoing trading losses that the club sustains on a monthly basis and within that the biggest cost by a distance is payroll and associated costs. The options the administrators had to reduce costs were to make widespread redundancies, sell more first team players in the January transfer window and reduce the club’s Category 1 Academy status. It was decided not to do so in order to maintain the club in as strong a position as possible for a buyer and to give the first the team the best possible chance of avoiding relegation. It has been to date, and remains, extremely challenging managing cash flow each month in what remains a heavily loss-making business. Contrary to speculation Quantuma has not drawn any fees to date. The basis of drawing fees is set out in the joint administrators’ proposals report that was issued in November. It has not changed since, although considerable time costs have been incurred which will not be fully recovered. It is not in Quantuma’s interests financially, to allow the administration to become unnecessarily protracted nor for the companies to be placed into liquidation.

We are having extremely positive and productive discussions with interested parties in relation to the short-term requirements and are confident of those discussions leading to a sale thereafter which will secure the club’s long-term future. We do not, however, believe that imposing ‘hard deadlines’ are the answer at this stage. You will recall that we imposed deadlines earlier in the process which were not adhered to by bidders. We were then heavily criticised for extending those deadlines. In reality, no bids were received that were suitable to be recommended to the EFL for approval i.e. none that fell into category 1 or 2 above. Had we not extended the deadlines the alternative would have been to place the club into liquidation at that stage which no fan wants. We agreed with the EFL that we would report to them once we received a bid that satisfied 1) or 2) above, which Chris Kirchner’s bid did. Now that Mr Kirchner’s bid has been withdrawn, we will again report to the EFL upon receipt of a bid that satisfies 1) or 2).

We are bound by confidentiality agreements and so we cannot release the identities of the parties who have come forward, nor can we release any detail in relation to their interest or bids. However, all interested parties know that it is in their interests to be in situ as soon as possible in order for them to put together a competitive playing squad and secure valuable commercial contracts whilst giving staff and fans certainty for the future. The club does not have the luxury of time, and so, even without hard deadlines, the club’s future must be secured very soon.

Further to the EFL’s statement last week we fully understand their need to ensure that Derby County FC can fulfil its fixtures next season for the integrity of the league competition. As confirmed by Trevor Birch we are having daily calls with the EFL to provide updates on progress and that will continue for as long as is necessary and appropriate. As ever, any prospective owner of Derby County FC will be subject to EFL approval and will be required to satisfy the Owners’ and Directors’ Test. Once funding is confirmed for the duration of the season, we will be able to discuss with the EFL the terms of any business plan. Very positive discussions regarding funding and the sale of the club are ongoing.

Kind regards

Carl Jackson & Andrew Hosking
Joint Administrators of The Derby County Football Club Limited and associated companies "

Hmm does anyone else think it’s not quite as black and white as option one and two? Because if no one is meeting these with their offers how can they be having positive discussions? Surely those discussions are simply, you’re not even meeting the minimum requirement so come back and talk to us when you are. There must be a negotiating position on both sides. What is the next marker then do we think that is going to make someone finally budge and either increase the offer or Q take something slightly lower than the bar set? Someone is surely going to realise a few extra mill added to the offer will likely save more in the long run the longer this goes on. A break through is surely going to come in the next two weeks.