The Administration Thread

[RedSox]

15 minutes ago, CBRammette said:

Yes but 5 days ago he said PB named in 48 hours. 

He actually said "It's done" on the 16th, so something has changed!

[Ram-Alf]

15 minutes ago, hintonsboots said:

@Bris Vegas, Bigtrav and all the other ITK’s your sources have taken one hell of a beating.

[Gritstone Tup]

2 hours ago, kingsy1884 said:

Over-promising and under-delivering is never a good look and is a great way to rile up a hornets nest of concerned and frustrated stakeholders.

Missing the opportunity to sell several players in the transfer window, would have saved the club until the end of the season. We turned down offers for several players including Sibley, Byrne, Lawrence and Buchanan. Negotiations were utter stupidity by the admin, ok a silly bid for Lawrence comes in and you laugh it off and say come back to me when you can pay £3million and talks go from there. We turned down flat several bids for players who will go on a free, that’s totally irresponsible for the clubs survival and on behalf of the creditors.

[ThePrisoner]

9 minutes ago, RedSox said:

He actually said "It's done" on the 16th, so something has changed!

Or nothing has changed and he never knew. 

[duncanjwitham]

But you've also got Mike Ashley publicly criticising the admins for selling Plange and Kellyman and de-valuing the club.  If the admins had sold Sibley, Buchanan etc and Ashley has subsequently (and very publicly, as seems to be his style) withdrawn his bid, would that have been good?  

[TINMANTED]

3 minutes ago, Gritstone Tup said:

Missing the opportunity to sell several players in the transfer window, would have saved the club until the end of the season. We turned down offers for several players including Sibley, Byrne, Lawrence and Buchanan. Negotiations were utter stupidity by the admin, ok a silly bid for Lawrence comes in and you laugh it off and say come back to me when you can pay £3million and talks go from there. We turned down flat several bids for players who will go on a free, that’s totally irresponsible for the clubs survival and on behalf of the creditors.

in my opinion,agreeing to the nine point hit to speed things along was the biggest balls up,not agreeing could not have taken any longer and we would be out of the relegation zone,and not being made mugs of by the efl

[Jourdan]

We have funding for a matter of weeks and all parties involved think it’s a game of 9D chess. Scandalous.

The lack of urgency and the lack of willingness to get a deal done suggests to me that no-one involved really cares about the fate of the club, but merely about their bottom line.

At the end of the day, these ‘interested parties’ know what it will take to get a deal done and they know that the club’s future hangs in the balance.

It gets to a point where you just think: stop wasting everyone’s time. If you can’t offer what’s needed, walk away.

[B4ev6is]

I was hoping it might said bidder done not just sign things and take over compelted today.

[BramcoteRam84]

12 minutes ago, Gritstone Tup said:

Missing the opportunity to sell several players in the transfer window, would have saved the club until the end of the season. We turned down offers for several players including Sibley, Byrne, Lawrence and Buchanan. Negotiations were utter stupidity by the admin, ok a silly bid for Lawrence comes in and you laugh it off and say come back to me when you can pay £3million and talks go from there. We turned down flat several bids for players who will go on a free, that’s totally irresponsible for the clubs survival and on behalf of the creditors.

Or a preferred bidder comes in before the end of the season, a plan emerges to exit administration and put us on a financial footing to be able to take up our extension options on Buchanan and Ebosele and they either stay or we sell them at something that resembles market value as opposed to 2 Bob and a conker. 

The only one you could argue is questionable is Lawrence - that was done to try and keep us in the league - still might prove the right call. 

[IslandExile]

The story about the MSD loan.

The lack of communication from the Administrators.

The rumour of the 15 point deduction.

They all point to one thing:  Ashley will buy the club at the end of the season but at a cut price.

[CBRammette]

21 minutes ago, RedSox said:

He actually said "It's done" on the 16th, so something has changed!

But he didnt what "it" was - could have been a roast chicken

[Crewton]

9 minutes ago, Gritstone Tup said:

Missing the opportunity to sell several players in the transfer window, would have saved the club until the end of the season. We turned down offers for several players including Sibley, Byrne, Lawrence and Buchanan. Negotiations were utter stupidity by the admin, ok a silly bid for Lawrence comes in and you laugh it off and say come back to me when you can pay £3million and talks go from there. We turned down flat several bids for players who will go on a free, that’s totally irresponsible for the clubs survival and on behalf of the creditors.

It's delusional to think that anyone was going to offer £3m for Lawrence. Millwall got as far as offering £450k for Sibley, which was only enough to pay the wage bill for about two weeks even if it was all upfront cash (which it probably wouldn't have been). We got decent money for youth players because they were bought by PL clubs. No EFL club was going to pay a decent fee for any of our players. I think Quantuma had to make a judgement on what they thought would give the best hope for a decent return for the creditors. 

[PistoldPete]

1 minute ago, Jourdan said:

We have funding for a matter of weeks and all parties involved think it’s a game of 9D chess. Scandalous.

The lack of urgency and the lack of willingness to get a deal done suggests to me that no-one involved really cares about the fate of the club, but merely about their bottom line.

At the end of the day, these ‘interested parties’ know what it will take to get a deal done and they know that the club’s future hangs in the balance.

It gets to a point where you just think: stop wasting everyone’s time. If you can’t offer what’s needed, walk away.

Part of problem is how does anyone know what aMount is needed to avoid a further penalty? Is this published anywhere?

[I am Ram]

Will this get strung out until the end of the season, so whichever perspective buyer doesn't have a relegation on their ticket.

[IslandExile]

34 minutes ago, Derbados said:

“Tell them they’ll be pleasantly surprised how quickly things will move now” 

“Now tell them the preferred bidder will be announced within 10 days” 

 

Post of the year!
Brilliant ?

[BramcoteRam84]

7 minutes ago, Jourdan said:

We have funding for a matter of weeks and all parties involved think it’s a game of 9D chess. Scandalous.

The lack of urgency and the lack of willingness to get a deal done suggests to me that no-one involved really cares about the fate of the club, but merely about their bottom line.

At the end of the day, these ‘interested parties’ know what it will take to get a deal done and they know that the club’s future hangs in the balance.

It gets to a point where you just think: stop wasting everyone’s time. If you can’t offer what’s needed, walk away.

It’s because whichever way you look at Mel has left Quantuma a steaming turd to deal with, or they have agreed to take on a steaming turd and maybe should have been less optimistic in their initial communications. Either way it’s still a steaming turd. 

The debts are way in excess of what the club is worth. If we took the attitude you can’t offer what’s needed walk away we would be liquidated.

We don’t have a lifelong Derby fan billionaire waiting in the wings to buy the club at whatever price. Clearly people want to buy the club as they recognise it’s potential but they are not going to pay over the odds. As a result negotiations like this will happen and they will be protracted and if Mike Ashley has positioned himself as the front runner then he will pull every stunt possible to drive the price down, he will not care about a -15 point deduction, he might think by providing the right backing we could overcome that and he’d rather do that than pay over the odds to service debts that are not his.

Its frustrating but not unexpected and backs up everything the Athletic journalist Matt Slater has said for months about how dire our situation is.

But the EFL won’t kick us out the league providing we have funds to continue which is in admins control and we have bidders in play.

[RadioactiveWaste]

2 minutes ago, PistoldPete said:

Part of problem is how does anyone know what aMount is needed to avoid a further penalty? Is this published anywhere?

The "Statement of affiairs" document that was filed at the start of the admin, work out from that what 25% is.

However, the big question is what will HMRC settle for, if they settle for 25% i think that's where the £28m (without Pride Park) comes from. However, i could be wrong on that and will be happily corrected. And also, that figure may not be total cost, administrators fees, loans to cover operating etc etc are also racking up.

[atherstoneram]

5 minutes ago, I am Ram said:

11 minutes ago, IslandExile said:

The story about the MSD loan.

The lack of communication from the Administrators.

The rumour of the 15 point deduction.

They all point to one thing:  Ashley will buy the club at the end of the season but at a cut price.

 

The debts remain the same or actually get bigger so how much cut price is debatable Still HMRC to pay,administrators to pay,if nobody wants to pay the administrators what they are owed they will simply liquidate the club

[Ramarena]

19 minutes ago, IslandExile said:

The story about the MSD loan.

The lack of communication from the Administrators.

The rumour of the 15 point deduction.

They all point to one thing:  Ashley will buy the club at the end of the season but at a cut price.

This^

It looking more and more likely that the -15 points scenario will be on the cards next season.

Not great, but a better situation than losing the club.

[duncanjwitham]

23 minutes ago, IslandExile said:

The story about the MSD loan.

The lack of communication from the Administrators.

The rumour of the 15 point deduction.

They all point to one thing:  Ashley will buy the club at the end of the season but at a cut price.

I'm really struggling to see the sane business case for this, from Ashley's point of view.  Sure, he might save a few million from the purchase price by driving down what the creditors are willing to accept... But the cost for that is additional borrowing in the mean time to cover running costs (plus interest that he will have to pay), potentially a significant hit to the playing squad as he will have lost the chance to renew contracts with many senior players (some of whom will almost certainly walk away), and he's probably adding a least one more 'lost' season if we start on -15 that he's going to have to fund, as it's pretty unlikely we get out of league 1 from that start (and even risk another relegation).  I just don't see how it makes any sense...