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Post by chiltonred on Sept 24, 2021 9:28:47 GMT
Listened to a press conference with their administrators yesterday morning. Key points; - taking out short term loans to cover wages for the next 3 months -numerous interested parties already and suspect a takeover might be finalised before Christmas -january they hope to be able to strengthen the squad rather than any player sales - training ground is on a long term lease - verbal agreement in place for lease of the stadium - some of the interested parties are talking about buying club stadium and training ground as a package - debt is tens of millions but haven’t been through the full books yet - Morris approached them at the beginning of September - urging derby fans to buy tickets, merchandise, pies etc every little helps - do not currently see any possibility of liquidation - will be some staff layoffs but not expecting anything with regards players and management staff - more points deductions likely - likely that all creditors will receive either 25 or 35p in the pound so debt figure drastically reduced In short they’ll be fine and Mel has had the last laugh I truly hope it is all bluster and bravado from the administrators. I don't want them liquidated but I want them to suffer and badly. But my fear is, as you allude to JP, they might just get away with this, albeit, be a league 1 club due to the points deductions. They will be under a transfer embargo for 2 years anyway so that will make life more complex for them. But why should they get away with this complex web of lies and deceit and not be truly punished? |
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Direby
Sept 24, 2021 17:13:18 GMT
via mobile
Post by ripleyrich on Sept 24, 2021 17:13:18 GMT
Apparently the debt owed to MM is circa £100m
He has not written that off as previously suggested.
HMRC circa £25m
Football debts £10m
That £35m has to be paid in full.
There is another £15m(ish) plus MM £100m that will have to be settled at minimum 25%
So around £65m of debt to be paid.
Then they buyer still has no Stadium.
Be some investment for sweet FA.
Will need at least £100m to get the club running and competitive on that basis.
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Direby
Sept 24, 2021 17:21:37 GMT
Post by NY Red Al on Sept 24, 2021 17:21:37 GMT
This is going to be a top football story for a while. Lots more layers of onion to peel back yet I feel.
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Direby
Sept 24, 2021 22:55:44 GMT
via mobile
Post by jasonspineapple on Sept 24, 2021 22:55:44 GMT
Apparently the debt owed to MM is circa £100m He has not written that off as previously suggested. HMRC circa £25m Football debts £10m That £35m has to be paid in full. There is another £15m(ish) plus MM £100m that will have to be settled at minimum 25% So around £65m of debt to be paid. Then they buyer still has no Stadium. Be some investment for sweet FA. Will need at least £100m to get the club running and competitive on that basis. Mel has stated he is writing it off and thinks that’s one of the reasons the club hasn’t sold previously is they know he’s desperate to get rid. Listen to the administrators interview yesterday. They suggested the tax and football debts do not have to be paid in full. They stated ALL debts will be paid at 25 or 35p in the pound. Making the club a far more attractive proposition. Stadium lease is agreed in principle with the prospect of that and the training ground being purchased as a ‘package’ with the club. Administrators seemed incredibly confident that this wasn’t going to be a long process and that the club would be taken over in the near future (before January) |
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Direby
Sept 24, 2021 23:28:56 GMT
Post by NY Red Al on Sept 24, 2021 23:28:56 GMT
Best case scenario is League One. The point deductions aren’t going away and neither will the embargo since they go hand in hand with administration which can’t unhappen.
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Direby
Oct 6, 2021 8:01:54 GMT
Post by jasonspineapple on Oct 6, 2021 8:01:54 GMT
Have been allowed to defer a £1.4 million payment to Arsenal due this month for Krystian Bielik. Makes a mockery given that they rejected £1.5million from us for Buchanan 2.5months ago!
They will get away with all of this
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Direby
Oct 6, 2021 8:45:38 GMT
Post by chiltonred on Oct 6, 2021 8:45:38 GMT
Have been allowed to defer a £1.4 million payment to Arsenal due this month for Krystian Bielik. Makes a mockery given that they rejected £1.5million from us for Buchanan 2.5months ago! They will get away with all of this it absolutely stinks...why should they be allowed to cheat and wriggle out of commitments whilst others are towing the FFP line OR being disciplined accordingly. I truly hope HMRC throw the book at them but fear they won't. |
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Direby
Oct 6, 2021 11:59:16 GMT
Post by greeneyedforestgirl on Oct 6, 2021 11:59:16 GMT
Have been allowed to defer a £1.4 million payment to Arsenal due this month for Krystian Bielik. Makes a mockery ### given that they rejected £1.5million from us for Buchanan 2.5months ago! They will get away with all of this '#### They should be forced to sell players / asets to pay their debts!!
I thought that was normal in bankruptcy cases, or am I wrong? (Unlike Derby; I haven't any experience in such matters!)
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Direby
Oct 6, 2021 17:57:48 GMT
via mobile
Post by jasonspineapple on Oct 6, 2021 17:57:48 GMT
Have been allowed to defer a £1.4 million payment to Arsenal due this month for Krystian Bielik. Makes a mockery ### given that they rejected £1.5million from us for Buchanan 2.5months ago! They will get away with all of this '#### They should be forced to sell players / asets to pay their debts!!
I thought that was normal in bankruptcy cases, or am I wrong? (Unlike Derby; I haven't any experience in such matters!)
You’re right but they coincidentally waited until after the window shut to go into administration. Therefore it was still Mel Morris deciding whether to sell players or not. That power is now with the admin but of course nothing can happen with regards selling players until January, by which time they could have been taken over and avoid having to sell anyone |
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Direby
Oct 6, 2021 19:33:56 GMT
Post by NY Red Al on Oct 6, 2021 19:33:56 GMT
Yeah, they knew exactly what they were doing, but it really just kicks the can down the road. The Inland Revenue is still the primary creditor and even if they accept 25 pence in the pound it’s way more than Direby can raise. Hard to imagine a genuine buyer taking the required risk to save them.
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Direby
Oct 6, 2021 20:29:45 GMT
Post by pompeyred on Oct 6, 2021 20:29:45 GMT
'#### They should be forced to sell players / asets to pay their debts!!
I thought that was normal in bankruptcy cases, or am I wrong? (Unlike Derby; I haven't any experience in such matters!)
You’re right but they coincidentally waited until after the window shut to go into administration. Therefore it was still Mel Morris deciding whether to sell players or not. That power is now with the admin but of course nothing can happen with regards selling players until January, by which time they could have been taken over and avoid having to sell anyone There is absolutely 110% no chance they should be allowed to get away with not paying the £28m tax bill in FULL!!! How many years has it taken to build up that big a bill owed. IF they manage to enable a deal to be done, it will give the green light to every other Club to hold back money legally owed because " we can't quite afford it this month" knowing worse case scenario, it can get written off. Also, when is the further points deduction for failure to submit accounts for the last 3 years, knowing full well that they would be sanctioned for going over the permitted limits. £8m owed to Coccu and backroom staff, £2.5m owed to Keogh, £10m owed to Arsenal on Bielick transfer , £28m owed to HMRC. ALL have to be paid in FULL!! That's £48.5m Yes we lose the games against our biggest rivals......... But sorry.... [email protected]@# em, they've played fast & loose this last 5 years trying to get to PL. Time to suck it up, if it means local derbies v Buxton & Bakewell instead of Forest & Burton for a few years, so be it. |
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Direby
Oct 10, 2021 9:28:42 GMT
via mobile
Post by jasonspineapple on Oct 10, 2021 9:28:42 GMT
Derby are appealing their 12 point deduction blaming covid as force majeure and hope to have it reduced to -6
It’s never their fault. They are as bad as the scousers
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Direby
Oct 10, 2021 11:23:09 GMT
Post by greeneyedforestgirl on Oct 10, 2021 11:23:09 GMT
Derby are appealing their 12 point deduction blaming covid as force majeure and hope to have it reduced to -6 It’s never their fault. They are as bad as the scousers And how many other Clubs (worldwide) have been affected by Covid - of absolutely Not their own fault financially, as opposed to Derby! - and are not complaining? |
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Direby
Oct 10, 2021 23:27:29 GMT
Post by NY Red Al on Oct 10, 2021 23:27:29 GMT
Seems Mike Ashley has 305m burning a hole in his pocket. He’s exactly the same kind of owner as Mad Mel so not sure he’s what Direby need.
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Direby
Oct 11, 2021 8:58:02 GMT
Post by jasonspineapple on Oct 11, 2021 8:58:02 GMT
Seems Mike Ashley has 305m burning a hole in his pocket. He’s exactly the same kind of owner as Mad Mel so not sure he’s what Direby need. Him and Marcus evans formerly of Ipswich are supposed front runners. I know a bit about Evans from Ipswich supporter friends and family involved in their recent takeover. I don't think he'd be what they want either! Jez Moxey, unanimously hated by Wolves fans also looking apparently Foul reeking horrible club. I hope they get their -12 reduced on appeal and pull clear of the relegation zone, only for HMRC to wind them up |
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