"The quantum of credible bids therefore needs to have a certain level of gravitas and financial viability in order to satisfy the requirements of the EFL insolvency policy."
I've seen some bullsh!t statements in my life, but that one must take the biscuit.
"Credible" & "Gravitas" are not words I would immediately associate with the performance of these clowns.
In the event of unrest at the game, which may
lead to the game being called off or being abandoned
supporters must be aware that this could severely
compromise the Club's ability to complete its fixtures
for the season, which would lead to EFL penalties,
neither of which would not be looked upon favourably
by bidders.
So unrest at the game and EFL penalties would be looked upon favourably by bidders? Makes sense I guess, if they go down again the bidders can halve their offer.
But what? Hang on. This isn't right. There was a queue of multi-billionaires ready to buy the club and drive it directly to the Premiership. All they had to do was sort out those two sh1tty clubs who were a bunch of chancers and the cash would be flooding in and everyone could live happily ever.
It was an oven ready deal people. Oven ready
To answer my own question, there are no other administrators, Quantuma are joint administrators in the same way that the Royal Family is a joint Royal Family. The language gets more and more Orwellian, double plus ungood.
"We continue to work with those who have provided credible interest in the club and have prioritised these discussions over those who have submitted mere expressions of interest which do not adhere to the roadmap which has been sent to all interested parties."
In a statement full of waffle this stood to me as nothing more than padding in the absence of having something to report. The deadline for submitting a bid has past, therefore either a party has bid or they are out of the picture. Any party that has 'submitted mere expressions of interest' should no longer even be considered to have any level of priority.
Or is it that nobody is prepared to cough up anywhere near the 'required' sum, so they are afraid to rule anyone out?
@bluenotes said:
"We continue to work with those who have provided credible interest in the club and have prioritised these discussions over those who have submitted mere expressions of interest which do not adhere to the roadmap which has been sent to all interested parties."
In a statement full of waffle this stood to me as nothing more than padding in the absence of having something to report. The deadline for submitting a bid has past, therefore either a party has bid or they are out of the picture. Any party that has 'submitted mere expressions of interest' should no longer even be considered to have any level of priority.
Or is it that nobody is prepared to cough up anywhere near the 'required' sum, so they are afraid to rule anyone out?
@bluenotes said:
"We continue to work with those who have provided credible interest in the club and have prioritised these discussions over those who have submitted mere expressions of interest which do not adhere to the roadmap which has been sent to all interested parties."
In a statement full of waffle this stood to me as nothing more than padding in the absence of having something to report. The deadline for submitting a bid has past, therefore either a party has bid or they are out of the picture. Any party that has 'submitted mere expressions of interest' should no longer even be considered to have any level of priority.
Or is it that nobody is prepared to cough up anywhere near the 'required' sum, so they are afraid to rule anyone out?
I have read that they NEED a bid of 50m to satisfy football creditors. No one is prepared to bid higher than 22m as the deal excludes the ground. Therefore a bid of 22m would see them a league 1 club with -15 points and a handful of players at best.
Remember when they were going to build a statue of him for not pissing off to Everton? I'm 99% sure he would have pissed off to Everton but for the extremely murky contract with a betting company.
@TheAndyGrahamFanClub I too have seen this 50m figure, and can't see anyone matching it. I believe this is the reason the Administrators are not in a position to select a preferred bidder. Unless they clear the football debts they may not even retain their Golden Ticket, to remain a league club.
The subject of the tax bill has gone very quiet too, or is that included as a football debt?
@bluenotes said: @TheAndyGrahamFanClub I too have seen this 50m figure, and can't see anyone matching it. I believe this is the reason the Administrators are not in a position to select a preferred bidder. Unless they clear the football debts they may not even retain their Golden Ticket, to remain a league club.
The subject of the tax bill has gone very quiet too, or is that included as a football debt?
I believe Tax is counted as 'other creditors' however HMRC will be wanting their bill paid in full - that's another £22 million +
I just don't see a white knight coming over the hill to save Derby. No real assets included and debt up to their eye-balls
DCFC could start next season whilst still in administration - a club cannot start two seasons in administration.
They would only receive -15 points if exiting administration and not fulfilling EFL insolvency rules of at least 25p in £ for non football creditors when they do exit administration. It is not automatic on starting next season in administration.
Their golden share, and so the right to enter the league based on this seasons final placing, will be withheld/withdrawn if they exit administration without having paid football debts in full.
And, possibly most importantly, their golden share could be withdrawn in the same way as Bury’s was if they cannot convince the EFL that they have sufficient funds to start and complete next season. So irrespective of still being in administration and still seeking a buyer they could be out of the EFL structure.
The EFL are only one part of the equation, company law requires them to exit administration within 12 months, go into liquidation or apply to the court for a 6month extension. If the administrators opt to apply for the extension, I imagine the courts will be harder to satisfy than the EFL
A tiny part of me feels for some of their fans. Being fecked by Mel Morris (willingly) and then being led a merry dance by their administrators who are either incompetent or deeply corrupt.
It's a tough one - they would get a Phoenix club and maybe get a bit more connection to the new club, but Phoenix clubs are not for everyone. No matter how similar it may be, it is just not quite the same for some.
Reading the Derby forum some of them seem to be confident that a phoenix club will get a place in league two, I’m not sure how they can make that assumption
Could be wrong but I got a whiff from the lot that were told their bid wasn't enough that it's not just about their ability to pay the debt as there are people still after a handout.
There clearly can't now be anyone daft enough left to pay all the debt, finance future losses / promotion pushes, and pay off the hangers on. If there were it would have been done by now, there's no value in that deal at all and there are much cheaper and better options for anyone rich enough and not a Derby fan.
I think from all I've read that this is probably going to take someone who is dedicated and has the means to do a £1 takeover plus agreeing to at least service most of whatever debt they can't avoid due to football creditor laws and old fashioned real laws , then it'll also need someone or several people to empty their pockets to help whoever it is comes in and they'll need to cut expenditure heavily.
If Captain Mel has hawked future income already and is desperate to retain the ground or sell for multi millions they could indeed be toast already.
Best chance for them may be that all of the prospective bidders of any type state very clearly what they can offer and demand publicly they are handed control or walk away very quickly leaving the hangers on facing the prospect of zero returns. This process should have been done months ago.
I would imagine even given the time its taken and their abject failure, Quantuma will also be looking at getting far more in their coffers than the paltry sum Rob C was demanding to destroy their club.
Comments
I assume we are "delaying" the process!
Maybe they need to rename the administrators. Quantuma Matata. Seems somehow appropriate.
"The quantum of credible bids therefore needs to have a certain level of gravitas and financial viability in order to satisfy the requirements of the EFL insolvency policy."
I've seen some bullsh!t statements in my life, but that one must take the biscuit.
"Credible" & "Gravitas" are not words I would immediately associate with the performance of these clowns.
So unrest at the game and EFL penalties would be looked upon favourably by bidders? Makes sense I guess, if they go down again the bidders can halve their offer.
Maybe speaking in double negatives is a thing in Derby, this reply tweet manages two of them in one sentence!
Also, you've got to love that chutzpah of hoping to string it out until it's too late and just get another points deduction next season. Again.
So partygate there as well.
When did the administrators start calling themselves the joint administrators? Who are the other administrators in this joint setup?
But what? Hang on. This isn't right. There was a queue of multi-billionaires ready to buy the club and drive it directly to the Premiership. All they had to do was sort out those two sh1tty clubs who were a bunch of chancers and the cash would be flooding in and everyone could live happily ever.
It was an oven ready deal people. Oven ready
To answer my own question, there are no other administrators, Quantuma are joint administrators in the same way that the Royal Family is a joint Royal Family. The language gets more and more Orwellian, double plus ungood.
I just assumed ‘joint administrators’ got left in by accident when Mel Morris was signing this off for release.
It’s written very much in the style of his ‘see you in the High Court’ rant at Rob Couhig and Steve Gibson.
I think they are concerned that some Derby supporters might reduce the value of the Mel Morris Entertainment Dome at this weekend’s match.
"We continue to work with those who have provided credible interest in the club and have prioritised these discussions over those who have submitted mere expressions of interest which do not adhere to the roadmap which has been sent to all interested parties."
In a statement full of waffle this stood to me as nothing more than padding in the absence of having something to report. The deadline for submitting a bid has past, therefore either a party has bid or they are out of the picture. Any party that has 'submitted mere expressions of interest' should no longer even be considered to have any level of priority.
Or is it that nobody is prepared to cough up anywhere near the 'required' sum, so they are afraid to rule anyone out?
Your final line is the very likely outcome.
People are not adhering to the roadmap? It’s like 10,000 spoons.
I have read that they NEED a bid of 50m to satisfy football creditors. No one is prepared to bid higher than 22m as the deal excludes the ground. Therefore a bid of 22m would see them a league 1 club with -15 points and a handful of players at best.
I thought if they fail to pay football creditors they're removed from the football league? Wasn't that what did for Bury?
Yeah but Wayne Rooney
Oh yeah, silly me.
Remember when they were going to build a statue of him for not pissing off to Everton? I'm 99% sure he would have pissed off to Everton but for the extremely murky contract with a betting company.
@TheAndyGrahamFanClub I too have seen this 50m figure, and can't see anyone matching it. I believe this is the reason the Administrators are not in a position to select a preferred bidder. Unless they clear the football debts they may not even retain their Golden Ticket, to remain a league club.
The subject of the tax bill has gone very quiet too, or is that included as a football debt?
I believe Tax is counted as 'other creditors' however HMRC will be wanting their bill paid in full - that's another £22 million +
I just don't see a white knight coming over the hill to save Derby. No real assets included and debt up to their eye-balls
How mad would you need to be to buy that??
As I understand things:
DCFC could start next season whilst still in administration - a club cannot start two seasons in administration.
They would only receive -15 points if exiting administration and not fulfilling EFL insolvency rules of at least 25p in £ for non football creditors when they do exit administration. It is not automatic on starting next season in administration.
Their golden share, and so the right to enter the league based on this seasons final placing, will be withheld/withdrawn if they exit administration without having paid football debts in full.
And, possibly most importantly, their golden share could be withdrawn in the same way as Bury’s was if they cannot convince the EFL that they have sufficient funds to start and complete next season. So irrespective of still being in administration and still seeking a buyer they could be out of the EFL structure.
The EFL are only one part of the equation, company law requires them to exit administration within 12 months, go into liquidation or apply to the court for a 6month extension. If the administrators opt to apply for the extension, I imagine the courts will be harder to satisfy than the EFL
Let's be honest, it really is a shit show!
I think we are mere weeks away from them being nothing but mutton juice...
A tiny part of me feels for some of their fans. Being fecked by Mel Morris (willingly) and then being led a merry dance by their administrators who are either incompetent or deeply corrupt.
Does this sound like no ‘credible offers’ have actually been received? Incredible.
It's a tough one - they would get a Phoenix club and maybe get a bit more connection to the new club, but Phoenix clubs are not for everyone. No matter how similar it may be, it is just not quite the same for some.
Reading the Derby forum some of them seem to be confident that a phoenix club will get a place in league two, I’m not sure how they can make that assumption
Could be wrong but I got a whiff from the lot that were told their bid wasn't enough that it's not just about their ability to pay the debt as there are people still after a handout.
There clearly can't now be anyone daft enough left to pay all the debt, finance future losses / promotion pushes, and pay off the hangers on. If there were it would have been done by now, there's no value in that deal at all and there are much cheaper and better options for anyone rich enough and not a Derby fan.
I think from all I've read that this is probably going to take someone who is dedicated and has the means to do a £1 takeover plus agreeing to at least service most of whatever debt they can't avoid due to football creditor laws and old fashioned real laws , then it'll also need someone or several people to empty their pockets to help whoever it is comes in and they'll need to cut expenditure heavily.
If Captain Mel has hawked future income already and is desperate to retain the ground or sell for multi millions they could indeed be toast already.
Best chance for them may be that all of the prospective bidders of any type state very clearly what they can offer and demand publicly they are handed control or walk away very quickly leaving the hangers on facing the prospect of zero returns. This process should have been done months ago.
I would imagine even given the time its taken and their abject failure, Quantuma will also be looking at getting far more in their coffers than the paltry sum Rob C was demanding to destroy their club.