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LinekersLugs

Derby in Financial meltdown

By LinekersLugs, in General Football and Sport

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Guest Lako42

Guest Lako42

Posted
Posted
28 minutes ago, Leicesterpool said:

Wonder if hes Interested at derby is he still running Sheffield Wednesday or do he sell up.

He's 83 and not involved in any UK business as far as I can tell. 

BenTheFox

BenTheFox

Posted
Posted
3 hours ago, Lako42 said:

Ashley will want them at their absolute lowest point. The longer this goes on (within reason) the better for a greedy bottom feeder like him. 

 

He doesn't give a **** about Derby or the fans or the employees, he cares about picking it up for the smallest amount possible which gives him better leverage to create some cash / use it as a vehicle for other financial benefit. 

 

 

 

Unfortunately this is just a position that has been created by an unsustainable model and a sport which has completely and utterly lost it's soul and mind. 

 

I'm almost at the stage in my football journey where we need something utterly horrific like this to happen because people, fans included, are not waking the **** up. 

Pretty sure almost every Derby fan would walk over a mile of broken glass to have Mike Ashley if it means that they will still have a club to support. Also, I'm not sure that they are that much good to him in the third tier so you would think he would at least put enough into them to at least get them back into the Championship. 

  • Like 2
Stadt

Stadt

Posted
Posted

Ashley's worst crime is being a tacky, fat c unt. Newcastle's sense of entitlement caused reams of bad press rather than him being a particularly bad owner.

  • Like 4
BenTheFox

BenTheFox

Posted
Posted

There are certainly worse, but I can't suggest for one second that Ashley was a particularly good owner. Newcastle were relegated twice whilst he was there, bare in mind they had played every season in the top flight since being promoted in the early/mid 90s. He appointed Steve McClaren, Steve Bruce and John Carver and didn't invest in the infrastructure of the club at all. Their training ground is legitimately League 1/League 2 standard. 

 

I get it from his point of view. Why would he invest in it to not make money? One thing you can give him is that financially he kept a pretty steady ship, which is one reason why Newcastle will be able to spend big if they stay up. 

KingsX

KingsX

Posted
Posted
On 21/01/2022 at 14:51, Unabomber said:

I’ve not really kept on top of this but what the hell has happened to them? Isn’t Mel Moria rich? Why has he ****ed them so bad.

 

Massive amounts of hubris, overspending, and stupidity.  A common football story these days.

 

Morris was doing £20 million summer windows on a Championship budget and pushed their wage bill into the stratosphere with long-term deals.  Hell, he paid us £5 million plus for Tom Lawrence.  (Hopefully collected by now.)  Plus the breach of financial regulations with the stadium dealings.

 

The Athletic claimed he burnt through “more than £200 million” trying to get Derby into the PL.  Appears he has decided that was enough, and is now content to watch the ashes of the club blow away in the wind.  https://theathletic.com/2854314/2021/09/30/derbys-decline-how-a-club-on-the-brink-of-the-top-flight-unravelled/

Fox1980

Fox1980

Posted
Posted (edited)

In excess of £60m debt and the worst ever seen by a championship club apparently!
How can this happen with FFP? I thought the reason it was in place was to stop clubs getting in this sort of mess.

Edited by Fox1980
davieG

davieG

Posted
Posted
29 minutes ago, Fox1980 said:

In excess of £60m debt and the worst ever seen by a championship club apparently!
How can this happen with FFP? I thought the reason it was in place was to stop clubs getting in this sort of mess.

FFP doesn't cover infrastructure and background staff does it so maybe not owning the stadium is part of the debt - I have no idea :dunno:

  • Like 1
when_you're_smiling

when_you're_smiling

Posted
Posted
39 minutes ago, Fox1980 said:

In excess of £60m debt and the worst ever seen by a championship club apparently!
How can this happen with FFP? I thought the reason it was in place was to stop clubs getting in this sort of mess.

Part of what they’ve been deducted points for is FFP. It doesn’t physically stop clubs shelling out, just asks them to have repercussions if it doesn’t come off.

 

It’s just all part of the gamble they took (and are still taking to some extent by not selling players).

  • Like 1
MattFox

MattFox

Posted
Posted
1 hour ago, Fox1980 said:

In excess of £60m debt and the worst ever seen by a championship club apparently!
How can this happen with FFP? I thought the reason it was in place was to stop clubs getting in this sort of mess.

Mad Mel fiddled the books to get around FFP

  • Like 1
DoveValleyFox

DoveValleyFox

Posted
Posted
On 21/01/2022 at 12:58, BenTheFox said:

Pretty sure almost every Derby fan would walk over a mile of broken glass to have Mike Ashley if it means that they will still have a club to support. Also, I'm not sure that they are that much good to him in the third tier so you would think he would at least put enough into them to at least get them back into the 

Or,  or,  Mike Ashley bails out a different club while the sheep fans still walk over a mile of broken glass.

Jaspa

Jaspa

Posted
Posted

https://www.efl.com/news/2022/february/efl-statement-derby-county-update/

 

 

Quote

 

EFL statement: Derby County update

The EFL Board met today and received an update in respect of Derby County FC.

Over the last few weeks, the EFL has engaged proactively with the Club’s Administrators and other key stakeholders including the local authority, MPs and the Rams Trust as we seek to assist the Club in its efforts to exit from administration in accordance with the requirements of the League’s Insolvency Policy.  

The EFL’s Insolvency Policy is designed to offer guidance to Clubs on how the board might seek to deal with any Club in administration. That policy, which has been accepted by all 72 Clubs, describes how the Members agreed ‘that the starting point is that no Club should gain (or seek to gain) any advantage within the context of professional football over other Clubs by not paying all its creditors in full at all times.’ 

In this case, Derby County is seeking to use insolvency legislation to avoid having to defend the claims of Middlesbrough FC (which commenced initially in January 2021) and Wycombe Wanderers FC. Derby County considers those claims should not be treated as football related debts and that it would be wrong for the EFL to require the Club to have to continue to defend the claims as a condition of continuing membership in circumstances where they have been compromised by way of a restructuring plan. The EFL does not agree with that analysis.

At the request of the Administrators, and in line with commitments given at last week’s meeting with local politicians, the EFL has provided a further clear statement to Quantuma of its position on the application of the Insolvency Policy, so as to enable them to apply to the High Court or engage in Arbitration to have that issue determined. It is now for the Administrators to determine how they wish to move this matter forward and we remain willing to expedite any process, as necessary.   

The fact remains that the Club is suffering from critical legacy debt issues that reach into tens of millions, all of which need to be resolved if a solution is to be found. That also includes monies owed to HMRC and the loans from MSD secured against Club assets and the Stadium. 

The EFL has previously requested mediation between the two Clubs and the Administrators and is today inviting all relevant and associated parties involved to enter formal collaborative negotiations to actively seek out the compromises and solutions required to ensure that Derby County has a long-term future. 

For the avoidance of any doubt the EFL is requesting the attendance of Administrators and the following stakeholders to participate: the current highest bidder(s), Middlesbrough FC, Wycombe Wanderers FC, Mel Morris, MSD Partners and HMRC. 

The EFL will endeavour to provide updates on any progress achieved as a result of this request and any subsequent discussions in due course, whilst also continuing to maintain our commitment to transparency in our dealings with the politicians and local authority officials that make up ‘Team Derby’ alongside direct engagement with Derby County Supporters’ groups and the FSA.

 

 

  • 3 weeks later...

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