Hxj

Except that we are coming up to the 31 March FFP deadline for future financial information, including details of how any losses are to be funded. However any punishment is limited to embargo and budgets, so no change there.

2.6% p.a. There's an implication in the speed of that response!

If you are a cynic like me, and read it a certain way, the grammar works with one bid and one expression of interest .... Looking like League 1 with a 15 point deduction next season.

And the latest - 'believe' 'end of week' sounds familiar! A statement from Team Derby says Quantuma “believe” they’ll be in a position to name a preferred bidder by the end of the week. “Quantuma confirmed there are multiple bids and expressions of interest, and are now in the final stages of clarification”

Interesting stuff, will BAWT be on the conspiracy list next ??? It also has a flaw in the scenarios. Assume that £20 million is available in the administration after fees, that legally is due to MSD. If MSD decide not to collect in the administration and the funds go elsewhere they would have real difficulty in collecting elsewhere or on a personal guarantee as the loss arises purely from MSD's own actions, not those of the guarantors.

Looking good for Derby County at 3pm today. Another point picked up, and Barnsley lost. At 5 pm things are looking rather desperate. Reading won at home against Blackburn. So Derby County started the season 15 points behind Reading and with 7 games remaining are 8 points adrift. Now Derby need 8 points more than Reading from 7 remaining games, oh and they also need to get 3 points more than Barnsley, I've also learnt a new excuse for delay. Apparently failing a self-imposed deadline 'in good faith' is fine.

It is clear that the Administrators vastly oversold their ability to sell the club/assets and have even more appallingly under delivered. There is a reason that none of the well known accountants and insolvency firms were interested in taking on the high profile media aware appointment - reputational risk. That is coming to Quantuma. The odd rumour I hear is that the whole DCFC organisation is in meltdown.

I doubt that FFP is the primary concern at this time!

is finding someone who actually wants to buy the club who they actually want to sell to! Latest statement from Quantuma: "The joint administrators are in active dialogue with prospective purchasers of the club and are working with their advisers to clarify a number of matters relating to their bids. "Due to the complex nature of the mechanics of the bids received, it is necessary for us to work through each of these matters individually, to ensure the bids meet our terms of purchase. "Whilst we understand the frustration of fans, who are understandably anxious that the Club’s future is resolved, we remain confident that we will be in a position to name a preferred bidder shortly. "We welcome the support received from the EFL yesterday and will continue working with them, and everyone who has the Club’s best interests at heart, to secure the best long-term outcome for Derby County."

Latest from the Administrators - something might happen ... um ... *searching for new word* ... shortly. Fresh statement issued by Derby County's administrators over naming preferred bidder - Derbyshire Live (derbytelegraph.co.uk) Anyone interested in running a sweepstake on the next word used?

After a couple of recent wins a second consecutive loss for Derby - they are running out of games. An easy way to look at it is that Derby started the season 15 points behind Reading, to catch up it was an extra 1/3 points per game over Reading's result. Now they are only 8 points behind, but have only 12 games left so that has moved out an extra 2/3 points per game, the rate has doubled. Another issue is that Barnsley have won 3 in 5 and are now back ahead of Derby, so even if Reading go into meltdown, Derby still need to better Barnsley's results.

Just back from the match and a good catch up and pints and a meal with a Forest fan. Darren Fletcher was on the next table, apparently, I had no idea. Their thoughts were - 1. Having Pring marking both Djed Spence and Brennan Johnson for large parts of the game on his own was an interesting tactical choice - didn't really work in his view 2. City looked like they were on their summer break already 3. Cundy did a great job on Davis.

If you shorten the accounting period of a company, your filing date is the later of the original date and three months from the date that you tell Companies House of the change. You have to tell them on or before the original filing date, so if you time it correctly you get another three months.

Thought I was going mad!

Depreciated Replacement Cost valuations can be problematic which is why they are the method of last resort. If DRC is used correctly then the accounts are entirely correct from an Accounting Standards perspective. Whether or not in the 'real world' the accounts are as meaningful as they might be is an entirely different debate.

I suspect that it was more along the lines of getting all the security they could. That has always been my suspicion. Yep. He could do any number of things to make life easier for anyone buying the club, No evidence that he is doing anything.

Agreed. Not my understanding. The stadium was sold by DCFC in the June 2018 accounting period. The accounts for that period show intra-group debtors of £75 million or so, which I understand relate to the Stadium sale. The accounts for Gellaw Newco 202 (the company acquiring the stadium show the property costing £81 million and an intra-group loan covering the entire cost in the 2019 accounts. The company was incorporated in June 2018, so these cover the first 54 weeks or so. The accounts for Gellaw Newco 204 Limited (the new parent of the Stadium group) show that it is owed £74 million by the subsidiary and in turn owes £74 million elsewhere in the 2019 accounts. By the time DCFC enters Administration the debtors (an asset) no longer existed. I suspect that cash passed around the circle from Morris to Gellaw 202 to Gellaw 204 to DCFC and back up the Football Club Group to Morris shortly after June 2020. My guess is that the £20 million from MSD received in August 2020 was used to fund the running costs of the DCFC.

It is too late now, The debate on the stadium valuation at the date of sale has long gone. As the stadium group is no longer part of the FFP group then any change in valuation for say 2021 accounts would have no impact on the FFP position. It is. The stadium was valued using Depreciated Replacement Cost and should be continued to be valued in the same way. However in preparing the accounts for the Stadium Group companies for say 2021 the valuer and auditor may decide that there is sufficient evidence to use a different method.

This is Schedule 2 from the August 2020 charge:

That may be the end result. However legally MSD have claimed in the Administration as they are entitled to do as their debt is secured by the charge on the lease between the football club and the stadium club. Therefore to exit Administration the club needs to repay that debt. If it does so then the charge held by MSD will have been met in full, and therefore all the assets currently charged will be released from that charge. So the Stadium Group, owned by Morris, will contain the Stadium with no charge against that asset. Only Morris has the power to give the stadium away.

Thanks - that was ridiculously easy! Works well too!

Nope - entirely correct.

Are there really two - or just one the Binnies - who already know that their bid to buy the club (without the stadium) is not enough to avoid further sanctions next season?

So given that confrontational statements are the order of the day - you've now even got the Derby Supporters' clubs demanding an apology from Morris - might be warranted but the timing is tragic - who is working in the background to try and sort this out - looks like no one - so it won't ever get sorted.

The EFL's regulations only apply for as long as Derby County is a member. Whether or not 'Football Creditors' actually exist in insolvency law has not yet been properly tested in Court. These transfer to the EFL on any expulsion/liquidation. Any amounts received for the onwards transfer are used to pay off any Football Creditors in the first instance. The charge held by MSD is secured by the freehold and the leasehold of the ground, plus other assets. MSD can only recover the sum owed including interest and charges. If they receive that sum in the Administration of the football club their charge will have been met in full and Morris's company will own the stadium with no debt. Another one of Morris's cunning plans I believe. If the club gets liquidated they will be able to enforce the security on other assets (such as the freehold of the stadium) to the extent that the debt remains unpaid.