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Thread: Derby going into administration

  1. #1

    Derby going into administration

    Derby County Football Club today announced that the Club, the ultimate holding company of the group, and all of the subsidiary companies have filed notices of intention to appoint administrators.

    This action was made necessary by a number of developments. Last week, it became clear that the process which has been underway to identify a purchaser for the Club likely would not be productive over the near term, despite the number of negotiations with credible parties. Because the COVID-19 pandemic has had a severe impact on the revenues and profits of all of its businesses, the Club has been unable to service its day-to-day financial obligations. The directors had no choice but to make the tough decision to take this action and protect the Club.

    The irony is that the Club’s financial forecasts show the emergence of a financially sustainable picture. Absent the COVID-19 pandemic, we undoubtedly would have been able to trade through.

    However, the impact of COVID-19 pandemic and the unpredictability it has created represents too much of a strain. As the COVID-19 pandemic and lock down tightened their grip, the Club’s revenues and cash flow took a circa £20 million hit. This season, COVID-19 has continued to have a negative effect on the Club’s revenues. Unlike other sectors, football has been able to only marginally reduce its cost base with the majority of outgoings being associated with playing staff who obviously could not be furloughed. It is widely known that we had significantly reduced our wage bill, but the major benefit of these reductions were not going to take effect until this season.

    The COVID-19 lockdown also meant that we were unable to have face-to-face meetings with a number of potential purchasers who could not visit the stadium or training ground. A planned sale of the club and stadium that was due to close in January 2020 collapsed when the EFL was coerced into challenging the Stadium Sale transaction, a charge that would be dismissed some 9 months later. The ongoing litigation and charges in regard to the P&S regulations and the protracted timetable for this to reach a resolution, added further uncertainty and made negotiations challenging.

    These issues also led the EFL to preclude the Club from drawing down circa £8.3 million of financial assistance, as was made available to all other Championship clubs in respect of settling PAYE liabilities, further aggravating our cash flow and ability to meet our financial obligations. Even today, we await the EFL’s response in these matters. This response is important to the Club, its supporters and also to any prospective purchaser of the Club.

    We wish to thank our supporters, staff and especially our creditors who have sought to help through the pandemic while we have worked to find a purchaser. The Club’s owner has provided substantial funding throughout this period, even as the process has been underway since June 2019 to find a purchaser. We are especially grateful to MSD Partners, who have been hugely supportive and have provided additional financial assistance this year, going far beyond the original loan it provided in August 2020.

    We know this situation will raise concerns among our supporters. The Club respectfully asks that our supporters continue to show their support, especially to the playing staff under Wayne Rooney and our employees who have all been outstanding during these difficult times. This ongoing support in turn will be instrumental as we seek to find a new owner to take the Club forward.

    We appeal to the EFL to now assist the Club and the Administrators in any way they can in the effort to find a purchaser.

    We cannot stress enough how devastating it is to be forced into this position. We all – the owner, the members of the board, and our staff – are true Derby County supporters. We will continue our work under the stewardship of the Administrators to help facilitate their process and their effort to find a purchaser.

    Once Administrators have been appointed in the coming days it will be customary for them to communicate with staff and supporters about timescales and processes to seek a purchaser and address creditor concerns.

  2. #2

    Re: Derby going into administration

    I usually feel sorry for a club and their fans (we're all the same aren't we?) when things go wrong. But after snowgate, I don't.

  3. #3

    Re: Derby going into administration

    It could just as easily be us in all honesty. I don't want to see any club in the shit, but it was inevitable that this was going to happen sooner rather than later. Rooney will be leaving soon, presumably?

  4. #4

    Re: Derby going into administration

    Quote Originally Posted by valleys caveman View Post
    I usually feel sorry for a club and their fans (we're all the same aren't we?) when things go wrong. But after snowgate, I don't.
    I feel more than a bit sorry for Wycombe.

  5. #5

    Re: Derby going into administration

    Quote Originally Posted by valleys caveman View Post
    I usually feel sorry for a club and their fans (we're all the same aren't we?) when things go wrong. But after snowgate, I don't.
    It's a bit petty to harp back to snowgate given the severity of the crisis they are in.... But I do sort of agree.

  6. #6

  7. #7

    Re: Derby going into administration

    Weren’t they due a deduction for accounting jiggery pokery? It looks like they are pulling a flanker to have one set of deduction for 2 offences?

  8. #8

    Re: Derby going into administration

    I see the above link now. Just as I thought.

  9. #9

    Re: Derby going into administration

    If they were due a points deduction for FFP which, in all likelihood would see them relegated, then it makes sense for them to enter administration aswell and take both deductions in the same season.

  10. #10

    Re: Derby going into administration

    They will hold the record low points total for both Premier League and Championship

    Congratulations to them

  11. #11

    Re: Derby going into administration

    Quote Originally Posted by The Bloop View Post
    If they were due a points deduction for FFP which, in all likelihood would see them relegated, then it makes sense for them to enter administration aswell and take both deductions in the same season.
    I saw some journalist say if one deduction takes them down the other would be applied next season

  12. #12

    Re: Derby going into administration

    Quote Originally Posted by Dave Blue View Post
    Weren’t they due a deduction for accounting jiggery pokery? It looks like they are pulling a flanker to have one set of deduction for 2 offences?
    looks like they are trying to pull a fast one again

    would be time for the FA to step up and pull on its big person pants and set a example and say if you ar pulling this stunt, you can have your 2nd punishment next season

  13. #13

    Re: Derby going into administration

    Sounds like Covid-19 hit Derby when Mel Morris took over in 2015 if not before.

  14. #14

    Re: Derby going into administration

    If they go to in admin don’t allow their players become free agents? Plus, they have to clear all football debts before they are allowed to continue!

  15. #15

    Re: Derby going into administration

    Quote Originally Posted by The Bloop View Post
    If they were due a points deduction for FFP which, in all likelihood would see them relegated, then it makes sense for them to enter administration aswell and take both deductions in the same season.
    Quote Originally Posted by City123 View Post
    I saw some journalist say if one deduction takes them down the other would be applied next season
    Just had a quick look at previous examples. Seems that a few clubs a few years ago entered administration once they knew they were relegated to take the hit in the same season. That loophole was closed so Leeds and Bournemouth for example had deductions over 2 seasons in 2 different leagues.

  16. #16

    Re: Derby going into administration

    Potentially 21 point deduction then.

  17. #17

    Re: Derby going into administration

    Quote Originally Posted by Des Parrot View Post
    Potentially 21 point deduction then.
    My heart bleeds. Karma is a wonderful thing.

  18. #18

    Re: Derby going into administration

    I remember when we played them at the start of the 2002/03. We had just won promotion and their match day programme made a derogatory comment about just how far they had fallen in that they were playing Reading.
    Fukk em

  19. #19

    Re: Derby going into administration

    Quote Originally Posted by Optimistic Nick View Post
    It's a bit petty to harp back to snowgate given the severity of the crisis they are in.... But I do sort of agree.
    Look man pull yourself together, it's times like these when the football community need to come together rather than split apart.... But I am thoroughly enjoying this one.

  20. #20

    Re: Derby going into administration

    Quote Originally Posted by Eric the Half a Bee View Post
    I feel more than a bit sorry for Wycombe.
    If pack didn’t smash in that last minute goal, they could be in league one with a massive points deduction.

    They could have been the next Sunderland

    They being Derby

    Pack vs Rotherham letting Rotherham stay up

  21. #21

    Re: Derby going into administration

    Quote Originally Posted by Eric the Half a Bee View Post
    I feel more than a bit sorry for Wycombe.
    Spot on its all about poor old badly run Derby.

    It's a pity Wycombe can't sue the EFL for not taking action when they should have ie last year .

  22. #22

    Re: Derby going into administration

    Let’s be proud that our club hasn’t ever gone into administration.
    Plenty have and taken the easy way out and not met it’s obligations.

  23. #23

    Re: Derby going into administration

    Not sorry for them at all, don’t like the club or their fans - I actually prefer Forest and that’s saying something.

  24. #24

    Re: Derby going into administration

    Got to be honest, I hate to see any club go under. I know it's survival of the fittest, what goes round comes round and all that, but this isn't a good thing to see, no matter which club it is.

  25. #25

    Re: Derby going into administration

    they have some good youngsters, I guess people will come in for them soon

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