Perhaps a half, and no pickle with the cheese bap
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Perhaps a half, and no pickle with the cheese bap
I guess it depends upon how the companies were structured? If they are all interconnected and the sale was from one entity to another then they would be in the hands of the administrators. If the sale of the ground is to an entirely separate company then as has happened at a number of clubs the grounds remains leased unless whoever owns the club agrees to buy it back.Quote:
Originally Posted by Trickytreesreds
I've read reports which suggest there is a substantial debt owed to Mel Morris, which he is likely to waive, no doubt it will become clearer over the coming weeks.
My point is that there is a revenue stream, we still got 25K when Clough jnr as boring us to death in mid table for a couple of years. Obviously a successful team needs to be assembled, but its a better prospect than say a Wigan which struggled to fill their ground even when in the prem.Quote:
Originally Posted by Geoff Parkstone
MDS have a lot to say on the ground question. It's in hock to them for £20M or maybe more. I have been told that, if Mel (or whoever is responsible now we're in admin) doesn't pay up then Dell gets the ground by default.
It would be a very foolish businessman that ever wrote such a contract, more likely they have a thing called a ‘lien’ which gives them ‘possession’ /control until the debt is paid.Quote:
Originally Posted by MadAmster
Reading more about Derby's debts, I am staggered that we seem to owe circa £26 million to HMRC, how the **** did it get to that stage?
It really seems that Mel has completely ****ed up in his desperate attempts to get promotion, I just hope he hasn't ****ed the club fatally, because there is a new rule now in force which says that HMRC should be paid in full.
Its a mess and we could see liquidation unless HMRC agree some reduction in the debt owed to them.
Not just a rule Swale, it's Law.Quote:
Originally Posted by swaledale
Two ways of looking at it.
One, they accept a lower amount. That way they get something rather than nothing.
Two, they must be right royally pi55ed off at having club after club sticking it to them and having to accept a % of the debt. Sooner or later they will demand their full pound of flesh and the club involved will cease to exist and that will be a warning to all other clubs to make sure they pay HMRC on time and in full. I just hope they don't choose DCFC as the vehicle they make an example of.
Which adds an interesting angle to the "profit on sale of Pride Park" at a high value on an arms length basis. Capital Gains tax at 19% on, say, 50 million book profit would be maybe £ 10 million. If its a pure capital gain DCFC most unlikely to be able to roll forward trading losses against it.Quote:
Originally Posted by swaledale
Add VAT, including 12 month covid deferral of payment, and PAYE EENI and ERNIIE perhaps 6+ months in arrears and you're getting there.
Buts its the CGT on the ground sale aspect that hasnt been picked up on anywhere that I have seen - after all you cannot make a huge chunk of profit for P&s / FFP reasons this way and not and up with a tax bill, can you?
What I don't understand is, how it all got this far?
We had winding up petitions thrown at us like confetti?
Did firms/hmrc try this?
Or were the books cooked so good, it was hidden?
https://www.accountancydaily.co/nott...ng-order-touch
My take on that is that Forest's management knew how to play a dangerous game and Derby's didn'tQuote:
Originally Posted by Trickytreesreds