WTF is going on?

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Originally Posted by swaledale

Although lets not forget that Mel Morris is reportedly still worth £500m? Yet has put the club into administration with debts of £60 million. Go figure

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Mel chased the dream. He threw money at promotion like there was no tomorrow. According to the insolvency report (or whatever it's called) put out by Quantuma some 8 weeks into their "tenancy", the club owes Mel £140M. Then there's also the £80M his Gellaw company paid for Pride Park. That's over £200M. He'd promised his family he wouldn't put more than £100M in so there was probably pressure from them to pull out. Then there's the balance between liquid and non liquid funds in his "worth". Is he through his liquid funds and not prepared, or not allowed to, to have to sell property, shares, whatever to further prop the club up.

CK will be out the basic cost of buying the club plus whatever he's put in his business plan to the EFL. MM is out the original purchase price plus almost a quarter of a billion.

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Originally Posted by MadAmster

Mel chased the dream. He threw money at promotion like there was no tomorrow. According to the insolvency report (or whatever it's called) put out by Quantuma some 8 weeks into their "tenancy", the club owes Mel £140M. Then there's also the £80M his Gellaw company paid for Pride Park. That's over £200M. He'd promised his family he wouldn't put more than £100M in so there was probably pressure from them to pull out. Then there's the balance between liquid and non liquid funds in his "worth". Is he through his liquid funds and not prepared, or not allowed to, to have to sell property, shares, whatever to further prop the club up.

CK will be out the basic cost of buying the club plus whatever he's put in his business plan to the EFL. MM is out the original purchase price plus almost a quarter of a billion.

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Indeed, but the pint I was making was that CK may well be worth x billion, that doesn't guarantee in any way that the club will be safe in his hands. There is a plus point in that the EFL will demand a business plan which complies with EFL rules, but presumably thats a piece paper which in theory he could rip up once he has control and the EFl won't now he has breached it until he has?

Mel's mismanagement was his choice, whatever he put into the club and how he managed the finances was his choice, nobody held a gun to his head and as for the £140 million owed to him and the £80 million loan (at the time effectively to himself), again thats how he structured the funds. Frankly one wonders how he good a businessman he is on those figures!

Hopefully both our creditors and the EFL accept the 35% over 3 years apparently offered by CK so we don't get -15 next season.

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Originally Posted by MadAmster

Hopefully both our creditors and the EFL accept the 35% over 3 years apparently offered by CK so we don't get -15 next season.

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Hopefully, but I'm going to wait until an actual deal is signed and we know what the reality is, all the gossip in the media, especially that churned out by the DET has proven so far to be wide of the mark and speculation is pointless.

We know we will be in league 1, lets hope thats without any pts deduction, but hey who knows not he media thats for sure.

On the M1 coming home from Stevenage and as I was driving upto the EMA runway lights a private jet flew across, couldn't see the tail number so can't trace it but looked similar to a Cessna Citation, was around 3pm, was it CK.....who knows, never seen a private jet come into EMA myself

Just slightly off topic
Just noticed Sheffield United are being sold to an Amercan buyer for 115 million
I just don't get it. I would say a slightly smaller club than Derby and we struggle to get any investment at a third that value
They must be buying half of Sheffield within the price

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Originally Posted by eddy779h34

Just slightly off topic
Just noticed Sheffield United are being sold to an Amercan buyer for 115 million
I just don't get it. I would say a slightly smaller club than Derby and we struggle to get any investment at a third that value
They must be buying half of Sheffield within the price

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summantics.
ones a champs club vying for the prem
Anothers just been regulated to lg 1 with a massive cash flow problem and all its assets stripped.
Why are you confused?

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Originally Posted by eddy779h34

Just slightly off topic
Just noticed Sheffield United are being sold to an Amercan buyer for 115 million
I just don't get it. I would say a slightly smaller club than Derby and we struggle to get any investment at a third that value
They must be buying half of Sheffield within the price

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DCFC massively in debt, 35 players out and just 6 in since January 2021, just 5 players on board for next season so far, relegated to League 1, don't own the ground, don't own the training complex, losing money hand over fist.

That enough reason for the price differential?

And the Blades still could be in the Premier League next season....

In fact paying one third of their price for DCFC looks to be overpaying