Sam Rush...what next?

[roger_ramjet]

I imagine that imbalance subsists in all professional sports: certainly does in North America.

[Andy_Faber]

I imagine that imbalance subsists in all professional sports: certainly does in North America.

And in business. I had a guy work for me, ie I had the power of hire and fire, who my company paid a significant amount more than me NOT to work for anyone else when he retired. Just a clever bloke who wanted to remain a specialist not a 'maneger'

[Rams4Justice]

Derby set for a legal battle over Sam Rush over unfair dismissal as he is close to being axed by owner Mel Morris.

This just got fiesty.....

http://www.dailymail.co.uk/sport/spo...-Sam-Rush.html

[ramAnag]

Over £500k then...but there again, allowing for the Mail's exaggeration, Stenson was probably about right.

[StensonRam]

500k, nice work if you can get it! Sam probably is the highest paid executive at dcfc but he's the CEO so what do you expect, he won't be doing it for 50k that's for sure but how much of an over exaggeration there is is anyone's guess, I'd be very shocked if 500k is a true figure

[roger_ramjet]

Over £500k then...but there again, allowing for the Mail's exaggeration, Stenson was probably about right.

Its our lucky day because contrary to perceived wisdom, this year is the one year when the Club must have released its "once every 3 years" accounts. Funnily enough they did the same for the year to June 2015 so something must be very wrong in the filing room!

Anyway for the year to 30 June 2016 the highest paid director received £ 195,000 including £ 5,000 pension contributions. As there are only two directors then it seems most likely that this is Sam Rush since the other director received no pay at all, and so is probably MM. In the 2015 year this figure was £ 450,000 so it looks like a pay cut took place (or more likely, in the previous year SR received a bonus for bringing MM on board as an investor?). Either way serious sloppy journalism by the Mail.

Secondly my guess is that SR was bought out as part of MM coming in. MM's top level investment vehicle, Sevco 5112 Limited, shows MM as owning 100% of 3,236,298 ordinary share, obtained as part of the purchase of the share capital of Global Derby (UK) Limited from North American Derby Partners LP, which company, via its subsidiary, Gellaw Limited, owned the Club itself. Additionally MM has £ 43 million worth of preference shares in Sevco 5112. No doubt this represents the money used to finance the £ 51 million investment in DCFC equity in 2015-16.

Sevco 5112 bought The Derby County Football Club Limited from Gellaw 101 Limited (ie ultmately the Americans) for £ 60.1 million. In round terms this looks like the £ 47 million investment in Sevco 5112 plus the £ 12 million loan/mortgage on the ground that was "waived"as part of the process.

Sevco 5112 has not yet filed accounts - but due May 2017 so soon!! This will give a clearer view of the big picture.

Whilst researching this I discovered that the nice consistent trading loss which seemingly only went up 50% from £ 10m to £ 15m actually went up by 112% if you ignore the impact of restructuring gains from when MM took over. A £ 12 million exceptional profit came into play when the loan against the stadium was waived,

Our recurring trading loss after amortising the cost of our players is £ 27m for 2016 instead of £ 13m for 2015, so for the current year ended 30 June 2017 I'd hazard a guess at £ 30m loss pa unless any further financial engineering is done. Still at least the stadium is debt free now

This is probably why MM had injected a further £ 29 million between July and November 2016 making his investment up to that date around £ 90 million I reckon.

[Oldtimeram]

MM the MM strikes again it seems

[StensonRam]

Can you post a link to this please Roger? 😉

[roger_ramjet]

Can you post a link to this please Roger? 😉

There is nothing to link to Stenson!! Unlike some I prepare my own original research

However if you go to Companies House website you can view the accounts and shareholding returns for the various companies that I mention and work outwards or backwards from there at your leisure.........

[StensonRam]

Sorry Roger I should of included a sarcasm alert in that last post!