It seems the Administrators are trying to sell Derby via Twitter...
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Derby charged under FFP rules...
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One of Harrison Ford's first films.
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To quote Michael Caine. 'Not a lot of people know that, and stop throwing those bloody spears.'
If only!! Indie crime writers like myself tend to be stony broke. Still a great pastime.
Derby County owe £15m to MSD Holdings, it has been confirmed by the US investment group.
The detail is included within MSD's annual financial statements.
MSD has become a significant presence in English football, lending money to a number of Premier League and Championship clubs, including Burnley and Derby.
The Rams went into administration last month amid spiralling losses, triggering a 12-point deduction.
In a statement, MSD says it has "loan investments in four UK football clubs" at an amortised cost of $208m (£153.47m) and that they "believe the company's exposure to new opportunities will grow over the upcoming years".
It has become common practice in recent years for Premier League clubs to borrow TV money in advance of central distribution to provide more flexibility in the transfer market.
As a second-tier club, Derby have no access to those funds.
And MSD confirmed that "one of the underlying borrowers associated with a £15m loan entered administration".
However, the statement added that "the company holds collateral well in excess of the loan's outstanding principal and interest".
This is understood to be against Derby's Pride Park Stadium.
In addition to this sum, Derby are known to owe HMRC in excess of £20m, plus significant sums to other football creditors, including former manager Phillip Cocu, ex-captain Richard Keogh, and Arsenal, who have deferred the remaining £8m they are owed for Polish defender Krystian Bielik.
Club sponsor 32Red has offered to advance payments for the remainder of the season to help Derby in the short-term but the administrators have said they will need to borrow money at some point.
BBC
The detail is included within MSD's annual financial statements.
MSD has become a significant presence in English football, lending money to a number of Premier League and Championship clubs, including Burnley and Derby.
The Rams went into administration last month amid spiralling losses, triggering a 12-point deduction.
In a statement, MSD says it has "loan investments in four UK football clubs" at an amortised cost of $208m (£153.47m) and that they "believe the company's exposure to new opportunities will grow over the upcoming years".
It has become common practice in recent years for Premier League clubs to borrow TV money in advance of central distribution to provide more flexibility in the transfer market.
As a second-tier club, Derby have no access to those funds.
And MSD confirmed that "one of the underlying borrowers associated with a £15m loan entered administration".
However, the statement added that "the company holds collateral well in excess of the loan's outstanding principal and interest".
This is understood to be against Derby's Pride Park Stadium.
In addition to this sum, Derby are known to owe HMRC in excess of £20m, plus significant sums to other football creditors, including former manager Phillip Cocu, ex-captain Richard Keogh, and Arsenal, who have deferred the remaining £8m they are owed for Polish defender Krystian Bielik.
Club sponsor 32Red has offered to advance payments for the remainder of the season to help Derby in the short-term but the administrators have said they will need to borrow money at some point.
BBC
I wonder how many other creditors have money secured against pride park?
What a sorry situation.
What a sorry situation.
More on The club’s debt to MSD:
MSD, as well as the security of Pride Park Stadium & Moor Farm, have a debenture which captures all assets ahead of unsecured creditors, includes book debt, stocks, players, share capital & goodwill.
MSD Holdings filed 31/12/20 accounts. Confirms that one borrower with £15m debt at 31/12/20 went into administration, and since 31/12/20 top up loan £4m advanced.
MSD debt appears to be £19m + interest estimated at 9% payable quarterly.
MSD, as well as the security of Pride Park Stadium & Moor Farm, have a debenture which captures all assets ahead of unsecured creditors, includes book debt, stocks, players, share capital & goodwill.
MSD Holdings filed 31/12/20 accounts. Confirms that one borrower with £15m debt at 31/12/20 went into administration, and since 31/12/20 top up loan £4m advanced.
MSD debt appears to be £19m + interest estimated at 9% payable quarterly.
But do derby county own pride park? I thought Mel what's his face sold it to one of his other businesses. Therefore it's not a DC assest.
Yes, Mel Moron bought it off the club. Hopefully that means that he will end up getting bitten somehow, but I bet he walks away into the sunset without a scratch upon his finances. The **** him.
Slightly off topic, I see Barcelona president admits they are $1.55 billion in debt. What's that circa £1 billion.
Sort of makes Derby's £60 million look like loose change.
Sort of makes Derby's £60 million look like loose change.
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Yes, the administrators will sell anyone they can and usually at a knockdown price. If we've got new owners we should be going for Sibley
"but the administrators have said they will need to borrow money at some point." I want to be an administrator, piece of piss. You can't pay anybody back any of the money you them, but, hey, no worries, we will just borrow some more to pay them.
Who in their right mind is going to lend Derby a penny, never mind thousands or even millions? MSD seem to have first dibs on all the goodies. Then isn't it football creditors before anyone else?
And the 20 million owed to the Inland Revenue. Just short of what City owed the IR when Papa stepped in to ward off the winding up order.
Who in their right mind is going to lend Derby a penny, never mind thousands or even millions? MSD seem to have first dibs on all the goodies. Then isn't it football creditors before anyone else?
And the 20 million owed to the Inland Revenue. Just short of what City owed the IR when Papa stepped in to ward off the winding up order.
All this and they still have a 9 point deduction (potentially) to come following the financial irregularities investigation, deep doo doo me thinks