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| Dundee FC; Melville wants out! | |
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| Tweet Topic Started: Sep 20 2010, 10:49 AM (6,027 Views) | |
| Clarkie | Oct 8 2010, 05:20 PM Post #76 |
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Mac an t-stronaich
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Perfect opportunity for them to turn part time. Wonder if Bennett will become more involved once administration is over, his ownership of Dens was always a strange one given his history as a united director. |
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| Naebody | Oct 9 2010, 04:25 PM Post #77 |
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Twat
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Interesting that the press continue to talk about a clean administration and a points deduction as the most likely outcomes. Am I the only one to see a chance that the administrator may not believe Dundee FC remains viable as a going concern? Think of it this way: What are the assets? An SFL league berth and the DFC brand (both intangible). What are the liabilities? Dunno. There seems to be rather a lot happening off balance sheet at Dens. If they couldn't put a benefactor loan through the P&L correctly, god knows what else has been overlooked. Is A likely to be bigger than B? I'm not convinced. |
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| Ivan | Oct 9 2010, 05:00 PM Post #78 |
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F*cking plebs.
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You're more expert than me, Naebody, but shouldn't the fact that their two valuable assets would be worthless on liquidation actually help them? The good will of fans might get you 5p in the pound as football club but as an ex- football club it gets you nothing. Or am I missing something? |
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| Naebody | Oct 9 2010, 07:01 PM Post #79 |
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Twat
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I'm no expert here, Ivan, and your argument certainly makes sense. I'm just a bit curious about how an accountant might look to stabilise a company with no tangible assets and a rather poor accounting history. I'd be keen to get a proper handle on the liabilities before thinking about remedies. |
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| whatsthatonyourback | Oct 9 2010, 07:13 PM Post #80 |
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Waldo Jeffers
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Once the debts are dealt with, I believe the administrator can dispose of directors, although they can't change shareholding. However, DFC have a large group of guaranteed repeat customers - maybe 2,000 season ticket holders and several thousand others who will pay regularly to see their heroes, wherever they may play. They don't pay any rent on the ground either according to 2009 accounts, so all they need to do is reduce their outgoings to a reasonable level and appoint a competent and honest financial guy to prevent further insanity. And maybe have a retraining order placed on Brannan, Melville and the other guy to prevent them getting into Dens and f*cking it all up again. |
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| Naebody | Oct 9 2010, 11:46 PM Post #81 |
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Twat
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Thing is, how do you value fan inertia? I recognise that you can sketch out a business model based on c.3000 punters suffering whatever dripfeed of entertainment the club can squeeze out of its reduced circumstances. My question is, should you? Viewing the fanbase as an infinitely mineable commodity is what put us into this shit in the first place. Survival plans such as the above offer nothing more than the opposite side of the same coin. Football clubs, top to bottom, need to stop assuming their customers will act irrationally into perpituity. For the good of the game, clubs should be allowed to fail. |
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| Setenza | Oct 14 2010, 04:36 PM Post #82 |
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Knitting with only one needle
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BBC suggests that liquidation is a possibility unless more money is found . Chances are they will get it, but not sure what future they have. |
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| whatsthatonyourback | Oct 14 2010, 04:49 PM Post #83 |
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Waldo Jeffers
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I know it said "Liquidation" at the top of the article, but I think that's only as a possibility, with a probability of exactly very-low-percent. If they continued as they are now, sure, insolvency. If they can't reach an agreement with their creditors - sure insolvency. But I can't see either of those happening unless RBS want to receive no money and actively pursue the death of DFC. Once their entire first team squad is binned tomorrow, they will be viable. There's hysteria in the air, and Spencey has let it get to him in the interests of an eye-catching headline. I bet that headline changes shortly. |
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| Naebody | Oct 14 2010, 06:42 PM Post #84 |
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Twat
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Hang on. I think I may have missed an update. Wasn't the club free of bank debt? That phrase has been repeated in every single report I've read up to today, with Spence's update mentioning debts (undefined) thought to total £2m. Related, I'm still confused as to how Melville's donation is being treated. Is this still debt? And does his £200,000 donation pay for an administration process that provides him a settlement sum? If so that's a bit irregular. The latest BBC update seems angled to shake out the last £100k or so of charity they believe is needed to continue into an orderly administration (!!!). Thing is, we're still trusting the (former) Dundee directors to have an accurate grasp of liabilities. Exactly how much trust do they deserve at this point? |
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| The Eggman | Oct 15 2010, 01:29 PM Post #85 |
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Tommy McLean
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Chisholm and Dodds made redundant. Others to follow. http://news.bbc.co.uk/sport1/hi/football/t...dee/9085810.stm |
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| reekie | Oct 15 2010, 08:01 PM Post #86 |
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lum raker
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Dundee player (English..) on Five Live now talking about it... |
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| Naebody | Oct 15 2010, 08:53 PM Post #87 |
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Twat
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So the first thing the administrator has done is give a (hopefully) accurate tax bill of £420,000. That compares with £250,000 last month, and £365,000 yesterday. Meanwhile, Billy Dodds on Radio Scotland sounds a little like he's suggesting the directors traded while knowingly insolvent. Hm. |
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| reekie | Oct 15 2010, 09:58 PM Post #88 |
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lum raker
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In this clip, 12 seconds in, I'm digging the Tangerine strip running down the side of the SFL statement. Billy was pretty candid, wasn't he. Quite an accusatory tone. It may well get more interesting yet*. * - does this sentence make sense? I can't make up my mind. |
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| whatsthatonyourback | Oct 15 2010, 10:14 PM Post #89 |
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Waldo Jeffers
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That was a terrible segment. The reading-the-writing-on-the-screen SFL statement seemed to last forever in a 1:15 package. What's happening at Dundee is fascinating - there is so much more to report than "mixed emotions, more to come out, penalty uncertain" and some graphics. |
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| reekie | Oct 15 2010, 10:39 PM Post #90 |
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lum raker
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I agree. The tangerine strip was the only thing of any note in that entire report. It's undoubtedly fascinating WT. Unfortunately, I fear it is the first of many such stories to appear. Football's disappeared down some freakish, dizzying rabbit-hole. Grab some popcorn, that's my advice. |
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