Originally posted by Sporting
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As I understand, meeting with EFL yesterday with a view towards naming a preferred bidder and thus exiting administration, 'supposedly' rules for this changed at last minute meaning that we cannot extend Phil Jagielkas contract (he's gone to Stoke now) and also that they wish Football Creditors to be paid in full (read the Boro and Wycombe claims) before they allow any re-signing of players or new signings (understandable I suppose) this means that the potential buyers would be on the hook for an extra (if these figures are correct) £61m. Also apparently other clubs are upset that we didn't accept the circa £150,000 bid for Louis Sibley.
We are in a mess, 90% of which is our own making, but to be honest it does seem like a bit of a vendetta recently given our good run of late.
This is also a pretty strong statement to come from DCFC Official, maybe it's me with my Rams glasses on and I DO feel a bit hard done to, both by former owner and the EFL, at least I know you gys on here are non-partisan and will put me right I'f I'm talking bollocks as the btl stuff on the Guardian and twitter is thoroughly depressing to read
This statement hopefully addresses some of the concerns as well as setting out the current position in relation to the administration.
As we have previously reported there has been considerable interest from a number of credible parties. There are currently 3 parties who have made offers. One of the Joint Administrators duties is to act in the interest of all creditors, and this includes secured creditors, preferential creditors and the unsecured (“ ordinary “) creditors owed monies by the club. In relation to a football insolvency this duty is further compounded by dealing with those creditors known as “football creditors” which need to be dealt with in order to protect the club’s ongoing membership of the English Football League.
The Joint Administrators have an exit plan ready to implement and be approved by creditors and this is with a view to adjusting offers received to accommodate the EFL insolvency policy and their requirements to creditors.
The difficulty and currently, in our view, the last remaining significant obstacle is to deal with certain claims that are very much disputed but which we are being advised by the EFL cannot be currently compromised notwithstanding statute says otherwise. Whilst we accept this is frustrating for all, none of the interested parties are able to progress matters further until such time that an agreement can be reached.
Linked to the above is the need to ensure the club can be funded, if needs be, over the coming months or until we have successfully completed a sale. The EFL have demanded that we prove adequate funding is in place and until as such time as we are able to do that, they will not progress player registrations – this includes some players where contracts needed to be extended this month. Whilst we have a number of options as to how that funding can be delivered, we are not, today, in a position to finalise this funding however we do believe this will be finalised in the coming weeks.
We are aware of yesterday’s press comments, however, the position is not straight forward bearing in mind the position of other stakeholders. We are urgently seeking clarification from the EFL as to why these disputed claims cannot be compromised.
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