[Archived] Trustees Crisis Meeting

[iamarover]

Go back and have a look at the accounts for the period when we were relegated last time. I think you will be very surprised to see just how much relegation cost us, and had those losses not been covered by the trustees then our beloved rovers would have gone into adminsistration.

We lost £31m the year we went down. Covered by Jack's Trust - yes the same people who are constantly derided on this MB for lacking any pockets.. Relegation = obvlivion. And very quickly.

[Antgrad]

Surely Jack was still in charge of his money when we were relegated, not the trustees. He died the season we came back up.

[mattyboy6000]

Surely Jack was still in charge of his money when we were relegated, not the trustees. He died the season we came back up.

correct

We lost £31m the year we went down. Covered by Jack's Trust -

incorrect. fial!!!!

I do happen to know that 4 years ago- not sure if this is the case now- one of the trustees was a bankrupt! seemingly not an accountant you would imagine.

[philipl]

correct

incorrect. fial!!!!

Not sure about this but the Trust was established quite some time before Jack's death. Jack suffered from cancer so he was unwell before he sadly passed away.

So your spelling might be as accurate as your comment.

[mattyboy6000]

lets not get lost in semantics old chap.

btw, re spelling: http://ideiafix.files.wordpress.com/2008/01/sotp.jpg

[BrianPotter]

correct

incorrect. fial!!!!

I do happen to know that 4 years ago- not sure if this is the case now- one of the trustees was a bankrupt! seemingly not an accountant you would imagine.

Without digging out the accounts i'm not sure of exact figures, but if you look you will find tha the losses made by the club during relegation and the three or four years after it were staggering. The losses in relation to the clubs turnover were huge, there is no doubt that had we not been owned by the trust the club would have gone under with the levels of money being lost.

Not sure what the trustee bankruptcy thing has to do with the current situation, but there are many succseful bankrupts out there. Anyway, I would imagine that law would not allow a someone who is an active bankrupt (ie not discharged) to be involved in the management of Trust with assets approacing £1 billion.

There is no doubt that relegation will be a financial disaster for both the club and the trustees. God forbid should we go down we have to hope and pray that the trust supports the club as it did during the last relegation or otherwise there could be no way back for us.

[mark1875]

shortly after relegation in 1999, jack walker sat at a press conference and said "i have said it before and i mean it now - whatever it takes to see blackburn rovers in the premiership is what i will do"

i would think it was more on jack's say so that we was financially supported following our previous relegation as oppose to the trustee's backing us?

[mattyboy6000]

Not sure what the trustee bankruptcy thing has to do with the current situation, but there are many succseful bankrupts out there. Anyway, I would imagine that law would not allow a someone who is an active bankrupt (ie not discharged) to be involved in the management of Trust with assets approacing £1 billion.

you would imagine, wouldn't you.

shortly after relegation in 1999, jack walker sat at a press conference and said "i have said it before and i mean it now - whatever it takes to see blackburn rovers in the premiership is what i will do"

i would think it was more on jack's say so that we was financially supported following our previous relegation as oppose to the trustee's backing us?

my point entirely. made much more clearly and concisely than I did. thankyou.

[BrianPotter]

you would imagine, wouldn't you.

my point entirely. made much more clearly and concisely than I did. thankyou.

I think that we should all know that. Lets be under no illusion that the Trustees are only supporting the club on Jacks wishes and the legal safeguards he put in place. If they were working pureley on a business point of view they would have walked away years ago. Come on, who in their right mind pumps vast sums of money into anything that they have no hope of getting a single penny back from. No two ways about it, Rovers is a drain on the Walker Trust and they know it but there is little they can do about it. Their only option is to sell the club and even then it is less than straighforward for them to do this as there are constraints in place in relation to any potential new owner.

The Trustees will no doubt do the minimum they can get away with in terms of the deeds of the trust, especially if they are trying to sell the club. But like it or not they still have to do it and they have a commitment to ensure the continued success of the club. From information I have it was the trustees who were unhappy with the clubs current performance / position and instigated the action taken.

Do they have the level of affection for the club that Jack did - No. Will they support the club to the financial levels that Jack did - No. Will the continue to support the club financially and otherwise as set out in the Trust deeds (what ever they may be) - Yes, because they have to.

[PAFELL]

Not sure about this but the Trust was established quite some time before Jack's death. Jack suffered from cancer so he was unwell before he sadly passed away.

So your spelling might be as accurate as your comment.

In the light of Ince being sacked - do you think the trustees, if they are serious at keeping Rovers in the prem, will open the cheque book for the new manager? If Rovers cannot afford to go down, then they cannot afford NOT to spend.

[philipl]

In the light of Ince being sacked - do you think the trustees, if they are serious at keeping Rovers in the prem, will open the cheque book for the new manager? If Rovers cannot afford to go down, then they cannot afford NOT to spend.

Brian Potter's post above your's is very worthwhile reading.

If we look at it from a purely commercial standpoint, the Trust cannot be doing anything but be looking at how best to help Rovers retain their Premier League status.

[philipl]

The Guardian suggests that the Trustees forced the timing of the Ince sacking and refused to allow more time.

[Paul Mellelieu]

The Guardian suggests that the Trustees forced the timing of the Ince sacking and refused to allow more time.

I may be wrong, but I think that's the first account of BFS's interest in coming to EP, and putting pressure on Sunderland?