[Archived] Rovers Takeover

[67splitscreen]

LET seem to have edited the page with the numbers, I no longer see them!

Someone left a comment questioning their figures, Whoops!

[Balwer]

Also from John's link:

Venky's, which had a £1bn turnover and made a profit of £118m according to its 2009-10 annual report

http://investing.businessweek.com/businessweek/research/stocks/financials/financials.asp?ticker=12704330

Turnover - 7.1b

EBITDA (profit)- 926m

exchange rate of (roughly) 70 to 1 gives a turnover of 100m and a profit of (roughly) 11.8m...

It can't be a coincidence that my numbers are exactly the same as theirs but for the extra 0...

EDIT: I promise it wasn't me who questioned the LT's numbers on their site, never posted there. Must have been spanster then....

[J*B]

5 million?! I'd sooner risk syed. He's spent 1/10th of that just to get our support!

[S15]

Nobody has any idea what the numbers are and where they're coming from other than the trust and the board.

Some people amaze me, do you really think we'd sell to a group people who didn't have enough money?

[Spansterkid]

EDIT: I promise it wasn't me who questioned the LT's numbers on their site, never posted there. Must have been spanster then....

Wasn't me!

[John]

Probably good not to mention numbers - don't think it necessarily helps to say publicly we are going to spend £20 million (or whatever it may be) on the team etc

A lot of the reporting at the moment must be speculative - easier said than done, but try and just chill for now if possible.....

[S60tti_BRFC]

http://www.timesnow.tv/Venkys-Blackburn-deal-almost-complete/videoshow/4356935.cms

This link is from a news channel in india, it states that 5 million will be invested in January....

Also, another link from the Economic Times, that states 5 million will be invested...

http://economictimes.indiatimes.com/news/news-by-industry/et-cetera/Indian-poultry-major-buys-English-football-club/articleshow/6817984.cms

[American]

I love how everyone has learned more about the buyers in a couple of days on the Internet than the trust and Rothschilds have in weeks with a lot more resources...

[bringdunnback]

Quotes from VH Group chairperson Anuradha Desai:

“We expect to complete the formalities for the acquisition in the next three-four days although informally, the Premier League has conveyed its happiness over the proposed deal,”

She added that this was her first media interaction following the meeting on Monday night between officials of the Premier League and VH Group’s top officials B Venkatesh and B Balaji Rao, her siblings, who are currently in London to conclude the deal.

VH Group joint managing director B Venkatesh Rao said, “This is a very proud moment for India and the family that we have received the go-ahead from the English Premier League and we expect to conclude the deal in 5-10 days,” he said, adding, “It is too early to say if we will make any changes either in the team or the management. We want the club to do well and we intend to manage it properly.”

Mrs Desai said that while they will pump in an additional £5 million to ensure they get good players, she ruled out any high-profile acquisitions at least for now. “We won’t need to buy expensive players, we can always lease them,” she said, adding, “We don’t expect to be in the Top 5 of the Premier League. We will be happy to be in the Top 10-12.”

She added that Indian and multinational companies have begun to ask for sponsorship of jerseys and at stadia, to which the VH Group is “complexly open as we need to turn around the club”. “But our first priority is to get the club on a strong footing and back into the Premier League for which we might need to put in more money. As of now, we have no plans to put the Venky’s logo anywhere as this will be an independent business,” Mrs Desai said.

Source:

http://economictimes.indiatimes.com/news/news-by-industry/et-cetera/Indian-poultry-major-buys-English-football-club/articleshow/6817984.cms

[S60tti_BRFC]

I love how everyone has learned more about the buyers in a couple of days on the Internet than the trust and Rothschilds have in weeks with a lot more resources...

hmm, i hope your right, in the fact that the trust will know alot more than we or anyone else currently do... but these news channels have to do there own research aswell... im just being cautious about it all..

[booth]

Mrs Desai said that while they will pump in an additional £5 million to ensure they get good players, she ruled out any high-profile acquisitions at least for now. “We won’t need to buy expensive players, we can always lease them,” she said, adding, “We don’t expect to be in the Top 5 of the Premier League. We will be happy to be in the Top 10-12.”

That does not sound promising.

[Spansterkid]

To those people who said I was wrong about saying the VH Group couldn't afford us but could easily get a loan to fund the purchase...

The acquisition has been funded by ICICI Bank.

Bad News

[67splitscreen]

Quotes from VH Group chairperson Anuradha Desai:

"We expect to complete the formalities for the acquisition in the next three-four days although informally, the Premier League has conveyed its happiness over the proposed deal,"

She added that this was her first media interaction following the meeting on Monday night between officials of the Premier League and VH Group's top officials B Venkatesh and B Balaji Rao, her siblings, who are currently in London to conclude the deal.

VH Group joint managing director B Venkatesh Rao said, "This is a very proud moment for India and the family that we have received the go-ahead from the English Premier League and we expect to conclude the deal in 5-10 days," he said, adding, "It is too early to say if we will make any changes either in the team or the management. We want the club to do well and we intend to manage it properly."

Mrs Desai said that while they will pump in an additional £5 million to ensure they get good players, she ruled out any high-profile acquisitions at least for now. "We won't need to buy expensive players, we can always lease them," she said, adding, "We don't expect to be in the Top 5 of the Premier League. We will be happy to be in the Top 10-12."

She added that Indian and multinational companies have begun to ask for sponsorship of jerseys and at stadia, to which the VH Group is "complexly open as we need to turn around the club". "But our first priority is to get the club on a strong footing and back into the Premier League for which we might need to put in more money. As of now, we have no plans to put the Venky's logo anywhere as this will be an independent business," Mrs Desai said.

Source:

http://economictimes...how/6817984.cms

From here video interview. 5m for January does not sound good.

[unclejack28]

Woah what a day! Iv been watching the news all day in India and all stations have been talking about the take over and talking to different members of the Venky Group. Its all over the papers as well. I guess their expansion is already being felt here and part 1 of their plan is already working with the media coverage they are getting. I'm very nervous about the takeover but at the same time very excited.

A club with a glorious past and a glittering future?

[imy9]

To those people who said I was wrong about saying the VH Group couldn't afford us but could easily get a loan to fund the purchase...

The acquisition has been funded by ICICI Bank.

Bad News

Is that not a contradiction with what the brother said? He said it was their own money- I notice the above was not a direct quote from the Head of VH Group.

Q: Where are you getting the money from? Is it going to be from the listed Venky’s or are promoter's going to put up the money?

A: It’s our own sources.

[RibbleValleyRover]

To those people who said I was wrong about saying the VH Group couldn't afford us but could easily get a loan to fund the purchase...

The acquisition has been funded by ICICI Bank.

Bad News

If they are having to take out a loan to purchase us then that does not sound good at all. Nothing we can do though, if the trust want to sell then that's that.

[Bobby G]

5million? That's an anti climax if it's true.

[Balwer]

To those people who said I was wrong about saying the VH Group couldn't afford us but could easily get a loan to fund the purchase...

The acquisition has been funded by ICICI Bank.

Bad News

The noble Trust wouldn't do that do that to us, they'd rather not recoup a single penny of Jack's hard earned than see see us sold to a chicken conglomerate funding us entirely through debt. That article must be a mistake, it wasn't written by the LT...

[92er]

Quotes from VH Group chairperson Anuradha Desai:

Mrs Desai said that while they will pump in an additional £5 million to ensure they get good players, she ruled out any high-profile acquisitions at least for now. “We won’t need to buy expensive players, we can always lease them,” she said,

“But our first priority is to get the club on a strong footing and back into the Premier League for which we might need to put in more money.

Source:

http://economictimes.indiatimes.com/news/news-by-industry/et-cetera/Indian-poultry-major-buys-English-football-club/articleshow/6817984.cms

So we're going to lease players and then get back into the Premier League.

[Mc Love]

Feeling scared and excited at the same time!

[Ricky]

I'm just feeling scared.

[philipl]

Been out at meetings all day so missed most of the fun.

Been trying to get comfortable with so many nagging worries about this take over but when I saw:

"The acquisition has been funded by ICICI Bank."

I swore at the computer.

There are some serious explanations needed for what is going on here.

If that is true, in the absence of any additional information yet to be disclosed, these guys now rank 4th out of the 4 who reached advanced stages of negotiation with the Trust/Rothschilds.

These are Glazer rates of interest:

India's ICICI Bank to hike key lending rate by 25 bps

NEW DELHI | Tue Oct 5, 2010 8:51pm IST

Oct 5 (Reuters) - India's No. 2 lender ICICI Bank (ICBK.BO) said on Tuesday it would increase its benchmark lending rate, or the base rate, by 25 basis points to 7.75 percent and the new rate would be effective from Wednesday.

India has a serious problem of an over-heating economy and bank rates are going up rapidly. That is the second interest rate rise by ICICI since August when rates went up by 0.5%.

[Billy Castell]

Mrs Desai said that while they will pump in an additional £5 million to ensure they get good players, she ruled out any high-profile acquisitions at least for now. We wont need to buy expensive players, we can always lease them, she said, adding, We dont expect to be in the Top 5 of the Premier League. We will be happy to be in the Top 10-12.

That does not sound promising.

I'll be positive and suggest that the quote suggests that they'll not give it large like Man City, and sack any manager who loses a game, or will lob stupid wages at players ala Man City and Chelsea. It could also mean that they see the club growing at a sensible, sustainable rate so when the financial ___ hits the fan again we can weather the storm.

The leasing players bit is a bit funny though. Isn't that part of the problem that led Leeds to ruin?

Oh and £5m? Not a lot, but probably £5m more than the Trust would give us.

[BuckyRover]

I understand why they would say they are only going to spend a modest amount of money. City get mugged because they are so wealthy.

I need more facts before coming to a proper conclusion. There are far too many warning signs that should have been picked up on. So it's hard to know what to believe.

[Spansterkid]

Is that not a contradiction with what the brother said? He said it was their own money- I notice the above was not a direct quote from the Head of VH Group.

Q: Where are you getting the money from? Is it going to be from the listed Venky’s or are promoter's going to put up the money?

A: It’s our own sources.

Q: But is 46 million pounds the kind of money that you will be paying upfront or is this to be apportioned over the next few years or few quarters?

A: Upfront.

Q: Where are you getting the money from? Is it going to be from the listed Venky’s or are promoter's going to put up the money?

A: It’s our own sources.

Q: But it will be under the listed Venky’s name or under the promoters’ name?

A: Promoters.

Trouble?

That doesn't say anything that precludes it being a loan from a bank that's actually funding the deal, as far as I can tell.