[Archived] Venky's Takeover Complete

[HemelRover]

Vinjay has asked to be allowed to post again (if only for one day). I'm very tempted to let him

Please, No.

[den]

Vinjay has asked to be allowed to post again (if only for one day). I'm very tempted to let him

I would. He has no axe to grind now - has he?

[tony gale's mic]

Slightly more pessimistic than optimistic truth be told, but keeping an open mind and hoping for the best. I guess the first real indicator will be this January.

[yoda]

The offer document to the minority shareholders is here

Can't see anything in there about the debt being cleared!

The key points from the document are:

The Venky's Board has given assurances to BRFCI that Venky's:

(a) will commit funds on a consistent and systematic basis to future transfer and/or loan activity;

B intends to continue to support the existing management team and staff, and that it is committed to

the future development of, and investment in, the Club's academy and youth infrastructure;

© will continue to support, promote and extend the Club's local community and CSR activities (VH

and its subsidiaries have their own trust engaged in significant charitable work);

(d) will seek to extend the Blackburn Rovers name and brand into India, the rest of south-east Asia

and beyond;

(e) will seek to develop and improve commercial performance across sponsorship, the Club's kit deal

and general merchandising activity;

(f) will seek to enhance the fan experience at Ewood Park itself on match days (and non match

days) and to maximise season ticket sales and any remaining match day ticket sales; and

(g) intends to improve the Club's media platforms (for example the Club's TV channel) and to

become more active in the social media space).

In line with this, pursuant to the terms of the Share Purchase Agreement, Venky's also has entered into

the following contractual commitments with BRFCI and the Club:

(a) the principal activity of Blackburn Rovers will continue at all times to be that of a professional

football club;

B the current President, Vice Presidents and Honorary Vice Presidents of Blackburn Rovers will not

be removed from those positions before June 2011 without the prior written consent of those

individuals;

© the statue of Jack Walker outside Ewood Park will be kept in a good state of repair and will not be

moved to a different location, obscured or have its prominence diluted without BRFCI's prior

written consent; and

(d) the name of the stand at Ewood Park currently known as the Jack Walker Stand will not be

changed without BRFCI's prior written consent.

The Board of Blackburn Rovers welcomes Venky's intentions regarding Blackburn Rovers' employees,

locations and operation of the Club set out in this paragraph and paragraph 8 below.

Commenting on the Offer, Anuradha J Desai, the Chairperson of Venky's, said:

"We are very proud to be associated with Blackburn Rovers, a team with whom we share many values

and ambitions. Going forward we plan to focus on leveraging the global influence in establishing

Blackburn Rovers as a truly global brand. We will absolutely respect the Jack Walker legacy and will be

actively supporting the organisation to ensure that Blackburn Rovers remains one of the best run clubs

within the Premier League. We are particularly pleased that the deal has full support of the Walker

Trustees, the Chairman and the management team who will of course remain in place with our full

support."

Commenting on the Offer, John Williams, Chairman of Blackburn Rovers, said:

"In the course of negotiations leading up to the takeover of the Club, the Blackburn Rovers Board had

several meetings with Balaji Rao and Venkatesh Rao, their advisers and the Premier League. The Rao

family clearly understands the importance of Jack Walker and his legacy and have drawn parallels with

their own family.

Following the sale and purchase of the Blackburn Rovers Shares held by BRFCI there is an opportunity

to take the Club forward, to consolidate its position in the league and look for year on year improvement.

Furthermore the ability to expand into new markets with consequent growth in revenues will be important

to the Club when UEFA Financial Fair Play is introduced. It is a cliché but standing still is going

backwards, certainly that is the case in football and we must focus on the new challenges and

opportunities ahead.

This Offer is being made at the same price per Blackburn Rovers Share as received by BRFCI. The

transfer of ownership of the Blackburn Rovers Shares held by BRFCI having been approved by the

Blackburn Rovers Board, Venky's is the beneficial owner of 99.9% of the Blackburn Rovers Shares."

[American]

Please, No.

Pretty please, yes!!

[Guest Walshy]

I might start a poll to bracket the price of season tickets for next season, lets see who is correct

[pancini]

I think its time to sit back and enjoy the ride it could be a rocky one it could be smooth. i have noticed though the distinct lack of media coverage the Liverpool takeover was plastered all over the websites sky news aswell as sports yet we arent even the top story on the sports website instead going that Rooney might be on the bench tomorrow

[Glenn]

... and from a personal point of view, can I say I'm delighted it's all finally over. Trying to keep everything civil, polite and legal, without damaging either the deal or our relationship the club, managing stuff we see posted on here that we know we couldn't say (but would add fuel to the fire by removing) and trying to remain impartial in the face of several hugely differing PR machines, has been exceptionally stressful and hard work. I'd like to say a massive thank you to all the mods for keeping calm (and keeping me calm) despite some tricky stuff to cover and all those people feeding us info (three main people have been working hard behind the scenes collecting, collating and fact-checking various rumours and working out what we say publicly, sadly none of them I can thank publicly) and most of all thank you to The Trust for their stewardship of the club since Jack's passing.

Today is the start of a new era. Venky's may not have been everyone's first choice, but lets get behind them and see where they take us.

[BiggusLaddus]

I would. He has no axe to grind now - has he?

Oh I don't know. How long will it take before Venky's are exposed as having an '80's mindset'!

[Al]

Mixed feelings.

Glad to be rid of the parsemonious trust but not yet convinced that the correct purchaser has been selected. Fingers crossed.

[Glenn]

'I for one welcome our new Chicken overlords'

Damn it, I've been waiting to use that line for months now

[AndyNeil]

NOW is the time for Venkeys to come out and state their intentions for the club in the short/medium/long term. Communication with the fans will be VERY important, first impressions and all that.

How do I feel about the takeover, sad that the Walker-era is now officially history but hopeful that the new owners of the club will continue the excellent work of the past circa 20 years and continue to take the club forward (as much as is reasonably possible).

[HemelRover]

Perhaps the scariest thing of all - Iceman was right!

Quite ironic, considering he was banned

I'd like to say a massive thank you to all the mods for keeping calm (and keeping me calm) despite some tricky stuff to cover and all those people feeding us info (three main people have been working hard behind the scenes collecting, collating and fact-checking various rumours and working out what we say publicly, sadly none of them I can thank publicly)

Seconded. Top job.

[martmitch]

thank god this takeover saga is over, the club was powerless to do anything until it was sorted. No words can describe my gratitude towards Jack and the walker family, but it was a sad state of the times that without new owners our days as a premier league club were slowly but surely running out, a new era for the club, I totally trust that the board have made the decision in the best interest of the club.

[imy9]

Can someone confirm are we a Private company now?, Does this mean that VH Group do not need to share information about profits/losses/debt etc?

[rog of the rovers]

For me the Walker era ended the day Jack died.

Welcome to the Rao family, you have my full support.

[brian_gallagher85]

The offer document to the minority shareholders is here

The key points from the document are:

Some very good info there Philipl, quite pleased with them.

[Balwer]

Can someone confirm are we a Private company now?, Does this mean that VH Group do not need to share information about profits/losses/debt etc?

Technically yes but is there not some requirement made by the Premier League or the FA or something? I believe we used to get around that previously because of the whole Jersey thing.

[AndyNeil]

By the way, does somebody want to inform the new owners that the Annual Return for 'BLACKBURN ROVERS FOOTBALL AND ATHLETIC P L C(THE)' is overdue

[Claytons Left Boot]

Well, I could crush a grape!

Welcome aboard the Venky lads and lasses.

Don't forget your cheque book.

[Tom]

Not that it's surprising but I turn on SSN at 2 to see what is said but it seems talking to Carlo Ancelotti is more pressing

[PAFELL]

Vinjay has asked to be allowed to post again (if only for one day). I'm very tempted to let him

NO no Glen, dig in, fight it to the last and don't egg him on (I'll get my coat)

[bob]

RIP BRFC 19/11/2010

[philipl]

A very warm welcome to the Rao family as the new owners of the Rovers. they must have something very special about them to have prevailed in what was such an enormously contested take-over and huge credit to the Walker Trust and family who stuck by their beliefs in the Rao family despite two late counter offers that were far more lucrative to the Walker interest.

It has been a process which has seen numerous twists and turns and there remain many things unwritten and unsaid- most of which I hope stay that way.

My fervent hope is that we can all look forwards in unison as Rovers supporters to an exciting new future.

[Glenn]

RIP BRFC 19/11/2010

So far their only action is to pay off our debt and you've written them off already. Not easy to please are you

I'll wait until I have something to moan about before I moan about them