[Archived] Venky's Takeover Complete

[Presty On Tour]

Jack Walker was the owner who made dreams come true and his legacy will be never ever forgoten.

It's a sad day but times unfortunately have changed. The new owners have my best wishes and lets look forward to a new, exciting future for BRFC.

[AndyNeil]

RIP BRFC 19/11/2010

Why?

[den]

Goodness knows what to think about this.

Sam's comments on SSN saying to expect "modest" investment. It's more than before granted, but there's still nothing here for me to get too excited about. The whole plan seems to revolve around selling the club to the Indian supporter. I have to be a bit sceptical about this one. The fans in India wont be queuing in their millions wanting to buy rovers shirts. Indeed, will the Asian fans in Blackburn respond?

The one upside to this, is that even with minimal funds, it's a step forwards. Is it a step far enough though?

I know, I'm the eternal pessimist.

[DanLad]

The offer document to the minority shareholders is here

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.

I wonder how much of this is, in fact, the (infamous? imaginary?) terms and conditions laid down in Jack's will that the Trust had to abide by?

[Amo]

I don't see this as the end of Jack's legacy. For me, that died years ago when the Trust decided to sit on their hands and let the club trail behind its rivals. Anyway, this is just the next chapter in Rovers' rich tapestry of history.

Welcome to Venky's. There's nothing wrong with some healthy scepticism, especially where football takeovers are concerned, but I have faith that the Trust have made the best judgement. They wouldn't have sold to Venky's unless they earnestly believed they were the best option to take over the reins. I hope our new owners will now allow Rovers to compete in the Premier League, after years of underinvestment. Exciting times ahead, one way or another!

[Gogger]

Can someone confirm that the takeover was not founded by a loan? I gave up keeping up with the previous thread.

[PAFELL]

RIP BRFC 19/11/2010

I doubt your prediction, cos there's a match on sunday.

You have just beaten the - match off - post from last season, as the worse post for information on this site.

Can someone confirm that the takeover was not founded by a loan? I gave up keeping up with the previous thread.

From my reading of the document, that is my understanding. But as I am not a business man, do not take my word for it.

[Exiled in Toronto]

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.

I agree, and I hope they can manage to make slightly more than the 2 public pronouncements Mr. Egerton-Vernon managed in the last 10 years.

[AJW]

Is going into the unknown better than going nowhere

[mark]

Welcome Venky's, welcome....................... But does anybody know:

1. Did they pay off our debt?

2. Did they borrow to buy us?

3. Why only 23 million?

[Fife Rover]

... 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.

Well said Glenn. I certainly don't envy the task you and the mods must have had to deal with over the last few months, so "well done to all you."

Also I second your last paragraph. It's the best, and indeed the only thing we supporters can do. So "Come On You Blues!!"

[bob]

We don't know anything about what they want to do with the club, or that they have cleared any debt as far as I can see it's just been transferred to them. A clear indication of commitment to the club would have been if they had cleared the debt - I strongly doubt this will happen so I ask why so happy?? We are in no better situation than 24 hours ago! Anyone can go spending with money they don’t have and then walk away! Portsmouth all over again!

This is the beginning of the end for our family club!

[Guest Walshy]

just been on The Sun webiste. Not even a mention of the takeover yet. Typical southern media. But its seems to be everywhere else

[Glenn]

R5 have just confirmed the existing management team (JW et al) are staying in place, which is a relief.

[Guest Walshy]

We don't know anything about what they want to do with the club, or that they have cleared any debt as far as I can see it's just been transferred to them. A clear indication of commitment to the club would have been if they had cleared the debt - I strongly doubt this will happen so I ask why so happy?? We are in no better situation than 24 hours ago! Anyone can go spending with money they don’t have and then walk away! Portsmouth all over again!

This is the beginning of the end for our family club!

I think you need some happy tablets pal. Cheer up for ###### sake will ya. Its exciting times for Rovers. Rather that be morbid and down, lets give the new owners all the support we can give and make them feel welcome.

[BuckyRover]

I would be interested to know BPFs twist that he alluded to the other day.

[SIMON GARNERS 194]

So a new Chapter begins for one of the oldest and historical clubs in the UK and the most successful town club in England......

First,a MASSIVE thank you to Jack Walker and his family.You have given the club and Rovers fans far and wide the opportunity to achieve what we once thought of as impossible for our town club.Memories will live long as will your legacy,the club has changed so much for the better.

YOU DID US PROUD...ONCE MORE A MASSIVE THANK YOU.

Second,welcome to the Roa family and to their tenure of ownership of THIS TOWNS proud club.We hope and pray you take this responsibility very seriously,so much hard work both on and off the field of play has gone into this club over its long history.

WE AS FANS WILL WELCOME ANY COMMUNICATION REGARDING IDEAS AND THE WAY FORWARD FOR ROVERS....WE WAIT WITH MUCH TREPIDATION/ANTICIPATION

[DudeAbides]

Personally im delighted

[philipl]

Typical BBC-

Venky's chairman Anuradha J Desai said they were "delighted, proud and humbled to be associated with Blackburn Rovers".

He added: "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.

Total clowns.

[bob]

I think you need some happy tablets pal. Cheer up for ###### sake will ya. Its exciting times for Rovers. Rather that be morbid and down, lets give the new owners all the support we can give and make them feel welcome.

Will you still be happy when we are 100 Mil in debt and playing in the 1st Div facing a winding up order?

[Balwer]

Regarding how the deal was financed, the document states that:

the necessary cash resources are available to Venky's through its existing bank facilities to enable Venky's to satisfy the consideration payable as a result of full acceptance of the Offer.

Since we don't know what their 'facilities' look like we can only speculate. Is there a further loan that can be drawn down? Is there an overdraft? Is it all in a savings account? My guess it would be a combination of both debt and cash, but no idea on the ratio.

[BuckyRover]

Will you still be happy when we are 100 Mil in debt and playing in the 1st Div facing a winding up order?

Ignore.

Nonsensical ramblings

[philipl]

Regarding how the deal was financed, the document states that:

the necessary cash resources are available to Venky's through its existing bank facilities to enable Venky's to satisfy the consideration payable as a result of full acceptance of the Offer.

Since we don't know what their 'facilities' look like we can only speculate. Is there a further loan that can be drawn down? Is there an overdraft? Is it all in a savings account? My guess it would be a combination of both debt and cash, but no idea on the ratio.

That is nothing more sinister than a banker's draft.

The £46m is coming out of the Rao family's own resources- of that I am convinced.

[Guest Walshy]

Will you still be happy when we are 100 Mil in debt and playing in the 1st Div facing a winding up order?

Like I said before mate........"CALM DOWN!!" How will we end up in 100m in debt. How many fingers did you use to work that out. Lets just wait and see, no point speculating anything yet as we have been taken over for literally oh dear my watch stopped........not that long anyway

[bob]

Ignore.

Nonsensical ramblings

I will remind you of that when we go under!

Like I said before mate........"CALM DOWN!!" How will we end up in 100m in debt. How many fingers did you use to work that out. Lets just wait and see, no point speculating anything yet as we have been taken over for literally oh dear my watch stopped........not that long anyway

Good luck back these guys all the way but can only end in tears!