[Archived] Barclays Mortgage or Charge

[PAFELL]

Nixon has gone very firm about the bank calling the debt in tonight. I'd say if he is not right, both Barclays and Rovers can sue the Mirror.

If someone says "I haven't been paid what I am owed and it is past due", it is hardly conjecture.

Do you have a link to the mirror article from Nicko about this? Just think it would be good, if you could put it on if you can.

[philipl]

The Mail are carrying the same story.

Nicko has just posted this on the transfer thread:

Simple maths. Layman's language.

You have run up an overdraft of around £18 million.

You have the Phil Jones money - first installment - of around £8 million.

So you are £10 million short - and need to find it fast.

Venkys say they will chip in £10 million for transfers in the next two windows.

So do they put it ALL in there for the bank to swallow?

Or do they seek another lender? [CLUE - that is what they are trying].

It is shocking timing, but there you go.

This is more detail than I had before I read it.

[Stuart]

So Venkys aren't prepared to put any of their own money into the running of the club and have effectively leveraged a buy-out - something Dan Williams, Saurin Shah, or A. Roversfan could have done?

Yet if there is a marquee signing available, to which they can help sell their own brand, they can pump in a fortune?

In my opinion, talk of Champions League football seems like a smokescreen to prick the ears of a South American poster boy to help sell chicken. I could just imagine Ronaldinho's famous smiling chompers biting into a spice-dusted chicken leg.

To think, they could make the ride in the BRFC vehicle so much more enjoyable for everyone - including themselves - if they wanted to, by funding a squad for the top 10 BEFORE talking of marquees and CL.

For:

"We plan to focus on leveraging the global influence in establishing Blackburn Rovers as a truly global brand."

(http://soccerlens.com/fans/all-rover-for-venkys/)

I am beginning to read:

"We plan to focus on truly leveraging Blackburn Rovers as a global influence in establishing the global brand [of Venkys] ."

But as I say, just my opinion, maybe they'll prove me wrong.

[BangkokRover]

Surely you can only do that by having a good team on the pitch, a good manager and good team off the pitch. I am not sure we have any of those 3 yet.

[philipl]

On BBC Breakfast review of the Sports pages 30 minutes ago, attention was drawn to Raul Rovers on the back page of the Mail and the lady said "this is despite the financial meltdown at Blackburn that many papers are talking about".

Elsewhere in the Mail, this is reported in a bigger article:

Blackburn owners Venky's are bringing in cost-cutting measures to reduce their bank overdraft, as reported in Sportsmail yesterday, and the impact is already being felt by the under-pressure boss.

Midfielder Keith Andrews may also be off-loaded, with Portsmouth and Nottingham Forest keen on him, while Blackburn are desperate to find a buyer for El- Hadji Diouf, after his recent unauthorised absence.

The Senegal forward was yesterday bracing himself for the maximum fine of two weeks' wages, around £90,000, for failing to report for pre-season training.

But after informing him of the penalty for missing training and remaining out of contact for more than a fortnight, Kean announced that he would be sold to the first club willing to take him.

Read more: http://www.dailymail.co.uk/sport/football/article-2017029/Christopher-Samba-set-Blackburn-Rovers-exit-Steve-Kean-forced-sell.html#ixzz1SiUe33U0

[BangkokRover]

Blackburn Rovers rocked as manager Kean is forced to hold fire sale

Daily Mail: Rovers have money problems

Daily Mirror: Rovers have money problems

LET: Jason Roberts scored a hattrick against Oldham

[pick32]

Wow Barclays really have clamped down couple months ago they were trying to offer me a credit card with a £3000 limit and today i got turned down for £400 overdraft as i fancied taking the family away for the weekend and don't get paid till end of the month.

The reason they gave me was unnecessary expenditure because id booked flights to lanzarote and paid on card in clothes stores. I felt like some bum ringing for a crisis loan. Then I went to Nationwide were i have my cash ISA and they approved me in 2 minutes.

The moral of this story is.... Change your bank Rovers!!

[American]

So Venkys aren't prepared to put any of their own money into the running of the club and have effectively leveraged a buy-out - something Dan Williams, Saurin Shah, or A. Roversfan could have done?

No, the overdraft was part of what they took on, not leveraged. They paid 23 million and assumed the 18 million of debt, which would have still been there even if the trust owned us - had nothing to do with the buyout. Had they leveraged the buyout, our debt would be 41 million.

[philipl]

No, the overdraft was part of what they took on, not leveraged. They paid 23 million and assumed the 18 million of debt, which would have still been there even if the trust owned us - had nothing to do with the buyout. Had they leveraged the buyout, our debt would be 41 million.

Sorry, the £17m overdraft was required to be paid off- in fact they transferred it to Venky's London and secured it against all Rovers assets.

The overdraft that Barclays have recalled is a new facility Venky's took out secured against around £20m of Rovers revenue. The security lasted until 30 June yet Rovers still had £18m overdraft outstanding so two weeks later Barclays asked for their money back.

This is symptomatic of the lousy incompetent management of Venky's. They somehow burned through the £15m they were required to inject in November under the terms of the sale by the Walker Trust PLUS this £18m overdraft PLUS some £20m income from Sky. That is a cool £53m in seven months when the total expenditure by Rovers in ALL of last year was only £58m.

[imy9]

Venkys have spent 33 million Phillip?

So are you telling me that we have spent 4.5 million in fees UPFRONT- hasn't Nicko alluded to the fact that there may only be one loan as opposed to two?

[SIMON GARNERS 194]

Jesus Christ Philipl that makes for horrible reading..how the hell can these people be trusted to run our club?

[Kelbo]

Venkys have spent 33 million Phillip?

So are you telling me that we have spent 4.5 million in fees UPFRONT- hasn't Nicko alluded to the fact that there may only be one loan as opposed to two?

Nicko is wrong on that one!!

[imy9]

If they have spent that money since they arrived, we are headed for a Portsmouth. I think there is something amiss with the figures.

[philipl]

When it comes to writing about transfers, Kean and things Venky, I listen and read and draw my conclusions and post on here what I think is the very best assessment of what is happening. I have not posted anything today because the wind has blown three different ways and the people who have told me post on here anyway- their silence is eloquent.

However, the numbers are all too real.

The £15m capital injection and removal of Rovers existing overdraft comes from the document to buy the minority shareholders out for 17.7p per share. The capital injection was registered at Companies House.

The actual transfer of that overdraft to Venky's from Rovers come from the mortgage lodged by Venky's London at Companies House.

The Sky income of just over £20m for the second half of 2010/11 comes from the media money distribution published by the Premier League on 31 May 2011.

So £20m plus £15m = £35m spent is certainly for real.

The new mortgage taken out by Rovers against the security of that Sky income comes from the mortgage lodged at Companies House.

That leaves the only mystery as how much was outstanding on that mortgage when the security expired. The figure of £18m has come from very reliable sources but is the only one I cannot point at a verified document in support.

But, it seems pretty certain Venky's somehow managed to burn through £35m + £18m = £53m since they bought Rovers in late November.

Over to you imy to find the holes in what I have written. If you want a helping hand, the figures paid to SEM/Kentaro were in the range £4m to £6m compared with around £700k pa paid to agents under JW. Chuck in the compo to Sam and Neil, cash out on RSC, JJ and the two acquisitions, and at least six pay increases for players (with the bonkers decision to remove relegation clauses) and it is easy to see how the chicken shed got emptied.

[imy9]

When it comes to writing about transfers, Kean and things Venky, I listen and read and draw my conclusions and post on here what I think is the very best assessment of what is happening. I have not posted anything today because the wind has blown three different ways and the people who have told me post on here anyway- their silence is eloquent.

However, the numbers are all too real.

The £15m capital injection and removal of Rovers existing overdraft comes from the document to buy the minority shareholders out for 17.7p per share. The capital injection was registered at Companies House.

The actual transfer of that overdraft to Venky's from Rovers come from the mortgage lodged by Venky's London at Companies House.

The Sky income of just over £20m for the second half of 2010/11 comes from the media money distribution published by the Premier League on 31 May 2011.

So £20m plus £15m = £35m spent is certainly for real.

The new mortgage taken out by Rovers against the security of that Sky income comes from the mortgage lodged at Companies House.

That leaves the only mystery as how much was outstanding on that mortgage when the security expired. The figure of £18m has come from very reliable sources but is the only one I cannot point at a verified document in support.

But, it seems pretty certain Venky's somehow managed to burn through £35m + £18m = £53m since they bought Rovers in late November.

Over to you imy to find the holes in what I have written. If you want a helping hand, the figures paid to SEM/Kentaro were in the range £4m to £6m compared with around £700k pa paid to agents under JW. Chuck in the compo to Sam and Neil, cash out on RSC, JJ and the two acquisitions, and at least six pay increases for players (with the bonkers decision to remove relegation clauses) and it is easy to see how the chicken shed got emptied.

This is your field but it is confusing when you say:

18 million figure there is no documented evidence, then say it's pretty certain that figure has been spent!

Out of the 35 million spent how much was spent in a similar time last year under the trust? That's a query as opposed to any criticism. Puts into context.

Also relegation clauses were NOT removed from the contracts, Kean said so himself.

[philipl]

This is your field but it is confusing when you say:

18 million figure there is no documented evidence, then say it's pretty certain that figure has been spent!

Out of the 35 million spent how much was spent in a similar time last year under the trust? That's a query as opposed to any criticism. Puts into context.

Also relegation clauses were NOT removed from the contracts, Kean said so himself.

The equivalent spend over the last seven months of the previous season would have been between £30m and £32m.

imy, are you seriously saying that there was no panic over the Barclays overdraft being called in? Seriously???

That is about as daft as believing what Kean said (sorry but I would trust that guy as far as I could spit him).

[Majiball]

The equivalent spend over the last seven months of the previous season would have been between £30m and £32m.

imy, are you seriously saying that there was no panic over the Barclays overdraft being called in? Seriously???

That is about as daft as believing what Kean said (sorry but I would trust that guy as far as I could spit him).

I just managed 20 metres with an Asda doughnuts is that long enough?

[roverzee]

I have not posted anything today because the wind has blown three different ways and the people who have told me post on here anyway- their silence is eloquent.

Did you fart on a bumpy chair?

Tell your mates to dish the dirt - otherwise people will listen to what the club puts out ... which is - ST renewals are on target.

Please can you post how you got this wrong? You said ST sales were reduced by 7000. It's not wright!

[imy9]

Sorry, the £17m overdraft was required to be paid off- in fact they transferred it to Venky's London and secured it against all Rovers assets.

The overdraft that Barclays have recalled is a new facility Venky's took out secured against around £20m of Rovers revenue. The security lasted until 30 June yet Rovers still had £18m overdraft outstanding so two weeks later Barclays asked for their money back.

This is symptomatic of the lousy incompetent management of Venky's. They somehow burned through the £15m they were required to inject in November under the terms of the sale by the Walker Trust PLUS this £18m overdraft PLUS some £20m income from Sky. That is a cool £53m in seven months when the total expenditure by Rovers in ALL of last year was only £58m.

The equivalent spend over the last seven months of the previous season would have been between £30m and £32m.

imy, are you seriously saying that there was no panic over the Barclays overdraft being called in? Seriously???

That is about as daft as believing what Kean said (sorry but I would trust that guy as far as I could spit him).

So like for like: Venkys have spent around £33 million and the Trust spent between £30-£32 million- this is information out there in the open which can be verified. The other amount you yourself have said is pure guesswork- can it be verified anywhere? You have three separate sources but based on what I have seen this transfer window, nobody is reliable. Your initial sensationalist statement above is a little different no?

Of course there was panic when Barclays recalled the overdraft! However what are Venkys going to do about it? Correct me if I'm wrong but if the Trust were still in charge the likelihood is that they would be facing a similar situation from the bank?

[philipl]

imy the comparison is £30 to £32m with £53m.

You are being as wilfully head in the sand on this as most other stuff you write.

[imy9]

Classic Phillip.

No denying what happened Phillip with Barclays but a big figure of 18 million is clearly guesswork-correct? Do you have any documented evidence to support this?

Cryer says Kalinic is on a plane Nicko says no- you yourself have heard three different stories this morning, what does that tell you? People are being fed lines, why don't you question the source that told you we were 7000 down on ST's?

You are clearly manipulating to suit a purpose- something you have turned into an artform.