[Archived] Ali Syed in trouble in Spain

[broadsword]

You seem to be dismisive of the fact Venkys passed the criteria and Syde didn't?

Certain criteria are set out for potential owners of football clubs, Syed didn’t meet that criteria and was turned away, venkys did meet the criteria and got the gig.

That fact alone says much about venkys compared to syed doesn’t it?

Only time will tell if the Venkys takeover proves successful, but I’d rather have them than Syed.

Are you implying the rules changed when Venkys came on the scene?

No, I'm not implying that.

I don't know what the criteria were, how rigorously it was applied. What I am trying to say is that the fact that Venky's were accepted as bidders and Syed was not(and I would say, rightfully so) does not mean that Venky's are in any way perfect owners.

I am glad Syed didn't take us over, but I have misgivings about Venky's. But those misgivings are related to competence rather than integrity.

[OJRovers]

It was obvious from the first look at WGA's webstie that it was complete rubbish, they claim to have debt,equity,investment business in over 20 countries, yet not one business partner is named and nothing appeared from a google source. I'm sure they were sent packing after 5 mins research by the trust.

[Gav]

No, I'm not implying that.

I don't know what the criteria were, how rigorously it was applied. What I am trying to say is that the fact that Venky's were accepted as bidders and Syed was not(and I would say, rightfully so) does not mean that Venky's are in any way perfect owners.

I am glad Syed didn't take us over, but I have misgivings about Venky's. But those misgivings are related to competence rather than integrity.

I don't think anyone mentioned Venkys being perfect owners Bryan, but now I see what you're driving at and couldn't agree more.

This closed season will give us some idea what Venkys are all about, but still the lies lies and more lies being peddled by so called supporters doesn’t help matters, throw enough mud and some will stick.

[imy9]

But where are Venky's profits? Record profits this year of about £10 million.

'But they have a load of other companies'- as far as I'm aware they don't make large profit either.

Funding a PL football club is akin to flushing money down the toilet- how can they justify/afford it when they are a barely profitable company?

http://www.dailymail.co.uk/sport/football/article-1347547/The-Bollywood-billionaires-Blackburn.html

There was another article which went into more detail.

[chocky]

At least Blackburn Cathedral did OK out of him!

What's the betting he says " That was just a temporary loan and I want my money back". :P

[SIMON GARNERS 194]

It seems this bloke doesn't have anything like the resources he said he had and is starting to be be found out.

Presumably the Trustees/Rothschilds sussed this out some time ago and canned him.

You don't turn down someone offering you 300m over 15 years if they actually have it to give unless you're clinically insane. Regardless of whether they leave their flat in a mess or not.

To think the LT happily reported his wealth as being alongside Abramovic at 7 billion!

Just how the hell do these people operate in the financial world?..he must have more front than Blackpool prom!

[ada2020]

What's the betting he says " That was just a temporary loan and I want my money back". :P

I bet the cheque bounced higher than Ewood park.

[patrickvalery]

http://www.dailymail.co.uk/sport/football/article-1347547/The-Bollywood-billionaires-Blackburn.html

There was another article which went into more detail.

I think that article contains my favourite passage of writing of all time.

"Balaji, pony-tailed, open-shirted and adorned with golden jewellery and a holstered pistol - imported, licensed and loaded"

You can stuff John Keats up your arse. That is proper wordsmanship!

[ada2020]

I think that article contains my favourite passage of writing of all time.

"Balaji, pony-tailed, open-shirted and adorned with golden jewellery and a holstered pistol - imported, licensed and loaded"

You can stuff John Keats up your arse. That is proper wordsmanship!

brilliant.

[Iceman]

we survived before on limited funds, Venkys only have to pump in enough to move us a bit forward. forget what their profits are, big or small, its going to be how well they handle our sponsorships and marketing we don't have to have superstar players signing, only better quality players than some of the current crop.

[chocky]

Ali the liar

[slough_rover]

Wheres those that supposedly saw his bank balance to defend him....ahem....Phil....

[Amo]

Wheres those that supposedly saw his bank balance to defend him....ahem....Phil....

Funny how he spends most of his time doom-mongering about Venky's these days, when he backed an absolute dud like this.

[Baz]

Wheres those that supposedly saw his bank balance to defend him....ahem....Phil....

I think Phillip quoted financial accounts apparently audited and prepared by one of the biggest accountancy firms in the world. Maybe they should be the ones who need looking at in more detail.

The important thing is, at least it wasnt Rovers.

[Ricky]

Phil often referred to the bank account he'd seen. I'd like to see what our regular accountant has to say on the matter now.

[Hughesy]

I think Phillip quoted financial accounts apparently audited and prepared by one of the biggest accountancy firms in the world. Maybe they should be the ones who need looking at in more detail.

The important thing is, at least it wasnt Rovers.

No he told us he had seen the 'holding account' with the £100m in....reminds me of that fake lottery winner who put a cheque in just to get a print out statement of a big deposit and then went spending.

[BuckyRover]

I think Phillip quoted financial accounts apparently audited and prepared by one of the biggest accountancy firms in the world. Maybe they should be the ones who need looking at in more detail.

The important thing is, at least it wasnt Rovers.

Which company?

[Baz]

Which company?

It was in the accounts published on the western gulf website, but that no longer appears to be online.

I distinctly remeber it being discussed though...

This may explain it though!

[Exiled in Toronto]

Phil often referred to the bank account he'd seen. I'd like to see what our regular accountant has to say on the matter now.

Especially given his view at the time of Venky's purchase that the Trust had made a mistake and should have 'followed the money'....as it disappeared over the horizon!

[BuckyRover]

It was in the accounts published on the western gulf website, but that no longer appears to be online.

I distinctly remeber it being discussed though...

This may explain it though!

Poor show from KPMG

[John]

I remember the stick the BBC jouno Goldberg got at the time too.

[Mattyblue]

Some of those posters who gave Goldberg grief give Syed a right shoeing themselves now...

[rebelmswar]

I remember the stick the BBC jouno Goldberg got at the time too.

I hold my hand up at jumping the gun on that one.

It was fun though, I had a right good back and forth with his facebook administrator or whatever the hell he was.

Safe to say, that the pictures did look shady and traveling around India with a map of Kenya and a rental 76 VW van was also slightly dodgy.

Me and Goldberg are tighter than an ants ass now though.

[Ste B]

I remember the stick the BBC jouno Goldberg got at the time too.

Where is PhilipL ??

[philipl]

Here I am.

At no point did I write on here that I had personally seen the money.

Over to the folks posting on here to find the money quote!

I will hold my hand up and say that I was wrong about WGA and the Trust was right not to sell to them.

BUT they would only have sold to WGA had he done what he said he was going to do and transferred £300m into the club's coffers- that was the basis of his bid. My understanding is that Syed undermined his own bid by getting hard to reach at a critical point during the exclusive bidding window he had negotiated.

As for seeing the money, I had it on very good authority that there was a banker's letter issued to the effect that funds (£100m) were deposited free and without encumbrance in the accounts of WGA Switzerland.

Also on the money front, Rovers DID receive about £1m Syed paid to them for the extended exclusive due diligence period and Bank Top Community Centre and Blackburn Cathedral DID receive the charitable donations Ali Syed said he would make.

I am just a fan looking in from the outside.

BDO were WGA auditors

KPMG were WGA accountants

Citigate were his PR agents

Credit Suisse were his lead bank and they promoted his business ventures according to many sources

A member of the Golden Circle of lawyers were his lawyers.

ALL of these companies have extremely strict "Know your client" processes they undertake to prevent being associated with businesses now getting the sort of publicity Syed is now getting.

Furthermore, Rothschilds are number 2 in the UK merger and acquisitions market and WGA made it through their vetting process to get into negotiations with the Trust. Some 50 or so others got pre-screened out by them for not being sufficiently in funds before getting near to taking to the Trust over the four years Rovers were for sale.