[Archived] Our Debt

[den]

My understanding is that we do not have to sell if we don't buy anyone.

There have been numerous reports lately, that the wage bill has to come down.

[Stuart]

Little over an hour left of D-Day with the bank.

Have they met and reached an agreement?

Can any ITKers update?

[smeefromtnorth]

Little over an hour left of D-Day with the bank.

Have they met and reached an agreement?

Can any ITKers update?

Latest from Daily Mail http://www.dailymail.co.uk/sport/article-2080782/Blackburn-face-sale-10m-deadline-missed-NICK-HARRIS.html

[47er]

Latest from Daily Mail http://www.dailymail.co.uk/sport/article-2080782/Blackburn-face-sale-10m-deadline-missed-NICK-HARRIS.html

Yes--more "supposition" eh Miker?

[Stuart]

Latest from Daily Mail http://www.dailymail.co.uk/sport/article-2080782/Blackburn-face-sale-10m-deadline-missed-NICK-HARRIS.html

Scary stuff. This kind of info really takes the gloss of the odd freak result.

Anyone know what this means?

"it is understood that on top of agents’ fees that are included in the accounts, Blackburn spent a sevenfigure sum on non-agent consultancy fees in the financial year."

[patrickvalery]

Scary stuff. This kind of info really takes the gloss of the odd freak result.

Anyone know what this means?

"it is understood that on top of agents’ fees that are included in the accounts, Blackburn spent a sevenfigure sum on non-agent consultancy fees in the financial year."

I think what it means is the clueless Rao family who know nothing about football or owning a football club, paid a third party (lets just say perhaps a well known sports agency) at least 1 million pounds sterling for advice on how to run their beloved football club.

Now i have no problem with this. It might even make sense to pay a specialist to advise you on matter in which you are less than familiar. However, to my uneducated brain, it would seem thay paid this figure to an organisation who also know nowt about running a football club. Wait wait wait wait! It gets better! I also suspect that not only do this organisation know nothing about running a football club, they also have a vested interest in extracting large sums of cash from football clubs. So to summise, Venky's have paid huge sums in consultancy fees to a company who know bugger all about what they're supposed to be advising. Then the very same company have gone to extraordinary lengths milk yet more money from their pay masters above and beyond the consultancy work. But wait, i hear you say, what about the icing on the cake? Well, Venky's in their wisdom actually disposed of two gentlemen already employed by the club who were experts in running a football club. Giving them a large pay off in the process.

Happy new year folks! We are in for a treat in 2012 thanks to these dilligent owners. I suspect their selfless involvment will continue to bless us for many more years beyond too.

[Devon Rover]

Scary stuff. This kind of info really takes the gloss of the odd freak result.

Anyone know what this means?

"it is understood that on top of agents’ fees that are included in the accounts, Blackburn spent a sevenfigure sum on non-agent consultancy fees in the financial year."

Kentaro fees? Wouldn't be a bad earner for providing Venkys with a list of signings Venkys never wanted to fund and failing to identify an appropriate main shirt sponsor.

[Miker]

Yes--more "supposition" eh Miker?

Read the article carefully. Read my posts on other threads about this.

Nick Harris seems like a decent journalist and I have absolutely nothing against him, but when I questioned him on Twitter about certain parts of the accounts, he didn't know what the breakdown was, just making guesses at it. In fact he admitted that part of the loss on player sales could have come from installment fees being paid from previous player acquisitions ie. before Venky's took over.

He again does not mention that the 18.6m loss was covered by a 10m cash injection FROM THE OWNERS, and the first chunk of Jones money (8.7mil) which appears in post balance sheet events. In fact, he doesn't mention that the owners made that 10m cash injection last season at all.

So yes, more supposition. I expect the next couple of weeks to be very interesting.

[Paul]

He again does not mention that the 18.6m loss was covered by a 10m cash injection FROM THE OWNERS, and the first chunk of Jones money (8.7mil) which appears in post balance sheet events. In fact, he doesn't mention that the owners made that 10m cash injection last season

We made an £18m loss DESPITE the £10m cash injection is my reading of the position.

[thebigguy]

Lets just cut to the chase eh folks....we're fooked!!

Just hearing about the 18-19mill loss last year before july 2011 and now the fact we have to sell assets before we buy anyone tells us a big story that they do not have the moment to invest/do not want to invest.

You could even say the writing was on the wall when they employed deluded #### because they wanted someone on the cheap. But if you want a premier league team you can never do it on the cheap because you go straight down into championship with big debts and will be very hard to get back without the right investment

By the way when i mean assets i mean players not the staduim etc before people start quoting this

[Miker]

We made an £18m loss DESPITE the £10m cash injection is my reading of the position.

I don't know if you have the accounts but look at section 20 if you do. Clearly shows that the cash injection was used to cover the loss and not included in the calculations for the 18m loss.

[Bobby G]

Nick Harris was right when he said other than right at the start of buying us Venkys have not spend a penny. Everything has been funded by the transfer income, tv money & PL loans. Nicko argued that 5m pound a window had been put in.

[PLJPB]

I don't know if you have the accounts but look at section 20 if you do. Clearly shows that the cash injection was used to cover the loss and not included in the calculations for the 18m loss.

Problem is that to find out where this cash came from you will also need to see the Venkys London limited accounts. Are they available yet?

[bob fleming]

He again does not mention that the 18.6m loss was covered by a 10m cash injection FROM THE OWNERS, and the first chunk of Jones money (8.7mil) which appears in post balance sheet events. In fact, he doesn't mention that the owners made that 10m cash injection last season at all.

So yes, more supposition. I expect the next couple of weeks to be very interesting.

This £10m that "THE OWNERS" put in to cover a part of the £18m loss - is this the same £10m that Barclays now want back according to the Mail on Sunday? Or is that just a coincidence?

So we have to sell some players to find this £10m? Spiffing, absolutely spiffing.

Just put the club up for sale you clueless idiots, you're not putting any money in and your not showing any interest in the club, you don't even come to the games. Worst of all you've destroyed the previous excellent infrastructure of the club and divided the fans.

Just get out before you do any more damage.

[DavidMailsTightPerm]

Hmm ... as always lots of rumours and counter rumours. What better way to get the best deal when buying players than to put out rumours that you are skint ?

It will be interesting to see which way the transfer window pans out - it will prove our owners intentions - if they don't invest without selling, we have little chance of keeping up.

[Stuart]

Hmm ... as always lots of rumours and counter rumours. What better way to get the best deal when buying players than to put out rumours that you are skint ?

It will be interesting to see which way the transfer window pans out - it will prove our owners intentions - if they don't invest without selling, we have little chance of keeping up.

And yet our manager has come out saying he's identified 4 players to come and wants to get his business done early.

If you want to get players at a bargain price, you tend to have to wait until the end of the window. Going to be a long 4 weeks.

[EwoodDawn]

And yet our manager has come out saying he's identified 4 players to come and wants to get his business done early.

And here's the crux of the matter - we are sick of the way both Venkys and Kean seem to hold us fans in contempt and treat us as though we're totally devoid of any intelligence, incapable of reading anything or finding anything out. The Mail on Sunday (not my paper of choice I hasten to add) has a readership of approx. 2 million. You're not telling me that V & K didn't know that the debt story was going to be in this morning's issue. Therefore they knew that some Rovers fans would read it and others would quickly be made aware of the financial limitations going in to the transfer window. However, Kean STILL comes out in interviews spouting claptrap about being able to bring in 4 players. Stop treating us like morons, Mr Kean. We don't blindly hang on to your every word and the only person who will emerge from the transfer window looking silly will be you.

[perthblue02]

Problem is that to find out where this cash came from you will also need to see the Venkys London limited accounts. Are they available yet?

There seems to be money to spend from Venky's London Limited , well enough to invest in Balaji's mate Akon's latest project. My link

[Athlete]

Robbing barstewards

[SIMON GARNERS 194]

Reading the next to above link just goes to highlight what a bunch of attention seeking 'chancers' the Rao's are.They are mearly spoilt,rich Indain kids flexing their financial muscle while trying to show off.

We really did pull the short straw with this lot folks!

[Mercer]

Any financial input from Venky's will be by way of either increased share capital or directors' / other loans which DO NOT impact on the £19m loss.

Any additional monies are to aid cash flow and allow a reduction in debt - balance sheet stuff rather than trading profit / loss.

[phili]

Read the article carefully. Read my posts on other threads about this.

Nick Harris seems like a decent journalist and I have absolutely nothing against him, but when I questioned him on Twitter about certain parts of the accounts, he didn't know what the breakdown was, just making guesses at it. In fact he admitted that part of the loss on player sales could have come from installment fees being paid from previous player acquisitions ie. before Venky's took over.

He again does not mention that the 18.6m loss was covered by a 10m cash injection FROM THE OWNERS, and the first chunk of Jones money (8.7mil) which appears in post balance sheet events. In fact, he doesn't mention that the owners made that 10m cash injection last season at all.

So yes, more supposition. I expect the next couple of weeks to be very interesting.

They didn't, if you read the accounts correctly Venky's London Ltd made both injections into the club. Up until the accounts of venky's london ltd are released we do not know where this money came from. I could make 2 viewpoints that about where venkys london ltd got the capital to inject into the club, through debt and the the other is directly from the raos.

To be honest the accounts of the club are not the issue, the accounts of venkys london ltd are, as the debts of venkys london ltd are also secured against the assets of the club.

[Kendalrover]

I don't know if you have the accounts but look at section 20 if you do. Clearly shows that the cash injection was used to cover the loss and not included in the calculations for the 18m loss.

In section 18 it says that £10M of debt was coverted into share capital with the issue of 10M ordinary shares.

I am no expert but I was under the impression the conversion of debt into equity is a paperwork exercise and does not normally involve transfer of money. It is just a way of making the balance sheet look better

[Stuart]

There seems to be money to spend from Venky's London Limited , well enough to invest in Balaji's mate Akon's latest project. My link

I see they've saved money on website design.

That's Venkys, no frills and no knickers.

[glen9mullan]

Name & Registered Office:

BLACKBURN ROVERS FOOTBALL AND ATHLETIC P L C(THE)

EWOOD PARK

BLACKBURN

BB2 4JF

Company No. 00053482

Status: Active

Date of Incorporation: 27/07/1897

Country of Origin: United Kingdom

Company Type: Public Limited Company

Nature of Business (SIC):

93120 - Activities of sport clubs

Accounting Reference Date: 30/06

Last Accounts Made Up To: 30/06/2010 (FULL)

Next Accounts Due: 31/12/2011 OVERDUE

Last Return Made Up To: 19/10/2011

Next Return Due: 16/11/2012

Last Members List: 19/10/2011

Last Bulk Shareholders List: 19/10/1996

Interestin bit, Accounts not been files and overdue, thats a fine