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[Archived] Our Debt

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Paul World Cup

Paul

Posted
Posted

and my fear is that the Raos will mortgage or sell capital and feed the proceeds into revenue (wages, agents' fees) over the next 4 years

I love an optimist! ;)

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BiggusLaddus Premier League

BiggusLaddus

Posted
Posted

I thought they had already mortgaged the ground, training facilities and future income? I was sure I read somewhere about Venkys London registering mortgages against BRFC assets?

Just future sky income I think.

Andy Champions League

Andy

Posted
Posted

Every child will be born in bumley cos queens park dont have maternity there anymore...off to bumley.

Tell me about it - my first child is due in July and it's looking increasingly like we'll have to use Burnley hospital (rather than Bolton or Chorley).

That saddens me almost as much as having Kean managing our club.

longsiders1882 Champions League

longsiders1882

Posted
Posted

Tell me about it - my first child is due in July and it's looking increasingly like we'll have to use Burnley hospital (rather than Bolton or Chorley).

That saddens me almost as much as having Kean managing our club.

You just better hope they prove to be better at delivering their services than that travesty that is Blackburn hospital. The local trust board should hang their heads in shame for subjecting the people of East Lancs to such sub standard medical treatment. So far the 'rationalisation' of the NHS locally seems to have achieved little other than to lower the standard of treatment for everybody and line the pockets of contractors etc.

Back to football - fair enough on the mortgages, I must have assumed it was secured also on the other assets of the club.

ABBEY

ABBEY

Posted
Posted

Tell me about it - my first child is due in July and it's looking increasingly like we'll have to use Burnley hospital (rather than Bolton or Chorley).

That saddens me almost as much as having Kean managing our club.

Without taking anything away from the thread ... The baby unit at burnley IS AMAZING and I can't give them enough praise!!!!!!

Stuart World Cup

Stuart

Posted
Posted

Latest : The bank has refused to allow Future revenue for next season to be used as part of the debenture on existing debt, Venkys now either put loads of dough in or we are screwed come summer time

Would we get to the Summer?

Mercer World Cup

Mercer

Posted
Posted

Every child will be born in bumley cos queens park dont have maternity there anymore...off to bumley.

Unless you opt for the maternity unit (know as the 'birth centre') at Park Lee Road, Blackburn which has had some glowing reports !!!

Devon Rover Uefa Europa League

Devon Rover

Posted
Posted

Latest : The bank has refused to allow Future revenue for next season to be used as part of the debenture on existing debt, Venkys now either put loads of dough in or we are screwed come summer time

Glen, it would be helpful if any info you have in support of this could be shared with Nick Harris (sportingintel) to encourage his involvement.

If this is true then I think we've got a long, slow death to suffer between now and the season end and inevitable administration- if the club can cover wages that long.

Mercer World Cup

Mercer

Posted
Posted

Barclays will surely have access to more facts than us and it's obvious that they have no confidence in either the ability, the wealth or the intentions of the Venkeymob. They will be making decisions on here unencumbered by emotions as we are (see my sig). They are not sitting on fences either like some on here. I feel somebody at Barclays has access to fact(s) that has him sweating at his desk over this issue.

He or she, in Darwen Street, Blackburn, only needs to read the LT !

Paul World Cup

Paul

Posted
Posted

Unless you opt for the maternity unit (know as the 'birth centre') at Park Lee Road, Blackburn which has had some glowing reports !!!

Before anyone gets confused there is quite a significant difference between a maternity unit (Burnley) and a Birthing Centre (Blackburn, Rosendale and Burnley). Blackburn does not have a maternity unit anymore.

bob fleming World Cup

bob fleming

Posted
Posted

Latest : The bank has refused to allow Future revenue for next season to be used as part of the debenture on existing debt, Venkys now either put loads of dough in or we are screwed come summer time

Summer time is no good to anyone. Call it in now. Go into Administration now. Get them out, all of them - the VAK axis.

We'll go down anyway. We go down and then go into Administration and then we'll get a points deduction - hey presto probably end up in Div 1.

More to the point, there's no real fun in dying slowly, especially when we're having no fun whatsoever. This way it also avoids the potential for agents making any money when players leave the club.

Of course this is all dependent on someone coming in and getting us out of Administration afterwards. Just a tiny caveat there to ponder.

What a spendid time some people have had with our club over the last 13 months. Well done to all concerned. All for money and advertising chicken. How these people sleep at night I have no idea. They're a set of front to backs.

yoda

yoda

Posted
Posted

He or she, in Darwen Street, Blackburn, only needs to read the LT !

was that your prediction mercerman?

Paul World Cup

Paul

Posted
Posted

Latest : The bank has refused to allow Future revenue for next season to be used as part of the debenture on existing debt, Venkys now either put loads of dough in or we are screwed come summer time

WOW. That is very, very bad new. Clearly Barclays don't think £16m in parachute payments is worth much - can't say I blame them. So let's try to work this through:

Bank debt is £26m at 30/06/2011 and this is repayable by 30/06/2012. The Raos presumably want to renegotiate and extend the overdraft with next season's parachute payments as security. The bank won't accept this. Does this mean the £26m overdraft has to be repaid by 30/06/2912?? I guess it does.

Clearly the bank do not believe Rovers will have sufficient income next season to support the overdraft. Can't say I blame them, I'd want my money out as well.

As I said elsewhere Anderson is an irrelevance the money and the accounts should be the focus. Oh and don't forget what Nick Harris wrote a few days ago

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

gumboots World Cup

gumboots

Posted
Posted

WOW. That is very, very bad new. Clearly Barclays don't think £16m in parachute payments is worth much - can't say I blame them. So let's try to work this through:

Bank debt is £26m at 30/06/2011 and this is repayable by 30/06/2012. The Raos presumably want to renegotiate and extend the overdraft with next season's parachute payments as security. The bank won't accept this. Does this mean the £26m overdraft has to be repaid by 30/06/2912?? I guess it does.

Clearly the bank do not believe Rovers will have sufficient income next season to support the overdraft. Can't say I blame them, I'd want my money out as well.

As I said elsewhere Anderson is an irrelevance the money and the accounts should be the focus. Oh and don't forget what Nick Harris wrote a few days ago

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

That's ok then we'll all be dead by then

John World Cup

John

Posted
Posted

Are the players/staff in any danger of not being paid in February/March??

At least the win bonuses part of our players contract are not needed these days....

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