[Archived] Asset Stripping

[2PAC 4 Blackburn]

I keep coming back to the following simple sums.

2009/10, Rovers income £53m, Rovers spending £58m.

2010/11, Rovers income (guess) £50m, Venky's injection required by the Trust in the sale £15m so total cash coming in of £65m. Rovers spending would reduce by interest savings of around £1m through Venky's being required by the Trust to remove Rovers' existing overdraft so no new ocverdraft would be required unless expenditure rose by more than £8m.

So prima facie there was no need for the mortgage cover of £20m last season and similarly no need for the new mortgage cover of £100m this season.

What the heck is that mortgage-backed overdraft money being used for?

Then the Steve Kean payrise from £400k pa to £1.25m pa for being demonstrably by far the worst manager in the Premier League? What the heck is that all about?

Philip, im appalled by this information but what can be done about it? No one seems interested in putting their neck on the line to raise the issues. You think it will be investigated properly anytime soon?

[RovertheHill]

It is an interesting debate. Do I believe for one minute that Kean is clever enough to keep up a strategy that would see us relegated on purpose without drawing too much attention to himself? No - I think he's just completely inept and it's happening by default. Can I explain why he hasn't been sacked - of course not! Something doesn't add up somewhere, it's too bizarre, although the precedent is Paul Jewell at Derby, who didn't get sacked until the following championship season after Derby's nightmare premier league season

[beatrix]

Asset stripping is probably the wrong phrase to use in our situation, the venkys have removed the auditors with 90 years experience of keeping an eye on

the finances at Rovers, all senior management again with long experience of manageing Rovers financies ( successfully ) an experienced premier league

manager who would not have put up with interference on the pitch or off it. Appointed an inexperienced manager as a puppet/yes man, all these moves

point to one thing and that is total control without argument or hinderence from India. Their motives for doing what theyve done are still unclear, but

they do appear to have gained total control over what happens to the income of the club wherever it comes from. One thing is sure none of these moves

are football related, we are on a slippery slope to relegation, the strange thing is the venkys dont seem to care, otherwise they would have removed

Kean long ago! So maybe not asset stripping but to a large extent as sole owners of Venkys london they can do what they want with the cash flow and

100m motgage facility recently arranged. If everything goes pear shaped financially they can presumably liquidate Venkys london and retire back to india.

[bob fleming]

If we got results it wouldn't work.

We haven't got results. Here, have a pay rise.

You talk about unexplainable... Arthur C Clarke would struggle with this one.

We've no proof whatsoever, I've nothing better to go on, nothing more plausible than this thread. And it's likely to stay that way while the owners refuse to explain just what the hell they think they're trying to do with our football club.

[Emge]

The only reason why the whole crowd is not united at ewood, is because they don't know what's happening. A large proportion never read the Internet message boards.

What needs to happen now, is leaflets given out at every single turnstile to every single suPporter. They can then make their own minds up with all the information.

That's the only way you will ever get the whole crowd onside.

It could be done with about 40 volunteers and aout 300 quids worth of printing.

That would be a great idea.

Dont know if someone has already suggested it, but what about a Fan Magazine (maybe one exists already?) with a large summary of the situation - a lot of interviews with fans - about the protests, views on Venkys - fear of relegation, Kean and his fantasy-world.

Handing them out on a match day would really wake people up I imagine.

[Steve Moss]

We haven't got results. Here, have a pay rise.

We've no proof whatsoever, I've nothing better to go on, nothing more plausible than this thread. And it's likely to stay that way while the owners refuse to explain just what the hell they think they're trying to do with our football club.

You're right, Bob. We can't see the fire, but we can see a heck of a lot of smoke.

The Yanks have quite a penchant for litigation.

Perhaps. But I think the real reason is that the First Amendment in the USA protect speech at a far higher level than in the UK. A US reporter would start a Rovers/Venkys story with "Unconfirmed reports out of the UK suggest that . . . [insert conspiracy theory 1, 2 or 3]". And then they'd end the segment with a chicken joke.

Not saying it will happen. Rovers aren't newsworthy here in the USA. We'd have to be on the level of ManU or Liverpool to get any sort of coverage. But if some US news outlet were interested that would be a way to clear the air of all the rumors.

[philipl]

You're right, Bob. We can't see the fire, but we can see a heck of a lot of smoke.

I also used that analogy on podcast 15!

We are definitely not seeing the full picture just at the moment. Them skeletons in those there cupboards are getting awfully rattly to use a different metaphor.

[FourLaneBlue]

I think you misunderstand.

There may be something dodgy about transfer deals and links to agents, but if the masterplan is to get relegated and then have a 'legitimate' reason to dispose of every asset at the club for whatever reason and to pay whichever set of puppet masters behind the scenes, then there is a major flaw in that plan.

If we got results it wouldn't work.

Perhaps that is the new Plan B, after they truly messed up Plan A due to their incompetence.

How else do you explain the Kean contract?

[perthblue02]

My link Why do I think of Rovers more and more when I watch this

[Miker]

Perhaps that is the new Plan B, after they truly messed up Plan A due to their incompetence.

How else do you explain the Kean contract?

They gave him a verbal agreement to give him a bonus after last season, not this season, possibly with other clauses added in.

Does this sound familiar to anyone at all? Andrews was verbally promised a contract by John Williams during his first season with us and was then given it. I remember people were outraged about that as well.

[Mattyblue]

Please don't tell me you are defending the Kean contract Miker?

When we only needed about 10 points from the final 15 games, Kean somehow got agreement on a deal that would substantially increase his money for getting that measley point haul?

Whos's his agent again? Some negotiator!

[alexanders]

How can Venkys gather cash out of the club if we get relegated. In the lancashire telegraph article to day it mentions all the securities (venkys stocks in rovers, ewood park etc) for the debt.

If we get relegated it will mean that Barclays bank will be our new owners right ?

[FourLaneBlue]

They gave him a verbal agreement to give him a bonus after last season, not this season, possibly with other clauses added in.

Personally, I reckon that what they said is a load of crap.

I love how, despite all the other lies that have come out, you implicitly believe what these jokers say to the press.

In fact, I think you'd have to be pretty daft to believe that they "give him a bonus" for almost relegating us, if you also believe the owners truly want the best for BRFC.

[Kelbo]

Personally, I reckon that what they said is a load of crap.

I love how, despite all the other lies that have come out, you implicitly believe what these jokers say to the press.

In fact, I think you'd have to be pretty daft to believe that they "give him a bonus" for almost relegating us, if you also believe the owners truly want the best for BRFC.

You are speaking of the Rao family who at the moment are pretty daft to say the least!!

Thats if they actually own Rovers!

[LWX]

yep, good topic... big business all over the world is doing it in all walks of life as we speak...

[Herbie6590]

How difficult is it to regulate football ? Read on.....

Not sure where to post this - it straddles a number issues live on other threads but I found it to be fascinating - my attention was drawn to this report when it was referenced in a comment in this morning's Daily Telegraph following an article on the latest situation at Portsmouth.

It is a study undertaken by the Financial Action Task Force - The Financial Action Task Force (FATF) is an independent inter-governmental body that develops and promotes policies to protect the global financial system against money laundering and terrorist financing. This was published in 2009 & illustrates just how complex the cash flows in sport- especiallly football can be.

http://www.fatf-gafi.org/dataoecd/7/41/43216572.pdf

This is a detailed document - busy people should read points 4, 24, 44-49, 52, 53, 63 & 70-73

Fascinating if alarming....

LEGAL NOTE - I post this link as a "general interest" type document - no specific inferences should be drawn about BRFC; I am making no insinuations...

[Random Bird]

It is a study undertaken by the Financial Action Task Force - The Financial Action Task Force (FATF) is an independent inter-governmental body that develops and promotes policies to protect the global financial system against money laundering and terrorist financing. This was published in 2009 & illustrates just how complex the cash flows in sport- especiallly football can be.

http://www.fatf-gafi.org/dataoecd/7/41/43216572.pdf

Ah....... FATF reports, I have to read those for work. The joys of having Anti Money Laundering responsibility.

[EwoodDawn]

Ah....... FATF reports, I have to read those for work. The joys of having Anti Money Laundering responsibility.

I'm absolutely not being sarky - given your job, just wondered what your take on the 'Ewood the truth' 'revelations' was?

[Wendal]

I thought this was an appropriate time to raise this topic again.

6 months on, what are people's thoughts?

My view is that we are certainly witnessing a systematic dismantling of our club. The events since the end of the season have confirmed this beyond doubt.

The mixed messages from Venkys are very interesting though. Could it be that they were initially unaware of what JA/Kean et al were up to, having realised they are now unable to remove Kean?

The case of Swindon in the early/mid 90s is certainly an interesting read, it's a bit too close to home.

[den]

I don't think it's asset stripping. Quite simply, and I've said it before, the club has been sliced open and there are people who otherwise have little to offer BRFC, making empires and a lot of money.

[perthblue02]

Seems a good thread to remind people of the Documentary How to buy a football club. Far easier to buy a Championship club than a premier club and we have seen how easy that is.

My link

[bob fleming]

Seems a good thread to remind people of the Documentary How to buy a football club. Far easier to buy a Championship club than a premier club and we have seen how easy that is.

My link

From that link Perth - "This video contains content from Channel 4, who has blocked it in your country on copyright grounds."

Oh dear. Channel 4. UK based I thought?

[perthblue02]

From that link Perth - "This video contains content from Channel 4, who has blocked it in your country on copyright grounds."

Oh dear. Channel 4. UK based I thought?

Strange plays ok outside UK, Will try and search out another link

[bob fleming]

Strange plays ok outside UK, Will try and search out another link

Was this the film with Bryan Robson in it? How that guy is still in football. Actually we know that don't we. Maybe it's been removed as they fear a mass suicide bid from Rovers fans?

[Mr Maureen]

Was this the film with Bryan Robson in it? How that guy is still in football. Actually we know that don't we. Maybe it's been removed as they fear a mass suicide bid from Rovers fans?

Having already watched the documentary,Robson implicated himself throughot.

None of football's governing bodies felt it was appropiate to charge Robson,which I found incredible.

We don't have a hope in heaven.