[Archived] Venky's Financial Arrangements

[Baz]

Is there any proof on these points:

Our banking is now with the State Bank of India, and held in India (as opposed to one of their UK branches)?

The debt previously payable to Barclays has been paid off, and not just transferred to the state bank of India?

[philipl]

Is there any proof on these points:

Our banking is now with the State Bank of India, and held in India (as opposed to one of their UK branches)?

The debt previously payable to Barclays has been paid off, and not just transferred to the state bank of India?

Payslips issued to Rovers staff showed a branch name in Rajasthan

The Barclays debt has definitively NOT been paid off. The mortgages to the favour of Barclays remain in place.

[ABBEY]

Surely good news for us, as its now secured against them, rather than just a sub company which is effectively Rovers only?

Is this not glimmer of hope they plan to make a success of it?

There's no good news with these awful scumbags in charge

[Baz]

From what I saw the branch name was not clear enough to ascertain it was in India, I thought it could have been a MAIn bank in the UK (London for SBOI). If the sort code, or IBAN no is showing we could say this with certainty. Having our banking in the UK is surely preferential for Inland Revenue purposes.

As for Barclays I'm assuming that your getting your info from credit records / companies house - are you aware the last time this was updated / how often it is updated? I would presume if it's similar to personal accounts that this would be monthly, If so we can definitely say the debt wasn't repaid after the next / latest update.

[little_joe50]

Indian interest rate (which will be for borrowing rupees) a red herring as may be higher, but borrowings will be translated into sterling, therefore exchange rate factors in the difference in interest rates between the two currencies.

[Steve Moss]

Did they not use the "Money is difficult to get out of India " line when something needed paying? So would make sense to move all cash there especially in transfer windows - Ready made excuse for missing out on signing all the stars of Euro 2012 that we will be going in for.

Perhaps using an Indian bank with offices in England and India, secured by assets both in India and England is their method of getting money into the club? One account in pounds and another in ruppees, depending on what bills are being paid with conversions whenever the exchange rate is favorable?

VVenkys banking choices might be prudent and in the Rovers best interest

[chaddyrovers]

didn't know where to post this so will put it here

Venky's 'have abided by rules', says Premier League chief

http://www.lancashiretelegraph.co.uk/sport/football/blackburn_rovers/news/9690578.Venky_s__have_abided_by_rules___says_Premier_League_chief/?ref=twt

[bob fleming]

didn't know where to post this so will put it here

Venky's 'have abided by rules', says Premier League chief

http://www.lancashiretelegraph.co.uk/sport/football/blackburn_rovers/news/9690578.Venky_s__have_abided_by_rules___says_Premier_League_chief/?ref=twt

“Are they law-abiding people who are putting their money in? Yes they are.

“The decisions they take is entirely their concern.

“They (Venky’s) do have dialogue.’’

FFS. And the interview ended. No recourse? Nothing? Inept on both sides of the fence.

(Please don't use that word again) this for a game of soldiers. See you Monday.

[Mercer]

Edit

[47er]

While i absolutely agree with your point about lack of communication, i don't ever recall hearing much from the Trust in terms of financial transparency. I do recall hearing how we had a very good relationship with Barclays. But i always assumed this was because they were making a few quid from the club.

I despise everything Venky's have done and their very presence at Rovers. But i have to say, this move, although maybe not obviously beneficial to the club, does indicate some degree of interest on their part. I'm not for one second saying thats much to shout about. But they are doing something more than the usual nothing. It would indicate a level of interest in the club which we aren't used to.

I'll be honest, i'm confused. I feel like i'm a dog which has been beaten for a few years. Then one morning my owner gets up and pats me on the head. There will almost certainly be another whack in the chops coming my way, but maybe not until later in the day than usual.

Don't worry--it'll be their own interests they are protecting.

[patrickvalery]

“Are they law-abiding people who are putting their money in? Yes they are.

“The decisions they take is entirely their concern.

“They (Venky’s) do have dialogue.’’

FFS. And the interview ended. No recourse? Nothing? Inept on both sides of the fence.

(Please don't use that word again) this for a game of soldiers. See you Monday.

Bob, should i do it? I promised myself a trip up with my eldest and time is running out. I finish a night shift Monday morning and its a good 5hrs journey. For a 4yr old that's a lot to ask.

I could always tell him Barnsley are Man Utd next season. He'd never know.

Arrghhhhh....###### you Steve Kean. I'm gonna have to lie to my boy because of your failings!!!!

[bob fleming]

Bob, should i do it? I promised myself a trip up with my eldest and time is running out. I finish a night shift Monday morning and its a good 5hrs journey. For a 4yr old that's a lot to ask.

I could always tell him Barnsley are Man Utd next season. He'd never know.

Arrghhhhh....###### you Steve Kean. I'm gonna have to lie to my boy because of your failings!!!!

Yep, I was just thinking about that funnily enough, then I saw this post!

Nah mate. Not with your boy. Then again it could be the only time he sees us in the PL? it's a big ask pal. At least he'll learn how to swear at an early age - in a Blackburn accent!

Next year maybe? Barnsley at home. If Kean etc are still here we'll make 'em look like Man U.

[patrickvalery]

Yep, I was just thinking about that funnily enough, then I saw this post!

Nah mate. Not with your boy. Then again it could be the only time he sees us in the PL? it's a big ask pal. At least he'll learn how to swear at an early age - in a Blackburn accent!

Next year maybe? Barnsley at home. If Kean etc are still here we'll make 'em look like Man U.

Bob, Ill be honest, i wanna test him in the Blues bar with the old Witschge photo quiz. If he fails he'll have a long walk home!!

I think you're right regarding the boy. He'll get there in his own sweet time.

We'll be back in the big time one day. Hope to grab a pint or two with you in the mean time Bob

[miqaayil]

For me personally it stinks of milking the club for its worth and when we go into administration it will be much more difficult to recover anything .... and they will run up a debt against rovers properties ....and when SBI come calling ...rovers will be bled dry ... their indian properties will not be touched as its stay-order after stay-order ....dragging case in india ....and SBI will have no choice but go after rovers in england as easier to recover....

kinda like using rovers and having credit for VH.....

[philipl]

From what I saw the branch name was not clear enough to ascertain it was in India, I thought it could have been a MAIn bank in the UK (London for SBOI). If the sort code, or IBAN no is showing we could say this with certainty. Having our banking in the UK is surely preferential for Inland Revenue purposes.

As for Barclays I'm assuming that your getting your info from credit records / companies house - are you aware the last time this was updated / how often it is updated? I would presume if it's similar to personal accounts that this would be monthly, If so we can definitely say the debt wasn't repaid after the next / latest update.

The Company is responsible for making its own filings, not Barclays.

Anyway we have confirmation the Sun story was wrong presenting it as something that has already happened. It hasn't yet but is planned to apparently.

[philipl]

POINT 1 “Are they law-abiding people who are putting their money in? Yes they are.

POINT 2 “The decisions they take is entirely their concern.

POINT 3 “They (Venky’s) do have dialogue.’’

FFS. And the interview ended. No recourse? Nothing? Inept on both sides of the fence.

(Please don't use that word again) this for a game of soldiers. See you Monday.

This is complete and utter tommy rot.

POINT 1 The Premier League has very limited scope for knowing this. Their investigations are wholly inadequate and very easily circumvented.

POINT 2 The Premier League says " (Please don't use that word again) you" to all the fans of every member club.

POINT 3 Oh no they don't and their lack of dialogue extends well beyond not talking to Rovers fans....

[Majiball]

At the end of the day Venky's are yet to make any decision that has benefited Rovers. So I highly doubt this one will either. All this talk of making it easier to get money out of India smells rotten. Basically lets to our banking with someone who won't turn around and demand it back as we fleece it out the door.

Scudamore is a money grabbing scum bag so if he's all behind it you know it's bad. (Guardian, 2010)

[TBTF]

This is complete and utter tommy rot.

POINT 1 The Premier League has very limited scope for knowing this. Their investigations are wholly inadequate and very easily circumvented.

POINT 2 The Premier League says " (Please don't use that word again) you" to all the fans of every member club.

POINT 3 Oh no they don't and their lack of dialogue extends well beyond not talking to Rovers fans....

Scudamore has got to say that .The interesting bit would have been to ask ''BUT DO YOU THINK THEY ARE FIT AND PROPER OWNERS TO BE RUNNING A PL CLUB?''

We all know they are the owners so make the decisions thats why we are in this sh1tty mess.But what procedures are/were in place to ensure that as custodians of the PL they were fit and proper owners-Fecking none you balloon!!! This Scudamore tosser can't wait to get us relegated so it doesn't become his problem any more . You can see it now 18 months ago- well regarded trustees and board want and need to sell the Club.With friends in the right places they ask their PL mates not to dig too deeply and stand in the way of a sale and it all happens at the speed of light.FFS Venkys bought a UK football club , from India in next to no time.The whole thing makes me want to gip!! The whole shebang is corrupt .

[John]

Are there similar overseas banking arrangements for any others clubs?

All smells a bit fishy - but hey, we know the Rao family have our best interests at heart.

[perthblue02]

And one reason Scudamore will not upset any Indian owners - " The Premier League's chief executive, Richard Scudamore, regards India to be a seriously growing market, accounting for most of the 40 million regular viewers of matches in the Asian territory covered by ESPN Star, a joint venture, which paid around £300m for the rights from 2010-13." My link

Also don't forget nothing was wrong previously at Portsmouth and Man City.

[nick123]

And one reason Scudamore will not upset any Indian owners - " The Premier League's chief executive, Richard Scudamore, regards India to be a seriously growing market, accounting for most of the 40 million regular viewers of matches in the Asian territory covered by ESPN Star, a joint venture, which paid around £300m for the rights from 2010-13." My link

Also don't forget nothing was wrong previously at Portsmouth and Man City.

Now let me think, who was involved at the mess at City and involved in brookering the deal at Rovers ????

Nah !!! Can't be a link....... Surely!!

[Amo]

“Are they law-abiding people who are putting their money in? Yes they are.

Well we know that's just not true.

[EwoodDawn]

Well we know that's just not true.

Absolutely, Topman. Scudamore's deliberate ignorance of Anuradha Desai's Lavasa court case is disgusting.

[PAFELL]

Are there similar overseas banking arrangements for any others clubs?

All smells a bit fishy - but hey, we know the Rao family have our best interests at heart.

I don't know about another football club having simular arrangements. But some companies do.

[philipl]

Here is an interesting one.

Venky's share price has just risen 13 rupees to 375 rupees.

Perhaps the disenchanted shareholders perked up thinking the Raos will get rid of their English embarrassment and go back to the chicken business which is in sore need of attention?

Venky's have still not released their March quarter end results yet.