[Archived] The Walker Trust

[purplegrover]

You don't buy a football club to make money. Jack did not buy Rovers to make money. It was a labour of love. It was for the institution, the proud history of the club, his love of the town and the love of the game.

Surely the duty of the Trust was to look after Jacks legacy? And if that meant running a club that wasn't necessarily a big profit making venture, then so what ? Thats what comes with the territory. They should have honoured the commitment that Jack left.

The club was sold out by the Trust because they forgot about that legacy, and simply looked upon it as a business transaction regarding a difficult to manage and not particularly profitable asset.

Their negligence in selling to Venkys was appalling. But it stated before that. It was their negligence in the first place in allowing it to get to the stage where they were so desperate to sell it that - they engaged a shyster - which in turn opened the door to Venkys. It could have been anyone with the cash, the Trust would have flogged it.

It was at that stage that they sold the club out and ruined Jacks legacy.

So yes, we enjoyed many years of PL football under the Trust. But that wasn't because of the Trust - it was because of what Jack left behind.

[RovertheHill]

It does make you wonder what, if any, due diligence was done. People are right that you can't help it if people lie to you, but at the end of the day a great number of us not paid enormous fees were completely confused by what an Indian chicken company would want with a premier league club. It didn't ring true at the time and you have to assume that they were just desperate to sell and therefore didn't really care that it didn't "feel" right

[Blackburn Ender]

Right from the start, the Trust (through mouthpiece Paul Egerton-Vernon)was secretive and deliberately unwilling to divulge any hard facts about Jack's will or the exact terms of the Trust, even who were the trustees (do we still not know?.

With a lot of hindsight, that was his big mistake. But, he clearly trusted these guys to do the right thing and protect his legacy.

Jack should have made the terms of the Trust public so that all supporters and trustees knew exactly where things stood.

That would have made the sale to the Venkys a bit harder and may also have led to some restrictive terms being included in the sale, which would probably have been prohibitive to the buyer, but hugely beneficial to the club and fans.

I am with a lot of others here - the Trust are to blame for the position we are now in. We said this very clearly before and at the time of sale and we have been proved to be correct.

There was no obvious and pressing financial imperative to sell Rovers other than a desire to get the club out of the Walker group of businesses.

[jim mk2]

The money Jack Walker put into Rovers obviously wrankled deeply with his descendants which they probably saw as their legacy being frittered away on a football club in a town a long way from where they live in which they had no real interest. They must be hard and unsentimental business people because in the overall scheme of their very lucrative businesses Rovers was not costing them that much.

People also complain about the lack of communication from Pune but the Trust was equally secretive - no one will ever know why they sold and their thoughts on events since the sale.

[broadsword]

They took the cash and looked the other way.

Without their dad building up the steel business, they'd probably all be working in crappy dead-end jobs, instead they have the life of riley. The one thing their dad really cared about they've treated with disdain.

I hope they can live with themselves. This isn't just about the relegation, it's going to be about people losing their jobs.

I hope they're bloody happy with how it's turned out. If they had any sense of shame they'd try to put things right, but I'm not holding my breath.

They're Exhibit 'A' in this whole sorry mess.

[thenodrog]

The money Jack Walker put into Rovers obviously wrankled deeply with his descendants which they probably saw as their legacy being frittered away on a football club in a town a long way from where they live in which they had no real interest.

'A long way from where they live???? Complete and utter rubbish Jim. That is just speculation on your part. You don't know much at all about this do you? Would you like everyone to line up an p1ss on John Lewis's grave too?

Look at this another way.... you win a few bob on the lottery and you decide to buy the Mallard and polish and oil it with a few mates each and every weekend. You eventually die and leave it to your kids who don't live at your house and hate railway engines with a vengeance. Would you want them to leave it there in your back yard, neglect it and let it rust and rot away or should they sell it to another enthusiast who convinces them (through a 3rd party expert) that he will keep it in pristeen condition?

I understand (but I cannot confirm) that the beneficiary within the trust who was singularly responsible for the poison chalice that is BRFC has absolutely no interest in football. You might deem that odd but many would deem it wise to keep emotion out of any decisions with regard to a football club. If it was profitable they would still be in charge if it was not it would be sold on. Just common sense. Jack Walker always insisted that BRFC must be run along business lines, needless to say any business that loses money year in year is either closed down or sold. Whichever way is chosen big changes will have to be implemented.

Once the decision to look for a buyer was made Rothschilds were appointed to find a suitable buyer to take the club on. Even so it took many years for the club to sell and for very much less than the original asking price. It could be argued that by 'underselling' the club the Trust put 20-30m into the club as a parting gift. When a buyer was found it was Rothschilds who confirmed that Venkeys fitted the bill. They had been employed (at significant cost) to find the buyer because the Trust members possess no specfial skills in that direction. I would even be prepared to wager but I could not be sure that any initail contact with Andersons SEM/Kentaro was through Rothschilds). imo the Trust acted in good faith and any anger should be directed torward Rothschilds. They were well paid to do a job which time has proven they screwed up.

Old fashioned multi millionaires aren't enough these days in the Prem. They need to be multi billionaires. The Walkers fortune has been split many ways and the beneficiaries have simply been blown out of the water financially. The propensity for financial disaster in football is immense.... just ask Mark Goldberg who blew his entire fortune in just 8 months as owner of Crystal Palace. Even closer to home just read this by Dave Whelan..... http://www.mirrorfootball.co.uk/news/Wigan-chairman-Dave-Whelan-will-sell-the-club-to-ensure-his-family-do-not-lose-a-fortune-keeping-it-going-article619121.html

Whelan declares that he will sell rather than burden his kids and grandkids with a loss making leagacy. I think knee jerk comments made on this thread prove exactly why.

Anybody who wants to whinge on here should consider their attitude in virtually buying season tickets for a third of the Prem average. Clubs like us and Wigan get from ST sales what MU and Arsenal get each home game. We are a small impoverished northern town full of apathy, dislocated immigrants, unemployed and cheapskates. How on earth can we expect a Premier League team to be subsidised indefinitely by the surviving relatives of one man?

[Mattyblue]

Nobody did gord, it is the sale to that shower that is the issue.

[47er]

The Trust let Jack down and Rovers down. Can't see how it can be argued differently.

[Boz]

The beneficiaries were never expected to share the same desire as Jack Walker and to a certain degree this must have formed part of his reasoning to place his "trust" with others and not his descendants.

If indeed there was one beneficiary who actively encouraged the disposal without necessarily safeguarding the asset, should "she" not have been resisted? Was this not an intrinsic role of the trustees?

I am sure that what might go down very well with the Rovers faithful would be a public announcement by the trustees of their regret in how matters have unfolded.

Perhaps too, some similar contrition by the Walker family?

[Majiball]

At the end of the day id people are complaining about the 'fit and proper test' then I'm afraid the Walkers have to take some blame. I cannot get my head round them using Jerome as only a few phone calls tells you all you need to know about the bloke.

Jack will kick their asses when they arrive upstairs.

And rightly so.

[jim mk2]

'A long way from where they live???? Complete and utter rubbish Jim. That is just speculation on your part. You don't know much at all about this do you?

This is a messageboard where people express opinions. I know about it as much as you do.

I do know they live a long way from the north west and do not have the same emotional attachment to Rovers as their father. These people are extremely wealthy and could have cross-subsidised Rovers through their various companies. In terms of their multi-billion pound enterprises Rovers were not costing them a great deal.

Instead, by selling out to anyone, at any price, they have destroyed his legacy to the town and a club he dearly loved. Presumably they are happy with the outcome.

[Jackson]

'A long way from where they live???? Complete and utter rubbish Jim. That is just speculation on your part. You don't know much at all about this do you? Would you like everyone to line up an p1ss on John Lewis's grave too?

Look at this another way.... you win a few bob on the lottery and you decide to buy the Mallard and polish and oil it with a few mates each and every weekend. You eventually die and leave it to your kids who don't live at your house and hate railway engines with a vengeance. Would you want them to leave it there in your back yard, neglect it and let it rust and rot away or should they sell it to another enthusiast who convinces them (through a 3rd party expert) that he will keep it in pristeen condition?

Not if a cursory glance showed that they lived in a council flat, didn't know their "Rocket" from their "Tom Thumb" and had a string of failed "hobbies" fallen FOWL!

And looked like Barry White. I mean, come on, that should have been enough in itself.

[thenodrog]

This is a messageboard where people express opinions. (1) I know about it as much as you do.

(2)I do know they live a long way from the north west and (3) do not have the same emotional attachment to Rovers as their father.

1. Obviously not.

2. Wrong

3. SFW?

[jim mk2]

1. Obviously not.

2. Wrong

3. SFW?

I wouldn't try to be too clever. Anyone who thinks Lancashire United is a good idea or even thinks it might happen has lost his marbles.

[thenodrog]

I wouldn't try to be too clever.

I'm not being.... I only appear clever in comparison to your ignorance of the facts of the matter.

[Wiggy]

This is a messageboard where people express opinions. I know about it as much as you do.

I do know they live a long way from the north west

Not true Jim, one does but the rest are very much local.