[Archived] Debt Free

[Burrells Boy]

According to a report today on SSN, the club has been made debt free in the last month, can anyone here verify that as a fact, and that 20 per cent of players are expected to leave in the summer, I presume that's the percentage of the squad that have a value.

[Bobby G]

He said 20% of players want out. That doesnt mean that only 20% will be sold. Also take that 20% with a pinch of salt. Its more likely 20% are willing to stay.

[Hughesy]

Balaji doesnt have a clue who wants out...he only knows what Keanochio tells him - and thats the main problem.

Keanochio tells them lies, and they believe him because they trust him....

Cure the disease - get KEAN OUT!

As for Debt....its possible with the Jones/ Samba sales and reduction in wages etc....but cant trust a word they say until they start proving themselves.

[Bobby G]

Balaji doesnt have a clue who wants out...he only knows what Keanochio tells him - and thats the main problem.

Keanochio tells them lies, and they believe him because they trust him....

Cure the disease - get KEAN OUT!

Are we really to believe that Venkys are all that STUPID that they take whatever Kean tells them at face value with all the smoke in the air? Or are Kean/Venkys married at the hip?

[bennyboyt11]

We'd be one of the few clubs in the country debt free if this is the case.

[OJRovers]

As part of the sale from the Walker Trust to Venkys, didn't they have to pay the £10m debt off?

So we were debt free when they took over.

[Gav]

They're all liars, I wouldn't believe a word any of them says.

[deftangel]

As I understand it, when they bought the club they had to square away all the debts, so the total purchase price was £43m

Then it became apparent they had raised at least two mortgage facilities with Barclays via Venky's London Limited. One of these appeared to be secured with revenue from the 2010/2011 season and the second, larger one seemed to encompass Premier League revenue over a longer period of time (including the parachute payments). How much of these facilities they actually used in unclear but the vast majority of the Jones money seemingly was swallowed by the former.

Recent rumours would have suggested that Venky's banking arrangements with Barclays have been terminated and are now with the Bank of India. I guess that means it's harder to get any nuggets of info from companies house.

I'm sure someone more clued up with me will clarify.

We could well be debt free at this moment in time but I don't think the reality of funding a relegated premier league club on a third of the budget has hit home to them yet and I can't seem them putting their hands in their pockets indefinitely, if at all.

[Ricky]

I think we could easily be debt free with the amount of players we've sold. The problem is though that we'll only be debt free until the end of the month when the finacnial issues really kick in.

[PAFELL]

Balaji doesnt have a clue who wants out...he only knows what Keanochio tells him - and thats the main problem.

Keanochio tells them lies, and they believe him because they trust him....

Cure the disease - get KEAN OUT!

As for Debt....its possible with the Jones/ Samba sales and reduction in wages etc....but cant trust a word they say until they start proving themselves.

We are all aware that brsit are raising funds to buy the club. But if venkys are determined to keep hold of it, as they are claiming. Maybe Brsit should offer to pay to get rid of Kean and pay for his replacement. If the compo etc is the problem.

[BPF]

I can't believe that anyone is still taking the words of Balaji (and anyone from Venkys) as anything more than the ramblings of a deranged mad man.

[Veevs]

As I understand it, when they bought the club they had to square away all the debts, so the total purchase price was £43m

Then it became apparent they had raised at least two mortgage facilities with Barclays via Venky's London Limited. One of these appeared to be secured with revenue from the 2010/2011 season and the second, larger one seemed to encompass Premier League revenue over a longer period of time (including the parachute payments). How much of these facilities they actually used in unclear but the vast majority of the Jones money seemingly was swallowed by the former.

Recent rumours would have suggested that Venky's banking arrangements with Barclays have been terminated and are now with the Bank of India. I guess that means it's harder to get any nuggets of info from companies house.

I'm sure someone more clued up with me will clarify.

We could well be debt free at this moment in time but I don't think the reality of funding a relegated premier league club on a third of the budget has hit home to them yet and I can't seem them putting their hands in their pockets indefinitely, if at all.

It has been confirmed we have moved banks to a bank in India (staff wages got paid from there).. rumours state that we have taken out a loan with the Indian bank to clear our Barclays Debt (why we should have one after selling Jones and Samba I don't know but hey) but those are just rumours and unless someone comes out and proves it either way no one can truely know.

My biggest concerns with us using a bank in India:

1 - It's much harder to deal with day to day business when apparently all funding is coming from a distant bank in a different currency

2 - Exchange rate factors and associated fees are unpredictable at best

3 - Indian banks do not have to follow the same procedures and rules as UK banks (especially after the last few years of financial meltdowns in the UK).

4 - Audit trails, tax and general accounting become a very complex game

5 - UK based trading is often out of the question unless a UK account is also in play

[47er]

We are all aware that brsit are raising funds to buy the club. But if venkys are determined to keep hold of it, as they are claiming. Maybe Brsit should offer to pay to get rid of Kean and pay for his replacement. If the compo etc is the problem.

BRSIT isn't a mega-corporate entity of anonymous people. Its a group of Rovers supporters dependent on contributions from like-minded people.

So, since you've made the suggestion, you'll be putting your hand in your pocket for how much exactly?

[PAFELL]

BRSIT isn't a mega-corporate entity of anonymous people. Its a group of Rovers supporters dependent on contributions from like-minded people.

So, since you've made the suggestion, you'll be putting your hand in your pocket for how much exactly?

It was an idea.

[47er]

It was an idea.

to which you'd contribute?

[arbitro]

Debt free and Championship. Oh and losing a fortune in Sky payments over the next few years. And dwon massively on season ticket sales, corportate sales and merchandise. What a business plan that was you total imbeciles. That Onion Bhaji fellow must be so stupid it's a wonder he can dress himself each morning.

[Blackburn Ender]

The more fans who pledge to buy shares, the stronger will be BRSIT's negotiating power.

Whether that is to buy the club outright or to buy a significant supporter-owned stake in the club, who knows?

Hopefully, the open meeting on May 26 will encourage more people to pledge.

The idea of being able to buy the club outright is a lot more feasible now we are a second division club and should encourage more fans to believe we can do it.

And the more capital there is behind BRSIT the more likely are the owners to want to talk.

[tomphil]

There is NO WAY on gods earth have they stuck 10 mill of their own money in recently, no way. It's just the latest positive spin lie. I really don't think either of the bro's have any idea about it, it's just what they're being told by their own finance people or big sis probably.

[Drover]

Northern Rover ‏ @Northern_Rover

Credible buyer for Rovers will be going public soon (possibly tomorrow) cannot say anymore until buyer goes public.

Just from Kamy on twitter

[Emge]

Could the reason for mentioning that the club is dept free be a hint to tempt potential buyers to bid for the club?

I mean, maybe they are just playing hardball to raise the prise??

Lets f**** hope so! It is our only hope!

[Drover]

perhaps they're not sacking kean so that the next chump has to pick up the compensation package. However, i'm still highly doubtful they will sell

[Baz]

Debt free I just do not beleive.

and even if we are, then we certainly ain't going to be once the reduction in income begins to hit home.

[Burrells Boy]

Just thought I would ask!

[Clitherover]

Balaji doesnt have a clue who wants out...he only knows what Keanochio tells him - and thats the main problem.

Keanochio tells them lies, and they believe him because they trust him....

Cure the disease - get KEAN OUT!

Yeah, poor old naive Onion (Balaji), Venkys aren't the bad guys at all are they, get rid of Kean and it's all sunshine and lollipops down at Ewood.

[he6rt6gr6m]

I class mortgages as debt, so if they're still outstanding, we're in a sh*t load of it.