[Archived] When will Venky's go?

[booth]

As far as I know he still has the film company. I know this because he's looking for films to put into production, Bollywood budgets so not huge.

I'm thinking of pitching Blackburn Rovers the musical with Stavros Flatley as Steve Kean, man and boy.

[K-Hod]

I think we are much closer to a tipping point than the end of the 2013/14 season.

There are signs that Balaji has spent his inheritance and Mrs D is back with the reins.

This extending manager search might finally communicate to Venky's they cannot do whatever ignorant reprehensible irresponsibility that passes for "running" the club and continue to maintain any semblance of pretence of being in charge.

The dump and bale out could be closer than we think/fear. They have walked away from an eight figure loss on a Balaji pipe dream before.

Captain Carrot Dangler strikes again....

[philipl]

I think we have already tipped, it just isnt common knowledge yet, that is why coco jumped ship

Interesting you should post that Yoda.

Before we get swamped by people howling about ITKs spreading unsubstantiated rumours, I will stick a bunch of facts down:

- Mrs D (plus using the inheritance of contracts written by JW/TF and shooting the players who had new contracts in early 2011) had actually put Rovers on a sound financial footing for life in the Championship before we went down

- Balaji not only blew his inheritance this summer, he made Rovers horrifically unviable financially as a Championship club so it is promotion or bust this season as far as I can see

- The Brothers are spending club money on fripperies like we are in the last days of the Roman Empire. The fans making the atmosphere too hostile for them to come back to the UK again would save Rovers from spending a fortune on each visit.

- How Venky's/whoever disengage from Rovers other than through administration looks incredibly unclear to me because as things stand I think we are far too toxic for anybody to buy the club

- the various football authorities are for whatever reasons reluctant to investigate (openly) at the moment but a change of ownership automatically triggers a look at things

- more to the point, even if the club changes hands for £1 (that is a higher price than any rational accountant would value it at by the way), any buyer would want to protect their down side. The bank is in India, the owners are in India- in terms of enforceability, undertakings are worthless and incapable of turning into cash in Blackburn with any degree of timeliness or certainty

- the Action Group dossier alone creates monstrous real, contingent and potential liabilities any buyer would want protection from. Being realistic they would only get that protection by buying from an administrator.

- any buyer would easily track down what the ITKs are aware of and frankly everyone of these concerns would require inoculation against. The story being dug into (which the AG apparently doesn't know about) would damage individuals and not the club- however, don't rule out a Pompey-style situation where one story emerging causes another one to come out and then more with the subsequent stories putting Rovers into the dock.

- now people will come on here accusing me of being a sensation-seeking fantasist. From potential buyers' point of view (and we'd hope would be willing to sink tens of millions into the club) they would be massively irresponsible not to satisfy themselves that what I am concerned about is pure fantasy. And the potential new owner wouldn't even need to talk to me; I can think of perhaps a dozen people within and around the game (and not current or former Rovers employees) who could give such a potential buyer the lead on these issues, every one of which would block a sane person from buying until proven to be false.

[K-Hod]

My main query- if there is wrong doing, the authorities are aware, then why is nothing being done???

Are we totally done for and waiting to crash, it's just a matter of time?

[philipl]

My main query- if there is wrong doing, the authorities are aware, then why is nothing being done???

Are we totally done for and waiting to crash, it's just a matter of time?

What is very clear, football is an owners' club run for the benefit and protection of owners.

I fear it is a matter of time before we crash.

[broadsword]

Have our overdue accounts now been submitted?

I would say that crashing is our only way out of this nightmare, so bring it on. We'll pick through the rubble later on.

[RoverScot]

If the current bank loan arrangements in India mean that the debt cannot be secured against the club, isn't it Venkys India that are running up the debt not Blackburn Rovers football club? I can see how the club could become insolvent without the additional Bank of India cash but in terms of meeting these obligations, would it not be Venkys who will be encumbered with the debts?

[philipl]

Venky's London Limited has had the threat of dissolution lifted.

BRFC has never been in default and assuming there is no road from debts in India to assets in Blackburn (no security, lien or mortgage is registered so any other creditor could seek an injunction against owners using assets to make good their own losses) , we are relatively bombproof from Balaji's personal debts. However, the club is losing cash weekly at a horrific rate.

[OJRovers]

Why has the treat of dissolution been lifted? Have they filed the accounts?

If we get promoted this year, then there might be a glimmer of a chance of a way out for venkys, if not then the only way out is administration.

When they bought the club, IMO they got a fair deal, they have sold the main assets Samba,Jones,Hoillet to recoup some cash but their biggest mistake was to dispose of the clubs biggest assets - the fantastic Board of directors (Williams, Finn, Goodman etc). This was the trigger for Barclays to pull the plug and things to start falling apart.

There is a massive road back for the club to getting anywhere near being a respectible, well run, premier league club.

Unfortunately this is unlikely to happen anytime soon.

Venkys are the obvious ones to blame, unless there are others behind the scenes who have played a part.

[yoda]

Why has the treat of dissolution been lifted? Have they filed the accounts?

If we get promoted this year, then there might be a glimmer of a chance of a way out for venkys, if not then the only way out is administration.

When they bought the club, IMO they got a fair deal, they have sold the main assets Samba,Jones,Hoillet to recoup some cash but their biggest mistake was to dispose of the clubs biggest assets - the fantastic Board of directors (Williams, Finn, Goodman etc). This was the trigger for Barclays to pull the plug and things to start falling apart.

There is a massive road back for the club to getting anywhere near being a respectible, well run, premier league club.

Unfortunately this is unlikely to happen anytime soon.

Venkys are the obvious ones to blame, unless there are others behind the scenes who have played a part.

One has already left and another cannot be mentioned, I think it is nearly 100% certain that we have already tipped

[RoverScot]

Blackburn Rovers would be insolvent in 2 weeks if it alone had to meet its obligations. However, as long as the Bank of India facilities are there, these cash debts are just being piled up against Venkys. Any tipping point would be when the taps stop flowing from India.

[philipl]

Blackburn Rovers would be insolvent in 2 weeks if it alone had to meet its obligations. However, as long as the Bank of India facilities are there, these cash debts are just being piled up against Venkys. Any tipping point would be when the taps stop flowing from India.

That is my understanding as well.

I believe there is still a reasonable amount of "headroom" in the lending facility raised in India but I suspect the more activist approach from Mrs D means it needs closer management than it had been receiving.

Of course, it only needs one phone call to switch off the cash tap irrespective of whether there is unspent overdraft facility.

That's my huge worry given the propensity of the siblings to fall out over Rovers. Or for how bad Venky's would look if one of the professional diggers finds the combination of materials which the libel lawyers are able to nod into print- that could easily trigger the stopcock being switched.

[yoda]

Blackburn Rovers would be insolvent in 2 weeks if it alone had to meet its obligations. However, as long as the Bank of India facilities are there, these cash debts are just being piled up against Venkys. Any tipping point would be when the taps stop flowing from India.

hence the delay with Shirley (compo to much? not just for Levi but posibly coco as well)

[philipl]

Coco compo is all about NDA and potentially huge. Mrs D apparently desperate to get the deal done.

I would suggest forgetting about a constructive dismissal case ever going to Tribunal.

[broadsword]

Kean must know everything that went on, it would take a mammoth amount to keep him quiet.

Wonder how much we are losing per week?

[Mercer]

Kean must know everything that went on, it would take a mammoth amount to keep him quiet.

Wonder how much we are losing per week?

Kean also faces being rolled-over by Big Sam ! Would not be surprised if the settlement is 'creative' and let's leave it there !

Maybe back of fag packet stuff but, as things stand, I think our annual loss for 2012/13 will be between £25 & £30m.

[broadsword]

Hmm, think our overdraft was 10 mill when Venky's took over.

Way to go, shitheads.

[yoda]

Coco compo is all about NDA and potentially huge. Mrs D apparently desperate to get the deal done.

I would suggest forgetting about a constructive dismissal case ever going to Tribunal.

Exactly, I have said before he does not have a leg to stand on for constructive dismisal

now picture this,

Dining room in the hills just outside Pune, the popadoms and chutney not quite finished and the telepgone rings, Mrs D answers

Mrs D "Hello Shebby what can I do for you?"

Shebby "Its the Shirley thing"

Mrs D "You want 2 mill in compo and another mill bonus for someone who has not even managed a footbal club!"

Shebby "Bhut, buht, buht"

Mrs D "and X mill payoff for my former Kean buddy, who you hounded out of the club against my wishes"

Shebby "Buht, buht, buht"

Mrs D "Get real Shebby"

Shebby "Buht, buht, buht"

Mrs D "You know as well as I do that we have someone in the club who has managed before and won't cost a rupee to hire"

Shebby "Buht, buht, buht"

Mrs D "Now Kean off the chicken jalfreizy has arrived"

Shebby "Buht, buht, buht"

Mrs D "Oh, and one last thing, stop wearing that ridiculous track suit, it makes you look like Brains on heat"

Shebby "Buht, buht, buht" click Brrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrr

Philip I would say the tap is turned off,

International Rescue are probably the only ones that could save us now.

(disclaimer, I could be wrong, it might have been chicken biryani)

[ABBEY]

I think we are much closer to a tipping point than the end of the 2013/14 season.

There are signs that Balaji has spent his inheritance and Mrs D is back with the reins.

This extending manager search might finally communicate to Venky's they cannot do whatever ignorant reprehensible irresponsibility that passes for "running" the club and continue to maintain any semblance of pretence of being in charge.

The dump and bale out could be closer than we think/fear. They have walked away from an eight figure loss on a Balaji pipe dream before.

Now you say SIGNS she's back in control. The other day it was EVEDENCE she was .

[USABlue]

I think we are much closer to a tipping point than the end of the 2013/14 season.

There are signs that Balaji has spent his inheritance and Mrs D is back with the reins.

This extending manager search might finally communicate to Venky's they cannot do whatever ignorant reprehensible irresponsibility that passes for "running" the club and continue to maintain any semblance of pretence of being in charge.

The dump and bale out could be closer than we think/fear. They have walked away from an eight figure loss on a Balaji pipe dream before.

Stop it you are getting me excited, oh but to dream eh?

[AndyC]

Hmm, think our overdraft was 10 mill when Venky's took over.

Way to go, shitheads.

think we cost 25 mill to buy + 20 mill of debt.

samba+jones+Hoillet = £38M

imagine if they had kept big sam and JW but sold the 3 players etc. the club would have zero debt and be very close to paying off the entire investment thanks to the new premier league deal money coming in...

instead, they are probably £30M in debt thanks to a bunch of crooked people.

[broadsword]

Yes, don't forget the pay-offs to John Williams , Sam etc as well.

It's decision-making of the same calibre as Captain Smith saying: "Don't slow down man, this is the Titanic, put some foot in it!"

[T.J.Newton]

business is looking good for venkys away from rovers at least- http://www.thehindubusinessline.com/industry-and-economy/agri-biz/venkys-diversifying-into-aqua-cattle-feed/article4022278.ece?