[Archived] Venkys London Limited - Accounts

[Howler]

The annual report added: "We have not obtained all the information and explanations that we considered necessary for the purpose of our audit, and we were unable to determine whether adequate accounting records have been kept by the parent."

Trusting any set of accounts is always a leap of faith and I wouldn't trust ours by any stretch. As others have mentioned, all our sources of income have gone down and our portfolio of sellable players has not been weaker for 20+ years. If we don't get promotion this year then financially we will be in dire straits, I suspect a sale of all our squad would not be enough if venky's withdrew support. All is certainly not OK.....

[ABBEY]

Don't disagree, however if they pull the plug and grant the majoritys wish tomorrow then what?

honest opinion from me as always.

I want the venkys out of my club and that will never change.

I cant forgive them for what they have turned the club ,team and fans into.

I pray someone will buy them and dont believe the trust can.

I hope the fans stand up and protest as one,cant see it happening.

I woudnt trust anything they do.

I would trust shabby to run a bath let alone my club.

i hate her at the top ,how can she know football after one game and disrespected fans by not even coming out the tunnel.

I would rather focus energy on ousting venkys rather than dropin centres with the clown in attendence.

If it takes relegation so be it

VENKYS OUT!!!!!!!

[RoverScot]

Long term debt 21

Net current liabilities 7

Post balance sheet events 8

Losses at £2m per month 24

Total 60

RoverScot, the first three numbers totalling £36m are in the accounts so are locked in. Are you saying we are only losing between £300k and £900k per month?

You are also assuming zero net spend on transfers in the January window or net transfers out to bring wages and debts down.

That might happen but where will our promotion bid be then?

I have assumed losses are around £1.5 - £2 million a month but I have included the transfer activity within that. The wage bill will be high but not what it was in the Premier League with the wage relegation clauses activated. I think some players will be shifted from the squad in January plus one in one out e.g. Robinson for Friedel.

Therefore, I have gone for an estimated £20-£25 million loss. I don't think we will register a £40 million loss to bring it to £60 million next year but if it does happen then I'll have to admit being wrong in 12 months time. The club should be run better though if a £20-25 million loss is a conservative estimate.

I think it would be best for Venkys to sell but with the debt they are adding, it becomes a difficult sale.

[philipl]

Well a £20m to £25m loss is £2m per month.

Add £20m to £25m cash drain to indebtedness of £36m already reported in the accounts and you get to £55m to £61m debt at 30 June 2013 so we are at the same horrible forecast range.

As I said in my podcast piece, I desperately wish the picture were not so unremittingly grim.

[SIMON GARNERS 194]

If we had been relegated under the Walker's trust then there would have been a mass firesale and administration.

There may well be a very high possibility of this scenario happening under Venky's if we do not achieve promotion this season.Do you trust the Loons from Pune with their 'finger on the button' if this happens?..................

[AndyNeil]

Financially, I'd rather have Venky's in charge than the Walker's trust. If we had been relegated under the Walker's trust then there would have been a mass firesale and possible administration.

I'd be really interested to know what you base that statement on?

[SIMON GARNERS 194]

Even though they were looking to sell, this club was x1000 times better run on ALL levels under the trust.

[broadsword]

Hiow anyone can say with a straight face that we're better off under these arse-scratching monkeys is honestly beyond me.

[Roost]

Don't disagree, however if they pull the plug and grant the majoritys wish tomorrow then what?

You tell us. You were the ones waving the Venkys out banners - surely you had an alternative?

[philipl]

If Venky's simply pull the plug and walk, the situation is manageable.

If they look to manage down the debt and recover losses before they walk, the situation will be catastrophic.

[OJRovers]

We'd all love Venkys to 'turn things around' and start running the club better. Indeed they were making noises over summer that things might be improved.

But actually we're worse off now than ever, the management hierarchy is a shambles from shebby downwards. Decision making process is ridiculous (see manager search) commercial activities have hit rock bottom, costs are out of control, transfer policy is useless and crowds are at their lowest for years.

Plenty to work on, yet we see nothing but further incompetence.

[SIMON GARNERS 194]

crowds are at their lowest for years Decades.

[pk1875]

You tell us. You were the ones waving the Venkys out banners - surely you had an alternative?

At that point it was widely reported that there was indeed alternatives, now though nobody knows if there is any interest at all

[RoverScot]

At that point it was widely reported that there was indeed alternatives, now though nobody knows if there is any interest at all

Northern Rover ‏@Northern_Rover

Venky's source owners not looking to sell, turned down 2 further approaches in the last 8 weeks to buy club

SuperKamy does get good information from his Venkys source so I wonder who these potential buyers were?

[Amo]

lol. Why do they (Venky's) even still want to own us?

Does the extra publicity really offset the mountain of borrowing?

[47er]

Northern Rover ‏@Northern_Rover

Venky's source owners not looking to sell, turned down 2 further approaches in the last 8 weeks to buy club

SuperKamy does get good information from his Venkys source so I wonder who these potential buyers were?

Could everyone who writes "if Venkys sell us, what then?" please note that there are active buyers out there?

[iamarover]

If Venky's simply pull the plug and walk, the situation is manageable.

If they look to manage down the debt and recover losses before they walk, the situation will be catastrophic.

Precisely. And the chances of them walking are smaller than Henning Berg's comb. As we have seen, they just can't afford to.

[AndyC]

Not only are the accounts looking catastrophic, but the biggest difference between the policies of venkys versus the trust, is the venkys have sold all of the crown jewels.

the trust used to sell one decent player every couple of seasons to balance the books

as it stands - we have far more debt than ever before and our squad is worth a fraction of what it was.

glen - I find your positive approach simply astounding.

[Athlete]

Northern Rover ‏@Northern_Rover

Venky's source owners not looking to sell, turned down 2 further approaches in the last 8 weeks to buy club

SuperKamy does get good information from his Venkys source so I wonder who these potential buyers were?

This is why the protests should of continued but instead some people got hoodwinked by that idiot shebby ( who couldn't even sack coco )..

The advert in the paper was the protests best idea it would really make people sit up and take note of the plight at BRFC

[Athlete]

There are many different figures that can be pulled out the Accounts to suit the particular angle to want to give, however if you look at the KPI's (and they are KPI's for a very good reason) you'll see that since 2007/2008 we have gone from an operating profit (before player trading) of £6.6m to an operating loss (again before play trading) of £9.6m. The net debt of the club has risen from £16.9m to £24.5m, the wages to turnover ratio has risen from 70.4% to 92.2%. The largest proportion of income (TV rights) is going to drop through the floor, gates are half of last season, can't comment on Commercial as I don't know but it won't be pretty...now take a look at the expenditure side, yes some high earners left over the summer, but some have come in as well and there hasn't been a cull on non-playing staff at Ewood so that expenditure figure will remain pretty much the same. In summary without the player trading (which in effect cost us relegation) we would have lost c.£10m, income will be down c.£30m this season with the biggest expenditure down slightly, but not enough to cover the short-fall of c.£40m - so where does the c.£40m come from? Venkys? External funding? Additional credit lines? Mortgage assets? After listening to the PhilipL in the podcast on Sunday, its difficult not to think he isn't (in some perverse way) enjoying the demise of Venkys financially, however its difficult to disagree with his analysis of where the club is heading. PROMOTION OR THE SH!T HITS THE FAN - I THINK SO.

I showed the accounts to a finance manager just below director level at a multi national company and he told me in no uncertain terms that those figures and mounting mean sooner or later the kean will hit the fan......Rovers could find themselves in a Coventry or Portsmouth situation in the not too distant future and even promotion may only a stay of execution unless we stay up

[Kamy100]

There are active foreign buyers out there who would be interested in buying the club, in addition to that locally Illyas Khan/2 Ian's also remain interested. HOWEVER, at the moment Venky's have no interest in selling the club. The people who have contacted them about buying the club have been totally ignored.

As for the accounts, I don't profess to understand them, apart from the fact that our media/prizemoney was circa £48 million, this year it will fall to £16/£17 million (including parachute payments) therefore on that alone Venky's/Rovers are going to have to find £32 million as operating costs haven't been reduced that drastically since relegation. Maybe this is an oversimplistic way of looking at things but just that alone scares me.

[broadsword]

Don't worry Kamy, Glen Mullan says we're better off now than we were under the Trust

[AndyC]

Operating costs should have come down drastically.

I'm seriously hoping the majority of players had relegation clauses.

I know a few of them were changed, but hopefully most of them still have the clause

Wages made up about 80-90% of income during the trust

But under venkys, our payments to agents have increased massively and our commercial revenue has dropped off a cliff.

[glen9mullan]

Not only are the accounts looking catastrophic, but the biggest difference between the policies of venkys versus the trust, is the venkys have sold all of the crown jewels.

the trust used to sell one decent player every couple of seasons to balance the books

as it stands - we have far more debt than ever before and our squad is worth a fraction of what it was.

glen - I find your positive approach simply astounding.

There is a difference between being positive about some things and negative against others.

There is two sides to the coin here and i'm probably explaining it wrong, as I always communicate better in person. However if the doom on these accounts is to be taken at face value I guess over the next 7 weeks the following will happen

No back room changes, to sack the back room cost money

The cost of bringing new ones in cost money

No point people calling for Agnew out, Shaw out, Shebby out, That cost money, as does replacements

No point having a transfer thread , as we aint got a pot to *** in right?*

I think people will twist anything which suits their own agenda which is sad. People claiming protests should return are the same people who gave us grief for either starting them or continuing them.

Those caling for us to mount a sustained Venkys out campaign are those who told us we should not all the months ago.

Those complaining at us addressing issues around a table , are those who said thats the way forward and not in the stands.

Truth is , Blackburn's situtaion has to be broke into little pieces and can not be addressed as one collective issue. You can't just say its screwed everywhere without quantifying it.

We address every issue when we meet with the club including the finances, a copy of podcast 50 is now with Agnew, Shaw, Silk, Singh, Mrs Desai and The Raos. We have requested their comments to either confirm what is alledged or to deny it and explain in detail what the financial future holds for the club. Its what we do, rather than speculate we go and seek the answers .

Anyone who is in meetings with us , will confirm including the club , we dont go in for cosy chats . We ask the difficult questions, and when the answer aint there in the room , we seek an answer sharply from the relevant department. This is part of the reason a walk in centre was set up, so fellow supporters could get answers sharply and in person from the relevant department .

There is much that needs sorting at the club, and I cannot as no-one can, say if it will or wont be . All we can do as a group is put the pressure on the ones making the decisions , which we do daily.

Some would rather knock me or us daily regardless of what we do, we have learnt to live with it. However some do seem to forget we have a committee, and any course of action is a collective one.

To read some post , it would appear some want us to break off all communication and start protesting, or just break off communication so everyone can sit in the dark and speculate what is or will happen.

The immediate concern has to be whats going on , on the pitch as results will determine this clubs future, but as we have no money according to some , then we are just stuck with that I guess?

[Kamy100]

There is a difference between being positive about some things and negative against others.

There is two sides to the coin here and i'm probably explaining it wrong, as I always communicate better in person. However if the doom on these accounts is to be taken at face value I guess over the next 7 weeks the following will happen

No back room changes, to sack the back room cost money

The cost of bringing new ones in cost money

No point people calling for Agnew out, Shaw out, Shebby out, That cost money, as does replacements

No point having a transfer thread , as we aint got a pot to *** in right?*

I think people will twist anything which suits their own agenda which is sad. People claiming protests should return are the same people who gave us grief for either starting them or continuing them.

Those caling for us to mount a sustained Venkys out campaign are those who told us we should not all the months ago.

Those complaining at us addressing issues around a table , are those who said thats the way forward and not in the stands.

Truth is , Blackburn's situtaion has to be broke into little pieces and can not be addressed as one collective issue. You can't just say its screwed everywhere without quantifying it.

We address every issue when we meet with the club including the finances, a copy of podcast 50 is now with Agnew, Shaw, Silk, Singh, Mrs Desai and The Raos. We have requested their comments to either confirm what is alledged or to deny it and explain in detail what the financial future holds for the club. Its what we do, rather than speculate we go and seek the answers .

Anyone who is in meetings with us , will confirm including the club , we dont go in for cosy chats . We ask the difficult questions, and when the answer aint there in the room , we seek an answer sharply from the relevant department. This is part of the reason a walk in centre was set up, so fellow supporters could get answers sharply and in person from the relevant department .

There is much that needs sorting at the club, and I cannot as no-one can, say if it will or wont be . All we can do as a group is put the pressure on the ones making the decisions , which we do daily.

Some would rather knock me or us daily regardless of what we do, we have learnt to live with it. However some do seem to forget we have a committee, and any course of action is a collective one.

To read some post , it would appear some want us to break off all communication and start protesting, or just break off communication so everyone can sit in the dark and speculate what is or will happen.

The immediate concern has to be whats going on , on the pitch as results will determine this clubs future, but as we have no money according to some , then we are just stuck with that I guess?

I don't thionk anyone is saying that they are broke, just that next season if we don't go up then they will either have to make big cutbacks or put in a huge amount of money to cover the losses. The issue that many people have is that they don't trust them to do that.