[Archived] Investigate or we'll publish Blackburn Rovers findings, warns Mullan

[SIMON GARNERS 194]

Sadly it appears there was no infinite timeline to the Jack Walker funding.The amount of money the good man ploughed into our club was generous beyond belief...we could never repay in full.

It's just a damn crying shame that the Trust sold to the completely wrong people who had no connection with the Football club,it's traditions or community.They didn't and still don't have a ruddy clue.

It's all self inflicted to a degree and it damn well smarts.It could and should have been much better managed than this clusterfcuk of on going incompetence.

[JHRover]

http://www.theguardian.com/football/2008/jun/25/premierleague.blackburn1

Four months before he died, Walker gave a interview to reassure Rovers supporters that he had made provision for the club. "A number of years ago I put in place a family trust structure to own my various business interests, including Blackburn Rovers," he explained. "This structure ensures continuity of management and provides the necessary financial support for all my businesses for the foreseeable future. I have made known my wishes to my colleagues, who I am confident will carry forward the policies necessary to promote and enlarge all my business interests."

The trust, registered in Jersey, is run by a board of trustees. They, too, have rarely spoken publicly, but when Walker died the trust chairman, the Jersey solicitor Paul Egerton-Vernon, did make a statement: "The club is provided for for the foreseeable future." The terms of the instructions Walker left the trustees have never been disclosed, but Egerton-Vernon explained that Rovers would be subsidised by other assets in the Walker portfolio, which included property and the Jersey-based airline, Flybe. "There seems to be a misunderstanding that there is an ever-shrinking pot of money available," he said. "That is not the case. There are other businesses apart from the club which generate profits which are available."

Thanks for finding that. Very helpful.

It is quite clear that everything said by Jack Walker and then Paul Egerton Vernon indicates the purpose of the trust was to subsidise the club for the 'foreseeable future' using the profits from their other businesses. The aim was to 'promote and enlarge' all of their business interests.

That clearly didn't happen.

[speeeeeeedie]

Thanks for finding that. Very helpful.

It is quite clear that everything said by Jack Walker and then Paul Egerton Vernon indicates the purpose of the trust was to subsidise the club for the 'foreseeable future' using the profits from their other businesses. The aim was to 'promote and enlarge' all of their business interests.

That clearly didn't happen.

did the financial crisis of 2008 not play a part? Flybe and others went from making pots of cash to very little. I'm sure John Williams mentioned this in an interview.

[den]

did the financial crisis of 2008 not play a part? Flybe and others went from making pots of cash to very little. I'm sure John Williams mentioned this in an interview.

Didn't the trust stop funding completely before that?

Either way, it's clear to me that Walker did intend to sell the club at some point, but I doubt very much that he would have stopped funding for a number of years before he found a buyer, and then sold to this lot. He would have looked to sell on to a party that could/would have done much better. Sorry, but I can't accept that the trustees acted in the way Walker intended.

[tomphil]

An awful lot of the trusts portfolio was tied up in property, business parks etc and everyone suffered. They'd also committed to upgrading the aircraft at Flybe to the tune of hundreds of millions around that time. Not long after they got rid of Rovers they got shut of most if not all their shares in Flybe. Going in a different direction their new Chief Exec said. Hope they picked a better buyer than they did for Rovers !

[Al]

Didn't the trust stop funding completely before that?

Either way, it's clear to me that Walker did intend to sell the club at some point, but I doubt very much that he would have stopped funding for a number of years before he found a buyer, and then sold to this lot. He would have looked to sell on to a party that could/would have done much better. Sorry, but I can't accept that the trustees acted in the way Walker intended.

No way did they act in the spirit of Jack's intentions. I'm sure they followed a version of the instructions but must have had some clever lawyers who managed to find some loopholes that enabled them to stop funding Rovers and to get rid of them without breaking the terms of the will.

[47er]

'Nothing bitchy in my post'.

Sure about that?

Yes

[Stefan Hedgehog]

Why this insistence that Parson is 'close' to GB? I met and chatted with Hughes about 7 or 8 times while he was here (bits of charity stuff) and I'm most definitely not 'close' to him. Parson has apparently met Bowyer 3 times...

i for one do not believe parson when he says he has met bowyer 3 times,even i have met him more times than that,

[chimbondapie]

I would not believe a word he says

[yoda]

I would not believe a word he says

Who ?